Norges Bank Portfolio holdings
Norges Bank, established in 1816 and headquartered in Oslo, Norway, serves as the central bank of Norway, responsible for monetary policy, issuing the Norwegian krone, and maintaining financial stability. Beyond its traditional central banking role, it oversees the management of the Government Pension Fund Global (often called the Norwegian Oil Fund), one of the world’s largest sovereign wealth funds, valued at over $1 trillion, which invests Norway’s oil and gas revenues in global equities, bonds, and real estate. The fund’s investment arm, Norges Bank Investment Management (NBIM), operates independently to ensure long-term wealth preservation for future generations, emphasizing sustainable and ethical investing practices. With its dual role, Norges Bank uniquely blends central banking duties with stewardship of a massive global investment portfolio.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$1.1B |
| 2 |
Apple
AAPL
|
+$1.1B |
| 3 |
Microsoft
MSFT
|
+$819M |
| 4 |
Cigna
CI
|
+$613M |
| 5 |
Berkshire Hathaway Class B
BRK.B
|
+$472M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
T-Mobile US
TMUS
|
+$548M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$506M |
| 3 |
TWTR
Twitter, Inc.
TWTR
|
+$388M |
| 4 |
DRE
Duke Realty Corp.
DRE
|
+$358M |
| 5 |
IBM
IBM
|
+$211M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.98% |
| 2 | Healthcare | 15.12% |
| 3 | Financials | 15.08% |
| 4 | Consumer Discretionary | 10.12% |
| 5 | Industrials | 8.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1226
Rush Enterprises Class A
RUSHA
$5.75B
| $21.6M | 0.01% |
927,691
| – | – |
|
1227
Petco
WOOF
$682M
| $21.5M | 0.01% |
2,270,164
-3,608,725
| -61% | -$37M |
|
1228
LiveRamp
RAMP
$2.29B
| $21.5M | 0.01% |
917,805
+242,000
| +36% | +$4.89M |
|
1229
Shutterstock
SSTK
$180M
| $21.4M | 0.01% |
406,606
+141,800
| +54% | +$7.23M |
|
1230
Guardant Health
GH
$23.6B
| $21.4M | 0.01% |
787,043
+3,200
| +0.4% | +$146K |
|
|
TCN
1231
DELISTED
Tricon Residential Inc.
TCN
| $21.4M | 0.01% |
2,774,573
+109,077
| +4% | +$910K |
|
1232
McGrath RentCorp
MGRC
$2.71B
| $21.4M | 0.01% |
216,489
| – | – |
|
1233
Macy's
M
$5.77B
| $21.3M | 0.01% |
1,032,135
+72,631
| +8% | +$1.49M |
|
1234
OR Royalties Inc
OR
$6.66B
| $21.2M | 0.01% |
1,759,501
| – | – |
|
1235
Lindsay Corp
LNN
$1.21B
| $21.1M | 0.01% |
129,640
+34,800
| +37% | +$5.74M |
|
1236
ESCO Technologies
ESE
$6.74B
| $21.1M | 0.01% |
240,954
| – | – |
|
1237
Innovative Industrial Properties
IIPR
$1.56B
| $21.1M | 0.01% |
208,050
+132,938
| +177% | +$14.2M |
|
1238
Enerpac Tool Group
EPAC
$1.77B
| $21.1M | 0.01% |
828,250
+277,300
| +50% | +$6.68M |
|
1239
TORM
TRMD
$3.58B
| $21.1M | 0.01% |
737,526
+208,267
| +39% | +$5.61M |
|
1240
National Health Investors
NHI
$3.4B
| $21M | 0.01% |
402,848
+32,683
| +9% | +$1.79M |
|
1241
Axos Financial
AX
$5.26B
| $21M | 0.01% |
548,282
| – | – |
|
1242
Itron
ITRI
$4.04B
| $20.8M | 0.01% |
411,573
| – | – |
|
1243
Kontoor Brands
KTB
$3.66B
| $20.8M | 0.01% |
521,051
+159,000
| +44% | +$6.2M |
|
1244
Lightspeed Commerce
LSPD
$1.27B
| $20.8M | 0.01% |
1,456,356
-36,228
| -2% | -$590K |
|
1245
Cushman & Wakefield Ltd
CWK
$2.94B
| $20.8M | 0.01% |
1,667,614
-413,023
| -20% | -$4.78M |
|
1246
Leslie's
LESL
$4.37M
| $20.7M | 0.01% |
84,876
+24,369
| +40% | +$6.77M |
|
1247
National Vision
EYE
$1.25B
| $20.6M | 0.01% |
531,849
| – | – |
|
1248
NETSCOUT
NTCT
$2.79B
| $20.6M | 0.01% |
633,399
-83,388
| -12% | -$2.88M |
|
1249
NiSource
NI
$19.5B
| $20.6M | 0.01% |
750,722
-1,560,103
| -68% | -$41M |
|
1250
Bausch Health
BHC
$2.12B
| $20.6M | 0.01% |
3,273,583
| – | – |
|
Similar funds
Norges Bank's Q4 2022 Portfolio in Review
As of Q4 2022, Norges Bank held 2,222 positions worth $415B, up 10% from $376B the previous quarter. Its ten largest holdings account for 21% of the portfolio.
Norges Bank deployed $17.2B of net new capital in Q4 2022, opening 133 new positions and adding to 1,177 existing holdings. Its largest new stake was Mobileye: 12,085,900 shares worth $424M.
By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Financials.
On the sell side, the largest reduction was T-Mobile US, an estimated $548M trimmed.
- Norges Bank's largest Q4 2022 buy was Mobileye: 12,085,900 shares worth $424M.
- Norges Bank added most to Alphabet (Google) Class C in Q4 2022, an estimated $1.1B increase.
- Norges Bank's biggest Q4 2022 reduction was T-Mobile US, cutting an estimated $548M.
- Norges Bank fully exited Twitter, Inc. in Q4 2022, selling an estimated $388M.
- Norges Bank's ten largest holdings make up 21% of its $415B portfolio in Q4 2022.
- Norges Bank opened 133 new positions and closed 92 in Q4 2022.
- Norges Bank's portfolio value rose 10% quarter-over-quarter to $415B.
Based on Norges Bank's 13F filing for Q4 2022, filed 14 Feb 2023.