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 |
NVIDIA
NVDA
|
+$4.27B |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$2.85B |
| 3 |
Microsoft
MSFT
|
+$2.65B |
| 4 |
Meta Platforms (Facebook)
META
|
+$2.37B |
| 5 |
Broadcom
AVGO
|
+$1.63B |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
T-Mobile US
TMUS
|
+$570M |
| 2 |
Bank of America
BAC
|
+$486M |
| 3 |
Berkshire Hathaway Class B
BRK.B
|
+$438M |
| 4 |
Alibaba
BABA
|
+$361M |
| 5 |
IBM
IBM
|
+$336M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.05% |
| 2 | Financials | 14.2% |
| 3 | Consumer Discretionary | 11.56% |
| 4 | Healthcare | 10.01% |
| 5 | Communication Services | 9.71% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1226
Mueller Water Products
MWA
$4.16B
| $21M | ﹤0.01% |
933,167
+321,454
| +53% | +$7.55M |
|
|
SII
1227
Sprott
SII
$2.7B
| $20.9M | ﹤0.01% |
496,455
| – | – |
|
1228
PBF Energy
PBF
$7.81B
| $20.9M | ﹤0.01% |
787,051
-96,522
| -11% | -$2.94M |
|
1229
American Airlines Group
AAL
$11B
| $20.7M | ﹤0.01% |
1,187,351
+276,078
| +30% | +$3.97M |
|
1230
Palomar
PLMR
$3.61B
| $20.6M | ﹤0.01% |
195,444
+58,125
| +42% | +$5.89M |
|
1231
BHP
BHP
$222B
| $20.6M | ﹤0.01% |
421,334
| – | – |
|
|
SOBO
1232
South Bow Corp
SOBO
$7.54B
| $20.5M | ﹤0.01% |
+869,288
| New | +$21.3M |
|
1233
Dropbox
DBX
$8.05B
| $20.5M | ﹤0.01% |
681,814
+149,909
| +28% | +$4.14M |
|
1234
PJT Partners
PJT
$4.38B
| $20.3M | ﹤0.01% |
+128,438
| New | +$19.6M |
|
1235
Middleby
MIDD
$6.27B
| $20.2M | ﹤0.01% |
149,053
+8,883
| +6% | +$1.22M |
|
1236
Alaska Air
ALK
$5.86B
| $19.8M | ﹤0.01% |
306,522
+184,998
| +152% | +$9.73M |
|
1237
Power Integrations
POWI
$3.6B
| $19.7M | ﹤0.01% |
318,689
-261,200
| -45% | -$16.6M |
|
1238
Globant
GLOB
$1.65B
| $19.4M | ﹤0.01% |
90,682
+7,951
| +10% | +$1.73M |
|
1239
American Healthcare REIT
AHR
$10.5B
| $19.3M | ﹤0.01% |
680,477
| – | – |
|
|
ROIC
1240
DELISTED
Retail Opportunity Investments Corp.
ROIC
| $19.2M | ﹤0.01% |
1,106,780
+548,227
| +98% | +$9.17M |
|
1241
Life Time Group Holdings
LTH
$10B
| $19.2M | ﹤0.01% |
867,897
+24,449
| +3% | +$585K |
|
1242
Under Armour Class C
UA
$2.86B
| $18.7M | ﹤0.01% |
2,505,069
-245,500
| -9% | -$2.05M |
|
1243
Barclays
BCS
$94.5B
| $18.6M | ﹤0.01% |
1,400,000
-4,350,000
| -76% | -$56.4M |
|
|
PRMB
1244
Primo Brands
PRMB
$8.45B
| $18.5M | ﹤0.01% |
+601,232
| New | +$17.8M |
|
|
PYCR
1245
DELISTED
Paycor HCM, Inc. Common Stock
PYCR
| $18.5M | ﹤0.01% |
995,421
+154,698
| +18% | +$2.58M |
|
|
ONC
1246
BeOne Medicines Ltd
ONC
$33.5B
| $18.5M | ﹤0.01% |
100,006
-6,351
| -6% | -$1.3M |
|
1247
Payoneer
PAYO
$2.41B
| $18.1M | ﹤0.01% |
1,805,760
+1,646,060
| +1,031% | +$15.7M |
|
1248
Clearway Energy Class C
CWEN
$4.94B
| $18M | ﹤0.01% |
691,184
-33,195
| -5% | -$918K |
|
1249
Reynolds Consumer Products
REYN
$5.55B
| $18M | ﹤0.01% |
665,566
+19,176
| +3% | +$544K |
|
|
IPG
1250
DELISTED
Interpublic Group of Companies
IPG
| $17.9M | ﹤0.01% |
638,252
+371,268
| +139% | +$11.1M |
|
Similar funds
Norges Bank's Q4 2024 Portfolio in Review
As of Q4 2024, Norges Bank held 1,937 positions worth $762B, up 6.4% from $716B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Norges Bank deployed $33.5B of net new capital in Q4 2024, opening 98 new positions and adding to 915 existing holdings. Its largest new stake was StandardAero Inc: 5,025,103 shares worth $124M.
By sector, the portfolio is most concentrated in Technology at 31% of assets, up from 29% a quarter earlier, followed by Financials and Consumer Discretionary.
On the sell side, the largest reduction was T-Mobile US, an estimated $570M trimmed.
- Norges Bank's largest Q4 2024 buy was StandardAero Inc: 5,025,103 shares worth $124M.
- Norges Bank added most to NVIDIA in Q4 2024, an estimated $4.27B increase.
- Norges Bank's biggest Q4 2024 reduction was T-Mobile US, cutting an estimated $570M.
- Norges Bank fully exited CATALENT, INC. in Q4 2024, selling an estimated $290M.
- Norges Bank's ten largest holdings make up 33% of its $762B portfolio in Q4 2024.
- Norges Bank opened 98 new positions and closed 92 in Q4 2024.
- Norges Bank's portfolio value rose 6.4% quarter-over-quarter to $762B.
Based on Norges Bank's 13F filing for Q4 2024, filed 12 Feb 2025.