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
|
+$1.7B |
| 2 |
Apple
AAPL
|
+$1.61B |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$1.17B |
| 4 |
Capital One
COF
|
+$865M |
| 5 |
Tesla
TSLA
|
+$812M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$1.89B |
| 2 |
Sea Limited
SE
|
+$1.15B |
| 3 |
NextEra Energy
NEE
|
+$1.06B |
| 4 |
DFS
Discover Financial Services
DFS
|
+$847M |
| 5 |
Sempra
SRE
|
+$708M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.63% |
| 2 | Financials | 15.4% |
| 3 | Consumer Discretionary | 10.72% |
| 4 | Communication Services | 9.72% |
| 5 | Healthcare | 9.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
HNGE
1226
Hinge Health
HNGE
$7.49B
| $15.5M | ﹤0.01% |
+300,000
| New | +$12.1M |
|
|
NVMI
1227
Nova
NVMI
$11.8B
| $15.4M | ﹤0.01% |
54,905
-22,725
| -29% | -$4.62M |
|
1228
Coursera
COUR
$1.69B
| $15.4M | ﹤0.01% |
1,761,974
-174,396
| -9% | -$1.43M |
|
1229
Ralph Lauren
RL
$21B
| $15.2M | ﹤0.01% |
55,407
-14,692
| -21% | -$3.64M |
|
1230
American Airlines Group
AAL
$9.08B
| $15.1M | ﹤0.01% |
1,348,714
-447,950
| -25% | -$4.8M |
|
|
MOMO
1231
Hello Group
MOMO
$844M
| $15M | ﹤0.01% |
1,774,396
+378,100
| +27% | +$2.47M |
|
1232
News Corp Class B
NWS
$19B
| $14.7M | ﹤0.01% |
428,596
| – | – |
|
1233
Columbia Sportswear
COLM
$2.91B
| $14.7M | ﹤0.01% |
240,167
-115,956
| -33% | -$7.46M |
|
1234
JD.com
JD
$38.5B
| $14.3M | ﹤0.01% |
439,300
-803,200
| -65% | -$27.4M |
|
1235
Semtech
SMTC
$13.3B
| $14.3M | ﹤0.01% |
316,107
-360,300
| -53% | -$12.8M |
|
1236
Reynolds Consumer Products
REYN
$5.1B
| $14.3M | ﹤0.01% |
665,566
| – | – |
|
1237
Sony
SONY
$141B
| $14M | ﹤0.01% |
538,250
| – | – |
|
|
VOYG
1238
Voyager Technologies
VOYG
$2.12B
| $13.7M | ﹤0.01% |
+350,000
| New | +$16.7M |
|
1239
Toro Company
TTC
$9.47B
| $13.7M | ﹤0.01% |
193,910
+10,290
| +6% | +$730K |
|
|
TGNA
1240
DELISTED
TEGNA Inc
TGNA
| $13.4M | ﹤0.01% |
801,063
+132,407
| +20% | +$2.2M |
|
1241
Celsius Holdings
CELH
$8.35B
| $13.3M | ﹤0.01% |
285,824
-1,504,441
| -84% | -$57.9M |
|
1242
Rhythm Pharmaceuticals
RYTM
$7.75B
| $13.1M | ﹤0.01% |
207,389
-16,095
| -7% | -$986K |
|
1243
Biohaven
BHVN
$2.43B
| $12.7M | ﹤0.01% |
902,565
| – | – |
|
1244
Elanco Animal Health
ELAN
$12.2B
| $12.5M | ﹤0.01% |
875,508
-2,432,536
| -74% | -$28.4M |
|
1245
MasTec
MTZ
$20.2B
| $12.5M | ﹤0.01% |
73,355
+22,358
| +44% | +$3.22M |
|
1246
Roku
ROKU
$23.2B
| $12.3M | ﹤0.01% |
139,553
+37,837
| +37% | +$2.64M |
|
|
TGI
1247
DELISTED
Triumph Group
TGI
| $12.2M | ﹤0.01% |
473,500
-75,000
| -14% | -$1.91M |
|
1248
Autohome
ATHM
$2.6B
| $12.1M | ﹤0.01% |
469,961
| – | – |
|
1249
Telephone and Data Systems
TDS
$3.82B
| $12.1M | ﹤0.01% |
339,193
-333,768
| -50% | -$11.7M |
|
1250
United Parks & Resorts
PRKS
$1.93B
| $12M | ﹤0.01% |
254,909
| – | – |
|
Similar funds
Norges Bank's Q2 2025 Portfolio in Review
As of Q2 2025, Norges Bank held 1,794 positions worth $801B, up 12% from $712B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Norges Bank's Q2 2025 filing shows 51 new, 783 increased, 711 reduced and 87 closed positions. Its largest new stake was Amrize Ltd: 13,445,492 shares worth $671M. The largest sale was Alphabet (Google) Class A, an estimated $1.89B.
By sector, the portfolio is most concentrated in Technology at 32% of assets, up from 28% a quarter earlier, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q2 2025 buy was Amrize Ltd: 13,445,492 shares worth $671M.
- Norges Bank added most to NVIDIA in Q2 2025, an estimated $1.7B increase.
- Norges Bank's biggest Q2 2025 reduction was Alphabet (Google) Class A, cutting an estimated $1.89B.
- Norges Bank fully exited Discover Financial Services in Q2 2025, selling an estimated $847M.
- Norges Bank's ten largest holdings make up 33% of its $801B portfolio in Q2 2025.
- Norges Bank opened 51 new positions and closed 87 in Q2 2025.
- Norges Bank's portfolio value rose 12% quarter-over-quarter to $801B.
Based on Norges Bank's 13F filing for Q2 2025, filed 13 Aug 2025.