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 |
Microsoft
MSFT
|
+$1.37B |
| 2 |
Broadcom
AVGO
|
+$1.13B |
| 3 |
Bank of America
BAC
|
+$880M |
| 4 |
Amazon
AMZN
|
+$755M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$744M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ATVI
Activision Blizzard
ATVI
|
+$1.2B |
| 2 |
HZNP
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
|
+$822M |
| 3 |
SGEN
Seagen Inc. Common Stock
SGEN
|
+$542M |
| 4 |
Kenvue
KVUE
|
+$514M |
| 5 |
RTX Corp
RTX
|
+$501M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.35% |
| 2 | Financials | 13.96% |
| 3 | Healthcare | 11.94% |
| 4 | Consumer Discretionary | 11.37% |
| 5 | Communication Services | 8.53% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1276
AMN Healthcare
AMN
$1.29B
| $19.9M | ﹤0.01% |
265,275
-159,875
| -38% | -$11.4M |
|
1277
Steven Madden
SHOO
$3.58B
| $19.8M | ﹤0.01% |
472,534
-9,295
| -2% | -$338K |
|
1278
WD-40
WDFC
$3.17B
| $19.7M | ﹤0.01% |
82,389
+35,567
| +76% | +$7.94M |
|
1279
Under Armour Class C
UA
$2.86B
| $19.7M | ﹤0.01% |
2,357,592
-252,841
| -10% | -$1.83M |
|
1280
U-Haul Holding Co
UHAL
$14.4B
| $19.7M | ﹤0.01% |
274,162
+118,553
| +76% | +$6.72M |
|
1281
TriNet
TNET
$3.18B
| $19.6M | ﹤0.01% |
165,222
-50,493
| -23% | -$5.77M |
|
1282
Evertec
EVTC
$2.01B
| $19.6M | ﹤0.01% |
479,383
-22,956
| -5% | -$844K |
|
1283
Post Holdings
POST
$4.11B
| $19.6M | ﹤0.01% |
222,552
-686,290
| -76% | -$58.3M |
|
1284
Plexus
PLXS
$7.41B
| $19.5M | ﹤0.01% |
180,647
-11,600
| -6% | -$1.16M |
|
1285
McGrath RentCorp
MGRC
$2.94B
| $19.5M | ﹤0.01% |
162,754
-19,324
| -11% | -$2.01M |
|
1286
Dropbox
DBX
$8.05B
| $19.4M | ﹤0.01% |
656,765
+346,949
| +112% | +$9.63M |
|
1287
Minerals Technologies
MTX
$2.34B
| $19.2M | ﹤0.01% |
269,139
-27,221
| -9% | -$1.61M |
|
1288
Tanger
SKT
$4.68B
| $19.1M | ﹤0.01% |
690,501
-28,965
| -4% | -$721K |
|
1289
Worthington Enterprises
WOR
$2.89B
| $19.1M | ﹤0.01% |
331,410
-164,946
| -33% | -$7.25M |
|
1290
Upstart Holdings
UPST
$2.9B
| $19M | ﹤0.01% |
465,418
+41,514
| +10% | +$1.26M |
|
1291
Avista
AVA
$3.28B
| $19M | ﹤0.01% |
531,284
-254,765
| -32% | -$8.63M |
|
1292
InterDigital
IDCC
$8.34B
| $19M | ﹤0.01% |
174,932
-12,793
| -7% | -$1.18M |
|
1293
Atlantic Union Bankshares
AUB
$6.16B
| $18.9M | ﹤0.01% |
517,300
-42,776
| -8% | -$1.35M |
|
1294
Constellium
CSTM
$4.02B
| $18.8M | ﹤0.01% |
944,141
-47,756
| -5% | -$836K |
|
1295
Omnicell
OMCL
$1.69B
| $18.8M | ﹤0.01% |
499,644
+14,872
| +3% | +$547K |
|
1296
Arbor Realty Trust
ABR
$974M
| $18.8M | ﹤0.01% |
+1,236,845
| New | +$17M |
|
1297
Cushman & Wakefield Ltd
CWK
$3.3B
| $18.7M | ﹤0.01% |
1,735,371
+69,161
| +4% | +$576K |
|
1298
OR Royalties Inc
OR
$5.77B
| $18.7M | ﹤0.01% |
1,312,256
-147,545
| -10% | -$1.93M |
|
1299
Frontdoor
FTDR
$5.39B
| $18.7M | ﹤0.01% |
531,663
-60,131
| -10% | -$2M |
|
1300
Integer Holdings
ITGR
$4.25B
| $18.7M | ﹤0.01% |
188,702
-14,009
| -7% | -$1.21M |
|
Similar funds
Norges Bank's Q4 2023 Portfolio in Review
As of Q4 2023, Norges Bank held 2,039 positions worth $572B, up 16% from $493B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Norges Bank deployed $18.4B of net new capital in Q4 2023, opening 73 new positions and adding to 987 existing holdings. Its largest new stake was Veralto: 3,235,391 shares worth $266M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 27% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Kenvue, an estimated $514M trimmed.
- Norges Bank's largest Q4 2023 buy was Veralto: 3,235,391 shares worth $266M.
- Norges Bank added most to Microsoft in Q4 2023, an estimated $1.37B increase.
- Norges Bank's biggest Q4 2023 reduction was Kenvue, cutting an estimated $514M.
- Norges Bank fully exited Activision Blizzard in Q4 2023, selling an estimated $1.2B.
- Norges Bank's ten largest holdings make up 27% of its $572B portfolio in Q4 2023.
- Norges Bank opened 73 new positions and closed 97 in Q4 2023.
- Norges Bank's portfolio value rose 16% quarter-over-quarter to $572B.
Based on Norges Bank's 13F filing for Q4 2023, filed 9 Feb 2024.