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 A
GOOGL
|
+$1.31B |
| 2 |
Visa
V
|
+$778M |
| 3 |
SCHW
Charles Schwab
SCHW
|
+$528M |
| 4 |
Fortinet
FTNT
|
+$418M |
| 5 |
Prologis
PLD
|
+$340M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$2.06B |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$1.83B |
| 3 |
NVIDIA
NVDA
|
+$1.56B |
| 4 |
Meta Platforms (Facebook)
META
|
+$1.47B |
| 5 |
UBS Group
UBS
|
+$1.44B |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.04% |
| 2 | Financials | 15.62% |
| 3 | Healthcare | 11.22% |
| 4 | Consumer Discretionary | 10.85% |
| 5 | Communication Services | 9.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1301
Factset
FDS
$10.8B
| $8.3M | ﹤0.01% |
18,258
-7,002
| -28% | -$3.19M |
|
1302
OR Royalties Inc
OR
$7.24B
| $8.29M | ﹤0.01% |
392,556
-253,456
| -39% | -$4.87M |
|
1303
Liberty Live Group Series A
LLYVA
$9.18B
| $8.26M | ﹤0.01% |
122,880
| – | – |
|
1304
NMI Holdings
NMIH
$3.37B
| $8.12M | ﹤0.01% |
225,313
-133,069
| -37% | -$4.84M |
|
|
CSGS
1305
DELISTED
CSG Systems International
CSGS
| $8.02M | ﹤0.01% |
132,672
+44,318
| +50% | +$2.63M |
|
1306
Mueller Water Products
MWA
$3.86B
| $7.77M | ﹤0.01% |
305,610
-627,557
| -67% | -$15.7M |
|
1307
Strategic Education
STRA
$1.9B
| $7.67M | ﹤0.01% |
91,390
-76,825
| -46% | -$7.05M |
|
1308
Acushnet Holdings
GOLF
$4.96B
| $7.66M | ﹤0.01% |
111,528
-97,038
| -47% | -$6.59M |
|
1309
DXC Technology
DXC
$1.76B
| $7.6M | ﹤0.01% |
445,715
-425,109
| -49% | -$8.25M |
|
1310
AvePoint
AVPT
$3.03B
| $7.45M | ﹤0.01% |
515,700
-39,000
| -7% | -$655K |
|
1311
Archrock
AROC
$5.62B
| $7.43M | ﹤0.01% |
283,181
-254,490
| -47% | -$6.87M |
|
1312
Paycom
PAYC
$10.7B
| $7.42M | ﹤0.01% |
33,946
-70,997
| -68% | -$15M |
|
1313
The Greenbrier Companies
GBX
$1.43B
| $7.42M | ﹤0.01% |
144,772
-88,991
| -38% | -$5.32M |
|
1314
Amer Sports
AS
$17.8B
| $7.32M | ﹤0.01% |
274,002
-170,363
| -38% | -$5.04M |
|
1315
Shake Shack
SHAK
$2.85B
| $7.28M | ﹤0.01% |
82,623
-36,088
| -30% | -$3.92M |
|
1316
Albany International
AIN
$1.68B
| $7.28M | ﹤0.01% |
105,400
-382,837
| -78% | -$29.8M |
|
1317
Silicon Laboratories
SLAB
$7.31B
| $7.27M | ﹤0.01% |
64,564
-214,149
| -77% | -$28.9M |
|
1318
CS Disco
LAW
$286M
| $7.26M | ﹤0.01% |
1,774,256
| – | – |
|
1319
Cavco Industries
CVCO
$4.39B
| $7.2M | ﹤0.01% |
13,857
-25,876
| -65% | -$13M |
|
1320
Roku
ROKU
$23.2B
| $7.16M | ﹤0.01% |
101,716
+43,194
| +74% | +$3.46M |
|
1321
Virtu Financial
VIRT
$5.92B
| $7.14M | ﹤0.01% |
187,212
-149,626
| -44% | -$5.57M |
|
|
INGM
1322
Ingram Micro Holding
INGM
$6.76B
| $7.1M | ﹤0.01% |
400,000
-950,700
| -70% | -$20.2M |
|
1323
Arvinas
ARVN
$604M
| $7.08M | ﹤0.01% |
1,007,912
-235,956
| -19% | -$3.7M |
|
1324
Sphere Entertainment
SPHR
$5.29B
| $7.04M | ﹤0.01% |
215,073
-142,868
| -40% | -$5.8M |
|
1325
Kratos Defense & Security Solutions
KTOS
$10.1B
| $6.91M | ﹤0.01% |
232,790
+36,328
| +18% | +$1.1M |
|
Similar funds
Norges Bank's Q1 2025 Portfolio in Review
As of Q1 2025, Norges Bank held 1,892 positions worth $712B, down 6.5% from $762B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Norges Bank's Q1 2025 filing shows 47 new, 694 increased, 865 reduced and 149 closed positions. Its largest new stake was Rocket Lab Corp: 4,017,216 shares worth $71.8M. The largest sale was Microsoft, an estimated $2.06B.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 31% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2025 buy was Rocket Lab Corp: 4,017,216 shares worth $71.8M.
- Norges Bank added most to Alphabet (Google) Class A in Q1 2025, an estimated $1.31B increase.
- Norges Bank's biggest Q1 2025 reduction was Microsoft, cutting an estimated $2.06B.
- Norges Bank fully exited HashiCorp, Inc. Class A Common Stock in Q1 2025, selling an estimated $161M.
- Norges Bank's ten largest holdings make up 30% of its $712B portfolio in Q1 2025.
- Norges Bank opened 47 new positions and closed 149 in Q1 2025.
- Norges Bank's portfolio value fell 6.5% quarter-over-quarter to $712B.
Based on Norges Bank's 13F filing for Q1 2025, filed 13 May 2025.