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 | |
|---|---|---|---|---|---|---|
1301
New York Times
NYT
$11B
| $6.87M | ﹤0.01% |
122,656
+97,085
| +380% | +$5.15M |
|
1302
Avis
CAR
$4.93B
| $6.79M | ﹤0.01% |
40,165
-109,357
| -73% | -$11.8M |
|
|
MASI
1303
DELISTED
Masimo
MASI
| $6.57M | ﹤0.01% |
39,053
-361
| -0.9% | -$57.7K |
|
1304
Qualys
QLYS
$6.52B
| $6.48M | ﹤0.01% |
45,361
-22,292
| -33% | -$2.95M |
|
|
AIV
1305
Aimco
AIV
$365M
| $6.4M | ﹤0.01% |
740,460
+33,780
| +5% | +$273K |
|
|
ALEX
1306
DELISTED
Alexander & Baldwin
ALEX
| $6.36M | ﹤0.01% |
356,660
-14,098
| -4% | -$245K |
|
1307
Ciena
CIEN
$56.6B
| $6.36M | ﹤0.01% |
78,190
+7,616
| +11% | +$546K |
|
1308
Primoris Services
PRIM
$4.15B
| $6.35M | ﹤0.01% |
81,442
-68,648
| -46% | -$4.65M |
|
1309
Madison Square Garden
MSGE
$3.7B
| $6.34M | ﹤0.01% |
158,503
-165,134
| -51% | -$5.83M |
|
1310
Cavco Industries
CVCO
$4.39B
| $6.31M | ﹤0.01% |
14,528
+671
| +5% | +$314K |
|
1311
GeneDx Holdings
WGS
$2.66B
| $6.28M | ﹤0.01% |
68,000
| – | – |
|
1312
Tower Semiconductor
TSEM
$24.8B
| $6.27M | ﹤0.01% |
144,378
-156,920
| -52% | -$6.02M |
|
1313
TriNet
TNET
$3.19B
| $6.25M | ﹤0.01% |
85,462
-54,317
| -39% | -$4.31M |
|
1314
Extreme Networks
EXTR
$3.03B
| $6.23M | ﹤0.01% |
347,104
| – | – |
|
1315
WisdomTree
WT
$3.79B
| $6.21M | ﹤0.01% |
539,166
+451,700
| +516% | +$4.23M |
|
1316
Doximity
DOCS
$4.56B
| $6.2M | ﹤0.01% |
101,155
-278,491
| -73% | -$15.5M |
|
|
ZH
1317
Zhihu
ZH
$261M
| $6.04M | ﹤0.01% |
1,518,027
| – | – |
|
1318
Napco Security Technologies
NSSC
$1.26B
| $5.96M | ﹤0.01% |
200,835
+177,900
| +776% | +$4.58M |
|
1319
Plexus
PLXS
$6.54B
| $5.88M | ﹤0.01% |
43,426
-50,864
| -54% | -$6.52M |
|
1320
BrightSpring Health Services Unit
BTSGU
$1.62B
| $5.78M | ﹤0.01% |
70,020
-130,270
| -65% | -$9.63M |
|
1321
Kratos Defense & Security Solutions
KTOS
$10.1B
| $5.74M | ﹤0.01% |
123,536
-109,254
| -47% | -$3.96M |
|
|
OMDA
1322
Omada Health Inc
OMDA
$1.49B
| $5.49M | ﹤0.01% |
+300,000
| New | +$5.19M |
|
1323
Transmedics
TMDX
$3.18B
| $5.4M | ﹤0.01% |
40,274
| – | – |
|
1324
New Fortress Energy
NFE
$87.1M
| $5.28M | ﹤0.01% |
1,589,644
+1,143,337
| +256% | +$4.97M |
|
|
HTO
1325
H2O America
HTO
$2.64B
| $5.26M | ﹤0.01% |
+101,207
| New | +$5.38M |
|
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.