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 C
GOOG
|
+$1.1B |
| 2 |
Apple
AAPL
|
+$1.1B |
| 3 |
Microsoft
MSFT
|
+$819M |
| 4 |
Cigna
CI
|
+$613M |
| 5 |
Berkshire Hathaway Class B
BRK.B
|
+$472M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
T-Mobile US
TMUS
|
+$548M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$506M |
| 3 |
TWTR
Twitter, Inc.
TWTR
|
+$388M |
| 4 |
DRE
Duke Realty Corp.
DRE
|
+$358M |
| 5 |
IBM
IBM
|
+$211M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.98% |
| 2 | Healthcare | 15.12% |
| 3 | Financials | 15.08% |
| 4 | Consumer Discretionary | 10.12% |
| 5 | Industrials | 8.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
HTLF
1326
DELISTED
Heartland Financial USA, Inc.
HTLF
| $17.9M | ﹤0.01% |
384,146
| – | – |
|
|
VRE
1327
DELISTED
Veris Residential
VRE
| $17.8M | ﹤0.01% |
1,117,913
+320,000
| +40% | +$4.72M |
|
1328
Gentherm
THRM
$1.17B
| $17.8M | ﹤0.01% |
272,662
| – | – |
|
1329
Agree Realty
ADC
$8.72B
| $17.8M | ﹤0.01% |
250,619
-608,636
| -71% | -$41.8M |
|
1330
Red Rock Resorts
RRR
$3.18B
| $17.8M | ﹤0.01% |
444,124
| – | – |
|
|
ROIC
1331
DELISTED
Retail Opportunity Investments Corp.
ROIC
| $17.7M | ﹤0.01% |
1,179,794
-113,900
| -9% | -$1.67M |
|
1332
Trupanion
TRUP
$1.15B
| $17.7M | ﹤0.01% |
372,125
+9,324
| +3% | +$485K |
|
|
OSH
1333
DELISTED
Oak Street Health, Inc.
OSH
| $17.6M | ﹤0.01% |
820,073
+116,813
| +17% | +$2.44M |
|
|
TPH
1334
DELISTED
Tri Pointe Homes
TPH
| $17.6M | ﹤0.01% |
948,479
| – | – |
|
1335
Glaukos
GKOS
$10.1B
| $17.6M | ﹤0.01% |
402,761
-19,900
| -5% | -$982K |
|
|
LAC
1336
DELISTED
Lithium Americas Corp. Common Shares
LAC
| $17.6M | ﹤0.01% |
927,697
+709,852
| +326% | +$17.2M |
|
1337
MGIC Investment
MTG
$6.14B
| $17.6M | ﹤0.01% |
1,350,342
-4,703,647
| -78% | -$61.9M |
|
1338
uniQure
QURE
$2.99B
| $17.5M | ﹤0.01% |
773,494
+155,907
| +25% | +$3.36M |
|
1339
BancFirst
BANF
$3.73B
| $17.4M | ﹤0.01% |
197,338
+169,133
| +600% | +$16M |
|
|
ETRN
1340
DELISTED
Equitrans Midstream Corporation Common Stock
ETRN
| $17.4M | ﹤0.01% |
2,591,976
-114,741
| -4% | -$890K |
|
1341
AppFolio
APPF
$8B
| $17.3M | ﹤0.01% |
163,725
+4,300
| +3% | +$478K |
|
|
LBRDA
1342
DELISTED
Liberty Broadband Class A
LBRDA
| $17.2M | ﹤0.01% |
226,107
+201,056
| +803% | +$16.4M |
|
1343
Hertz
HTZ
$688M
| $17.1M | ﹤0.01% |
1,113,937
+294,954
| +36% | +$4.97M |
|
1344
Mueller Water Products
MWA
$3.56B
| $17.1M | ﹤0.01% |
1,588,963
+169,600
| +12% | +$1.89M |
|
1345
Cannae Holdings
CNNE
$670M
| $17.1M | ﹤0.01% |
826,247
+142,000
| +21% | +$3.1M |
|
1346
Constellium
CSTM
$3.47B
| $17.1M | ﹤0.01% |
1,441,854
+118,500
| +9% | +$1.38M |
|
|
HEES
1347
DELISTED
H&E Equipment Services
HEES
| $17M | ﹤0.01% |
374,859
+85,200
| +29% | +$3.3M |
|
|
PYCR
1348
DELISTED
Paycor HCM, Inc. Common Stock
PYCR
| $17M | ﹤0.01% |
693,923
+477,543
| +221% | +$13.2M |
|
1349
Laureate Education
LAUR
$4.94B
| $17M | ﹤0.01% |
1,762,939
+876,345
| +99% | +$9.47M |
|
1350
NewMarket
NEU
$8.13B
| $17M | ﹤0.01% |
54,491
+4,196
| +8% | +$1.29M |
|
Similar funds
Norges Bank's Q4 2022 Portfolio in Review
As of Q4 2022, Norges Bank held 2,222 positions worth $415B, up 10% from $376B the previous quarter. Its ten largest holdings account for 21% of the portfolio.
Norges Bank deployed $17.2B of net new capital in Q4 2022, opening 133 new positions and adding to 1,177 existing holdings. Its largest new stake was Mobileye: 12,085,900 shares worth $424M.
By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Financials.
On the sell side, the largest reduction was T-Mobile US, an estimated $548M trimmed.
- Norges Bank's largest Q4 2022 buy was Mobileye: 12,085,900 shares worth $424M.
- Norges Bank added most to Alphabet (Google) Class C in Q4 2022, an estimated $1.1B increase.
- Norges Bank's biggest Q4 2022 reduction was T-Mobile US, cutting an estimated $548M.
- Norges Bank fully exited Twitter, Inc. in Q4 2022, selling an estimated $388M.
- Norges Bank's ten largest holdings make up 21% of its $415B portfolio in Q4 2022.
- Norges Bank opened 133 new positions and closed 92 in Q4 2022.
- Norges Bank's portfolio value rose 10% quarter-over-quarter to $415B.
Based on Norges Bank's 13F filing for Q4 2022, filed 14 Feb 2023.