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 | |
|---|---|---|---|---|---|---|
1351
PROG Holdings
PRG
$1.58B
| $5.56M | ﹤0.01% |
208,855
+64,675
| +45% | +$2.29M |
|
1352
Frontdoor
FTDR
$5.71B
| $5.46M | ﹤0.01% |
142,199
-120,438
| -46% | -$6.13M |
|
1353
Huron Consulting
HURN
$2.54B
| $5.41M | ﹤0.01% |
37,728
-22,045
| -37% | -$2.97M |
|
1354
Coeur Mining
CDE
$22.8B
| $5.37M | ﹤0.01% |
907,698
+665,144
| +274% | +$4.1M |
|
1355
Shoals Technologies Group
SHLS
$1.25B
| $5.37M | ﹤0.01% |
1,617,730
-637,605
| -28% | -$2.65M |
|
1356
Atmus Filtration Technologies
ATMU
$3.98B
| $5.29M | ﹤0.01% |
144,001
-81,600
| -36% | -$3.22M |
|
1357
Rush Enterprises Class A
RUSHA
$8.3B
| $5.29M | ﹤0.01% |
99,004
-85,824
| -46% | -$4.92M |
|
1358
Universal Technical Institute
UTI
$1.19B
| $5.26M | ﹤0.01% |
204,900
| – | – |
|
1359
Lufax Holding
LU
$1.1B
| $5.25M | ﹤0.01% |
1,766,041
| – | – |
|
1360
OSI Systems
OSIS
$3.36B
| $5.21M | ﹤0.01% |
26,796
-27,464
| -51% | -$5.23M |
|
1361
Globant
GLOB
$1.73B
| $5.2M | ﹤0.01% |
44,200
-46,482
| -51% | -$8.34M |
|
|
PMT
1362
PennyMac Mortgage Investment
PMT
$814M
| $5.17M | ﹤0.01% |
352,945
-61,070
| -15% | -$836K |
|
1363
Four Corners Property Trust
FCPT
$2.76B
| $5.1M | ﹤0.01% |
177,866
-89,423
| -33% | -$2.5M |
|
1364
Cactus
WHD
$4.78B
| $5.06M | ﹤0.01% |
110,322
-81,477
| -42% | -$4.51M |
|
1365
Cal-Maine
CALM
$3.72B
| $4.97M | ﹤0.01% |
54,633
-4,947
| -8% | -$488K |
|
1366
CBIZ
CBZ
$2.97B
| $4.95M | ﹤0.01% |
65,215
-82,600
| -56% | -$6.64M |
|
|
CURB
1367
Curbline Properties
CURB
$3.44B
| $4.94M | ﹤0.01% |
204,087
-331,928
| -62% | -$7.99M |
|
1368
McGrath RentCorp
MGRC
$2.78B
| $4.9M | ﹤0.01% |
43,973
-42,988
| -49% | -$5.08M |
|
1369
Liberty Energy
LBRT
$3.14B
| $4.87M | ﹤0.01% |
307,559
-101,675
| -25% | -$1.83M |
|
1370
TFS Financial
TFSL
$5.02B
| $4.81M | ﹤0.01% |
388,227
+14,900
| +4% | +$191K |
|
|
TPH
1371
DELISTED
Tri Pointe Homes
TPH
| $4.78M | ﹤0.01% |
149,878
-258,690
| -63% | -$8.83M |
|
1372
Equinox Gold
EQX
$15.7B
| $4.75M | ﹤0.01% |
690,159
-365,597
| -35% | -$2.34M |
|
1373
Patrick Industries
PATK
$2.67B
| $4.74M | ﹤0.01% |
56,109
-33,904
| -38% | -$3.05M |
|
|
ONC
1374
BeOne Medicines Ltd
ONC
$42.1B
| $4.74M | ﹤0.01% |
17,400
-82,606
| -83% | -$19.3M |
|
1375
DigitalBridge
DBRG
$2.99B
| $4.64M | ﹤0.01% |
525,705
-162,000
| -24% | -$1.7M |
|
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.