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 |
Linde
LIN
|
+$2.66B |
| 2 |
Cigna
CI
|
+$285M |
| 3 |
Boston Properties
BXP
|
+$242M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$242M |
| 5 |
Aptiv
APTV
|
+$240M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AET
Aetna Inc
AET
|
+$646M |
| 2 |
ESRX
Express Scripts Holding Company
ESRX
|
+$543M |
| 3 |
PX
Praxair Inc
PX
|
+$305M |
| 4 |
COL
Rockwell Collins
COL
|
+$240M |
| 5 |
ANDV
Andeavor
ANDV
|
+$222M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 17.08% |
| 2 | Financials | 16.89% |
| 3 | Healthcare | 14.43% |
| 4 | Consumer Discretionary | 11.2% |
| 5 | Communication Services | 9.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1376
Materion
MTRN
$4.39B
| $20.8M | 0.01% |
461,249
-20,959
| -4% | -$1.11M |
|
|
ECHO
1377
EchoStar
ECHO
$24.4B
| $20.7M | 0.01% |
696,500
| – | – |
|
|
AAMI
1378
Acadian Asset Management
AAMI
$3.08B
| $20.7M | 0.01% |
1,936,874
| – | – |
|
1379
OSI Systems
OSIS
$3.65B
| $20.7M | 0.01% |
282,085
| – | – |
|
1380
Benchmark Electronics
BHE
$2.87B
| $20.7M | 0.01% |
975,568
-88,618
| -8% | -$2.04M |
|
1381
World Kinect Corp
WKC
$2.04B
| $20.7M | 0.01% |
965,092
+37,216
| +4% | +$980K |
|
|
ROIC
1382
DELISTED
Retail Opportunity Investments Corp.
ROIC
| $20.7M | 0.01% |
1,300,488
+117,167
| +10% | +$2.06M |
|
1383
Atara Biotherapeutics
ATRA
$75.5M
| $20.6M | 0.01% |
23,774
+5,330
| +29% | +$4.95M |
|
1384
Granite Construction
GVA
$5.29B
| $20.6M | 0.01% |
511,547
+77,231
| +18% | +$3.53M |
|
1385
Commercial Metals
CMC
$7.6B
| $20.6M | 0.01% |
1,283,752
+51,626
| +4% | +$963K |
|
1386
Invesco Mortgage Capital
IVR
$759M
| $20.5M | 0.01% |
141,803
| – | – |
|
|
BLD
1387
DELISTED
TopBuild
BLD
| $20.5M | 0.01% |
455,848
+22,727
| +5% | +$1.11M |
|
1388
Dropbox
DBX
$7.6B
| $20.5M | 0.01% |
1,003,199
+114,798
| +13% | +$2.65M |
|
1389
EXL Service
EXLS
$5.14B
| $20.4M | 0.01% |
1,942,415
| – | – |
|
|
AVX
1390
DELISTED
AVX Corporation
AVX
| $20.4M | 0.01% |
1,335,227
+61,652
| +5% | +$995K |
|
1391
GameStop
GME
$9.75B
| $20.4M | 0.01% |
6,450,356
| – | – |
|
|
GCI
1392
DELISTED
Gannett Co., Inc
GCI
| $20.3M | 0.01% |
2,383,684
-97,560
| -4% | -$955K |
|
|
ITG
1393
DELISTED
Investment Technology Group Inc
ITG
| $20.3M | 0.01% |
672,335
| – | – |
|
1394
Pegasystems
PEGA
$5.02B
| $20.3M | 0.01% |
849,262
| – | – |
|
1395
BJ's Restaurants
BJRI
$1.42B
| $20.3M | 0.01% |
400,919
| – | – |
|
1396
Bilibili
BILI
$7.99B
| $20.1M | 0.01% |
1,379,650
+379,650
| +38% | +$5.32M |
|
1397
Cars.com
CARS
$662M
| $20.1M | 0.01% |
936,173
-25,754
| -3% | -$644K |
|
1398
Mattel
MAT
$4.38B
| $20.1M | 0.01% |
2,014,653
| – | – |
|
1399
Atlantic Union Bankshares
AUB
$6.02B
| $20M | 0.01% |
709,383
+62,626
| +10% | +$2.11M |
|
1400
Federal Signal
FSS
$7.62B
| $20M | 0.01% |
1,004,815
+42,517
| +4% | +$969K |
|
Similar funds
Norges Bank's Q4 2018 Portfolio in Review
As of Q4 2018, Norges Bank held 2,178 positions worth $269B, down 13% from $308B the previous quarter. Its ten largest holdings account for 16% of the portfolio.
Trading was light in Q4 2018: portfolio turnover was 4.1%. Norges Bank opened 36 new positions and exited 54, leaving the 2,178-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 17% of assets, down from 18% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q4 2018 buy was Linde: 16,803,065 shares worth $2.62B.
- Norges Bank added most to Cigna in Q4 2018, an estimated $285M increase.
- Norges Bank's biggest Q4 2018 reduction was Boston Scientific, cutting an estimated $168M.
- Norges Bank fully exited Aetna Inc in Q4 2018, selling an estimated $646M.
- Norges Bank's ten largest holdings make up 16% of its $269B portfolio in Q4 2018.
- Norges Bank opened 36 new positions and closed 54 in Q4 2018.
- Norges Bank's portfolio value fell 13% quarter-over-quarter to $269B.
Based on Norges Bank's 13F filing for Q4 2018, filed 8 Feb 2019.