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 |
Microsoft
MSFT
|
+$1.37B |
| 2 |
Broadcom
AVGO
|
+$1.13B |
| 3 |
Bank of America
BAC
|
+$880M |
| 4 |
Amazon
AMZN
|
+$755M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$744M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ATVI
Activision Blizzard
ATVI
|
+$1.2B |
| 2 |
HZNP
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
|
+$822M |
| 3 |
SGEN
Seagen Inc. Common Stock
SGEN
|
+$542M |
| 4 |
Kenvue
KVUE
|
+$514M |
| 5 |
RTX Corp
RTX
|
+$501M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.35% |
| 2 | Financials | 13.96% |
| 3 | Healthcare | 11.94% |
| 4 | Consumer Discretionary | 11.37% |
| 5 | Communication Services | 8.53% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1376
Fluence Energy
FLNC
$2.08B
| $13.9M | ﹤0.01% |
584,128
+288,341
| +97% | +$6.07M |
|
1377
Boston Beer
SAM
$1.92B
| $13.9M | ﹤0.01% |
40,161
-7,768
| -16% | -$2.72M |
|
1378
Liberty Energy
LBRT
$3.23B
| $13.9M | ﹤0.01% |
765,011
| – | – |
|
1379
Winnebago Industries
WGO
$901M
| $13.8M | ﹤0.01% |
189,472
-36,612
| -16% | -$2.35M |
|
1380
Outfront Media
OUT
$5.63B
| $13.8M | ﹤0.01% |
1,002,768
-1,219,511
| -55% | -$13.8M |
|
1381
Hecla Mining
HL
$10.3B
| $13.8M | ﹤0.01% |
2,860,954
-1,001,846
| -26% | -$4.42M |
|
1382
Granite Construction
GVA
$5.34B
| $13.8M | ﹤0.01% |
270,444
-57,993
| -18% | -$2.53M |
|
|
HTO
1383
H2O America
HTO
$2.6B
| $13.7M | ﹤0.01% |
209,012
-19,729
| -9% | -$1.25M |
|
1384
STAAR Surgical
STAA
$1.2B
| $13.6M | ﹤0.01% |
436,223
+280,726
| +181% | +$10.1M |
|
1385
Sonos
SONO
$1.94B
| $13.6M | ﹤0.01% |
793,103
-120,354
| -13% | -$1.62M |
|
|
THS
1386
DELISTED
Treehouse Foods
THS
| $13.5M | ﹤0.01% |
326,820
+95,486
| +41% | +$3.92M |
|
1387
Strategic Education
STRA
$1.89B
| $13.5M | ﹤0.01% |
146,270
-3,048
| -2% | -$264K |
|
1388
Pacific Biosciences
PACB
$447M
| $13.5M | ﹤0.01% |
1,374,715
-11,090
| -0.8% | -$90.7K |
|
1389
Renasant Corp
RNST
$4.05B
| $13.5M | ﹤0.01% |
399,912
-33,015
| -8% | -$925K |
|
1390
CS Disco
LAW
$267M
| $13.5M | ﹤0.01% |
1,774,256
| – | – |
|
1391
Alaska Air
ALK
$5.86B
| $13.4M | ﹤0.01% |
343,857
+125,654
| +58% | +$4.48M |
|
1392
Kraft Heinz
KHC
$31.6B
| $13.4M | ﹤0.01% |
362,831
+167,852
| +86% | +$5.71M |
|
1393
HNI Corp
HNI
$3.49B
| $13.4M | ﹤0.01% |
319,570
| – | – |
|
1394
ODDITY Tech
ODD
$706M
| $13.3M | ﹤0.01% |
286,232
| – | – |
|
1395
Diamondrock Hospitality Co
DRH
$2.72B
| $13.3M | ﹤0.01% |
1,416,487
-90,152
| -6% | -$756K |
|
1396
Mercury Systems
MRCY
$6.77B
| $13.3M | ﹤0.01% |
363,518
-103,052
| -22% | -$3.72M |
|
1397
BioCryst Pharmaceuticals
BCRX
$2.29B
| $13.3M | ﹤0.01% |
2,216,612
+1,370,000
| +162% | +$7.94M |
|
|
CWEN.A
1398
DELISTED
Clearway Energy Class A
CWEN.A
| $13.2M | ﹤0.01% |
515,608
-93,300
| -15% | -$2.05M |
|
|
JAMF
1399
DELISTED
Jamf
JAMF
| $13.2M | ﹤0.01% |
729,172
+84,203
| +13% | +$1.42M |
|
|
ETWO
1400
DELISTED
E2open Parent Holdings
ETWO
| $13.2M | ﹤0.01% |
2,999,610
+48,166
| +2% | +$171K |
|
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Norges Bank's Q4 2023 Portfolio in Review
As of Q4 2023, Norges Bank held 2,039 positions worth $572B, up 16% from $493B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Norges Bank deployed $18.4B of net new capital in Q4 2023, opening 73 new positions and adding to 987 existing holdings. Its largest new stake was Veralto: 3,235,391 shares worth $266M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 27% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Kenvue, an estimated $514M trimmed.
- Norges Bank's largest Q4 2023 buy was Veralto: 3,235,391 shares worth $266M.
- Norges Bank added most to Microsoft in Q4 2023, an estimated $1.37B increase.
- Norges Bank's biggest Q4 2023 reduction was Kenvue, cutting an estimated $514M.
- Norges Bank fully exited Activision Blizzard in Q4 2023, selling an estimated $1.2B.
- Norges Bank's ten largest holdings make up 27% of its $572B portfolio in Q4 2023.
- Norges Bank opened 73 new positions and closed 97 in Q4 2023.
- Norges Bank's portfolio value rose 16% quarter-over-quarter to $572B.
Based on Norges Bank's 13F filing for Q4 2023, filed 9 Feb 2024.