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 | |
|---|---|---|---|---|---|---|
1376
Scorpio Tankers
STNG
$3.88B
| $3.19M | ﹤0.01% |
81,628
-23,175
| -22% | -$904K |
|
1377
ReNew
RNW
$2.49B
| $3.13M | ﹤0.01% |
452,798
| – | – |
|
1378
Tanger
SKT
$4.33B
| $3.1M | ﹤0.01% |
101,418
-382,441
| -79% | -$11.7M |
|
|
GTY
1379
Getty Realty Corp
GTY
$2.04B
| $3.05M | ﹤0.01% |
110,386
+15,392
| +16% | +$441K |
|
1380
OSI Systems
OSIS
$3.36B
| $3.02M | ﹤0.01% |
13,450
-13,346
| -50% | -$2.85M |
|
1381
Mueller Water Products
MWA
$3.86B
| $3.01M | ﹤0.01% |
125,369
-180,241
| -59% | -$4.46M |
|
1382
GCM Grosvenor
GCMG
$836M
| $2.99M | ﹤0.01% |
+258,300
| New | +$3.2M |
|
|
PMT
1383
PennyMac Mortgage Investment
PMT
$814M
| $2.98M | ﹤0.01% |
231,875
-121,070
| -34% | -$1.54M |
|
1384
Relay Therapeutics
RLAY
$4.26B
| $2.89M | ﹤0.01% |
835,874
-3,799,263
| -82% | -$11.3M |
|
1385
FormFactor
FORM
$8.61B
| $2.87M | ﹤0.01% |
83,550
-73,726
| -47% | -$2.24M |
|
1386
Bank of N.T. Butterfield & Son
NTB
$2.33B
| $2.86M | ﹤0.01% |
64,666
-34,723
| -35% | -$1.42M |
|
1387
CS Disco
LAW
$286M
| $2.86M | ﹤0.01% |
655,115
-1,119,141
| -63% | -$4.39M |
|
1388
Haleon
HLN
$44.2B
| $2.85M | ﹤0.01% |
+275,000
| New | +$2.9M |
|
|
CMBT
1389
CMB.TECH NV
CMBT
$5.3B
| $2.85M | ﹤0.01% |
312,596
-90,496
| -22% | -$826K |
|
1390
CVR Energy
CVI
$4B
| $2.77M | ﹤0.01% |
103,163
+86,133
| +506% | +$1.9M |
|
1391
VTEX
VTEX
$584M
| $2.67M | ﹤0.01% |
+404,523
| New | +$2.38M |
|
1392
Graham Holdings Company
GHC
$4.84B
| $2.67M | ﹤0.01% |
2,819
-3,833
| -58% | -$3.61M |
|
1393
Camtek
CAMT
$6.76B
| $2.67M | ﹤0.01% |
30,928
-36,484
| -54% | -$2.46M |
|
1394
IDT Corp
IDT
$1.71B
| $2.62M | ﹤0.01% |
38,400
| – | – |
|
1395
Xeris Biopharma Holdings
XERS
$1.57B
| $2.62M | ﹤0.01% |
561,700
-262,100
| -32% | -$1.2M |
|
1396
Magnite
MGNI
$3.35B
| $2.62M | ﹤0.01% |
108,716
-110,582
| -50% | -$1.63M |
|
1397
Artisan Partners
APAM
$3.09B
| $2.62M | ﹤0.01% |
59,128
-55,257
| -48% | -$2.21M |
|
1398
Zymeworks
ZYME
$2.07B
| $2.53M | ﹤0.01% |
201,700
| – | – |
|
1399
Liberty Energy
LBRT
$3.14B
| $2.51M | ﹤0.01% |
218,548
-89,011
| -29% | -$1.08M |
|
1400
Pricesmart
PSMT
$5.34B
| $2.49M | ﹤0.01% |
23,661
-15,034
| -39% | -$1.52M |
|
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.