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 | |
|---|---|---|---|---|---|---|
1401
Erie Indemnity
ERIE
$13.6B
| $3.93M | ﹤0.01% |
9,383
-1,990
| -17% | -$812K |
|
1402
Camtek
CAMT
$6.76B
| $3.91M | ﹤0.01% |
67,412
+11,484
| +21% | +$924K |
|
1403
Progress Software
PRGS
$1.85B
| $3.9M | ﹤0.01% |
75,798
-73,079
| -49% | -$4.18M |
|
1404
Yelp
YELP
$1.22B
| $3.89M | ﹤0.01% |
104,979
-87,653
| -46% | -$3.3M |
|
1405
AZZ Inc
AZZ
$4.2B
| $3.88M | ﹤0.01% |
46,465
-39,011
| -46% | -$3.48M |
|
1406
HUB Group
HUBG
$2.44B
| $3.87M | ﹤0.01% |
104,200
-826,834
| -89% | -$34.5M |
|
1407
Bank of N.T. Butterfield & Son
NTB
$2.33B
| $3.87M | ﹤0.01% |
99,389
-56,569
| -36% | -$2.14M |
|
1408
Delek US
DK
$4.3B
| $3.86M | ﹤0.01% |
255,962
-112,443
| -31% | -$1.95M |
|
1409
Renasant Corp
RNST
$3.77B
| $3.84M | ﹤0.01% |
113,092
+88,186
| +354% | +$3.19M |
|
1410
Employers Holdings
EIG
$880M
| $3.83M | ﹤0.01% |
75,578
-98,827
| -57% | -$4.9M |
|
1411
Sunstone Hotel Investors
SHO
$2.08B
| $3.81M | ﹤0.01% |
404,480
-326,813
| -45% | -$3.54M |
|
1412
Provident Financial Services
PFS
$3.07B
| $3.73M | ﹤0.01% |
217,306
-165,587
| -43% | -$3.01M |
|
1413
Trustmark
TRMK
$2.68B
| $3.73M | ﹤0.01% |
108,116
-53,161
| -33% | -$1.9M |
|
1414
New Fortress Energy
NFE
$87.1M
| $3.71M | ﹤0.01% |
446,307
-224,017
| -33% | -$2.76M |
|
1415
Banner Corp
BANR
$2.38B
| $3.67M | ﹤0.01% |
57,599
-33,381
| -37% | -$2.25M |
|
1416
ManpowerGroup
MAN
$2.89B
| $3.64M | ﹤0.01% |
62,925
-417,087
| -87% | -$24.2M |
|
|
CMBT
1417
CMB.TECH NV
CMBT
$5.3B
| $3.62M | ﹤0.01% |
403,092
-100,531
| -20% | -$1.02M |
|
1418
C3.ai
AI
$1.61B
| $3.61M | ﹤0.01% |
171,658
-97,603
| -36% | -$2.77M |
|
1419
Central Garden & Pet Co Class A
CENTA
$2.36B
| $3.56M | ﹤0.01% |
108,691
-140,777
| -56% | -$4.47M |
|
1420
HNI Corp
HNI
$3.61B
| $3.55M | ﹤0.01% |
79,982
-60,498
| -43% | -$2.86M |
|
1421
NBT Bancorp
NBTB
$2.67B
| $3.5M | ﹤0.01% |
81,616
-59,415
| -42% | -$2.75M |
|
1422
Atlantic Union Bankshares
AUB
$5.83B
| $3.49M | ﹤0.01% |
112,034
-71,619
| -39% | -$2.54M |
|
|
OPLN
1423
Openlane
OPLN
$4.33B
| $3.48M | ﹤0.01% |
180,351
-172,804
| -49% | -$3.57M |
|
1424
Energizer
ENR
$1.51B
| $3.47M | ﹤0.01% |
116,110
-92,451
| -44% | -$2.96M |
|
|
MTSR
1425
DELISTED
Metsera Inc
MTSR
| $3.47M | ﹤0.01% |
+127,442
| New | +$3.61M |
|
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.