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 | |
|---|---|---|---|---|---|---|
1401
Arcutis Biotherapeutics
ARQT
$3.13B
| $2.45M | ﹤0.01% |
174,820
-504,500
| -74% | -$7.07M |
|
1402
Federal Agricultural Mortgage
AGM
$2.42B
| $2.45M | ﹤0.01% |
+12,600
| New | +$2.31M |
|
1403
Progress Software
PRGS
$1.85B
| $2.45M | ﹤0.01% |
38,300
-37,498
| -49% | -$2.28M |
|
1404
Cushman & Wakefield Ltd
CWK
$3.32B
| $2.43M | ﹤0.01% |
219,794
| – | – |
|
1405
Universal Insurance Holdings
UVE
$1.21B
| $2.43M | ﹤0.01% |
+87,500
| New | +$2.22M |
|
|
TRTX
1406
TPG RE Finance Trust
TRTX
$594M
| $2.41M | ﹤0.01% |
+312,200
| New | +$2.38M |
|
1407
Cactus
WHD
$4.78B
| $2.38M | ﹤0.01% |
54,533
-55,789
| -51% | -$2.33M |
|
1408
Cheesecake Factory
CAKE
$5.48B
| $2.35M | ﹤0.01% |
37,542
-8,615
| -19% | -$458K |
|
1409
AMERISAFE
AMSF
$485M
| $2.34M | ﹤0.01% |
+53,500
| New | +$2.52M |
|
1410
Ryanair
RYAAY
$28.8B
| $2.34M | ﹤0.01% |
+40,500
| New | +$2.06M |
|
1411
Flywire
FLYW
$2.28B
| $2.33M | ﹤0.01% |
199,478
-94,708
| -32% | -$965K |
|
1412
CarGurus
CARG
$3.24B
| $2.32M | ﹤0.01% |
69,461
-70,470
| -50% | -$2.12M |
|
1413
Four Corners Property Trust
FCPT
$2.76B
| $2.32M | ﹤0.01% |
86,114
-91,752
| -52% | -$2.53M |
|
|
JAMF
1414
DELISTED
Jamf
JAMF
| $2.31M | ﹤0.01% |
243,400
+49,400
| +25% | +$530K |
|
1415
QuantumScape Corp
QS
$3.63B
| $2.27M | ﹤0.01% |
338,161
+317,874
| +1,567% | +$1.34M |
|
1416
Dana Inc
DAN
$3.23B
| $2.27M | ﹤0.01% |
132,154
-73,079
| -36% | -$1.09M |
|
1417
Renasant Corp
RNST
$3.77B
| $2.23M | ﹤0.01% |
61,999
-51,093
| -45% | -$1.7M |
|
1418
Patrick Industries
PATK
$2.67B
| $2.22M | ﹤0.01% |
24,106
-32,003
| -57% | -$2.72M |
|
1419
Urban Edge Properties
UE
$2.69B
| $2.2M | ﹤0.01% |
117,822
-346,901
| -75% | -$6.34M |
|
1420
Park Hotels & Resorts
PK
$3.16B
| $2.19M | ﹤0.01% |
214,130
-74,300
| -26% | -$757K |
|
1421
AbCellera Biologics
ABCL
$4.02B
| $2.16M | ﹤0.01% |
630,938
| – | – |
|
1422
Red Rock Resorts
RRR
$3.45B
| $2.15M | ﹤0.01% |
41,388
-34,594
| -46% | -$1.58M |
|
1423
Sunstone Hotel Investors
SHO
$2.08B
| $2.14M | ﹤0.01% |
246,852
-157,628
| -39% | -$1.36M |
|
1424
Equinox Gold
EQX
$15.7B
| $2.14M | ﹤0.01% |
372,547
-317,612
| -46% | -$2.06M |
|
1425
McGrath RentCorp
MGRC
$2.78B
| $2.13M | ﹤0.01% |
18,376
-25,597
| -58% | -$2.84M |
|
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.