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 | |
|---|---|---|---|---|---|---|
|
HI
1426
DELISTED
Hillenbrand
HI
| $2.13M | ﹤0.01% |
105,995
| – | – |
|
|
CURB
1427
Curbline Properties
CURB
$3.44B
| $2.11M | ﹤0.01% |
92,587
-111,500
| -55% | -$2.56M |
|
1428
GSK
GSK
$101B
| $2.11M | ﹤0.01% |
+55,000
| New | +$2.1M |
|
1429
Evertec
EVTC
$1.76B
| $2.11M | ﹤0.01% |
58,572
-56,133
| -49% | -$1.99M |
|
1430
First Financial Bancorp
FFBC
$3.44B
| $2.11M | ﹤0.01% |
87,029
-77,601
| -47% | -$1.84M |
|
1431
AMN Healthcare
AMN
$1.36B
| $2.1M | ﹤0.01% |
101,400
-166,300
| -62% | -$3.46M |
|
|
AAT
1432
American Assets Trust
AAT
$1.38B
| $2.08M | ﹤0.01% |
105,493
-52,248
| -33% | -$1.02M |
|
1433
AAR Corp
AIR
$5.47B
| $2.06M | ﹤0.01% |
29,981
-25,501
| -46% | -$1.53M |
|
1434
AZZ Inc
AZZ
$4.2B
| $2.05M | ﹤0.01% |
21,744
-24,721
| -53% | -$2.18M |
|
1435
WaFd
WAFD
$2.68B
| $2.05M | ﹤0.01% |
70,077
-70,527
| -50% | -$2M |
|
1436
Rush Enterprises Class A
RUSHA
$8.3B
| $2.03M | ﹤0.01% |
39,470
-59,534
| -60% | -$3.02M |
|
1437
Acadia Realty Trust
AKR
$2.87B
| $2.02M | ﹤0.01% |
108,614
-101,056
| -48% | -$1.96M |
|
1438
Evolent Health
EVH
$519M
| $2.02M | ﹤0.01% |
179,062
-497,397
| -74% | -$4.57M |
|
1439
Griffon
GFF
$4.49B
| $2.02M | ﹤0.01% |
27,853
-33,899
| -55% | -$2.36M |
|
1440
The Greenbrier Companies
GBX
$1.43B
| $1.98M | ﹤0.01% |
43,046
-101,726
| -70% | -$4.56M |
|
|
CSGS
1441
DELISTED
CSG Systems International
CSGS
| $1.95M | ﹤0.01% |
29,869
-102,803
| -77% | -$6.41M |
|
1442
Cinemark Holdings
CNK
$4.24B
| $1.91M | ﹤0.01% |
63,242
-115,924
| -65% | -$3.51M |
|
|
OPLN
1443
Openlane
OPLN
$4.33B
| $1.9M | ﹤0.01% |
77,882
-102,469
| -57% | -$2.16M |
|
1444
Diodes
DIOD
$4.18B
| $1.89M | ﹤0.01% |
35,770
-110,600
| -76% | -$4.86M |
|
1445
DigitalBridge
DBRG
$2.99B
| $1.87M | ﹤0.01% |
180,505
-345,200
| -66% | -$3.29M |
|
1446
Carriage Services
CSV
$544M
| $1.85M | ﹤0.01% |
+40,400
| New | +$1.69M |
|
1447
CBIZ
CBZ
$2.97B
| $1.84M | ﹤0.01% |
25,689
-39,526
| -61% | -$2.86M |
|
1448
Provident Financial Services
PFS
$3.07B
| $1.82M | ﹤0.01% |
103,855
-113,451
| -52% | -$1.88M |
|
1449
GlobalFoundries
GFS
$25.4B
| $1.82M | ﹤0.01% |
47,623
-135,537
| -74% | -$4.91M |
|
1450
Kymera Therapeutics
KYMR
$10B
| $1.81M | ﹤0.01% |
41,370
-8,327
| -17% | -$287K |
|
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.