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 | |
|---|---|---|---|---|---|---|
1451
Adtran
ADTN
$635M
| $1.78M | ﹤0.01% |
+198,100
| New | +$1.58M |
|
1452
Gaotu Techedu
GOTU
$434M
| $1.77M | ﹤0.01% |
490,000
+331,607
| +209% | +$1.14M |
|
1453
Tiptree Inc
TIPT
$681M
| $1.77M | ﹤0.01% |
+74,900
| New | +$1.67M |
|
1454
Arbor Realty Trust
ABR
$938M
| $1.72M | ﹤0.01% |
161,206
-177,940
| -52% | -$1.87M |
|
1455
Hayward Holdings
HAYW
$3.02B
| $1.71M | ﹤0.01% |
124,213
-101,616
| -45% | -$1.37M |
|
1456
Peloton Interactive
PTON
$2.33B
| $1.71M | ﹤0.01% |
246,800
-279
| -0.1% | -$1.81K |
|
1457
Progyny
PGNY
$1.98B
| $1.7M | ﹤0.01% |
77,126
| – | – |
|
1458
Alvotech
ALVO
$1.74B
| $1.66M | ﹤0.01% |
+180,000
| New | +$1.69M |
|
1459
NBT Bancorp
NBTB
$2.67B
| $1.65M | ﹤0.01% |
39,621
-41,995
| -51% | -$1.75M |
|
1460
CryoPort
CYRX
$839M
| $1.62M | ﹤0.01% |
217,700
-130,800
| -38% | -$812K |
|
1461
BrightSpring Health Services
BTSG
$12B
| $1.62M | ﹤0.01% |
68,529
-1,491,141
| -96% | -$31.1M |
|
1462
John Wiley & Sons Class A
WLY
$2.74B
| $1.61M | ﹤0.01% |
36,110
-27,236
| -43% | -$1.15M |
|
|
TTAN
1463
ServiceTitan Inc
TTAN
$9.6B
| $1.61M | ﹤0.01% |
15,000
-15,034
| -50% | -$1.68M |
|
1464
Ligand Pharmaceuticals
LGND
$5.67B
| $1.6M | ﹤0.01% |
14,073
-9,021
| -39% | -$964K |
|
1465
ManpowerGroup
MAN
$2.89B
| $1.6M | ﹤0.01% |
39,539
-23,386
| -37% | -$1.02M |
|
1466
OppFi
OPFI
$609M
| $1.59M | ﹤0.01% |
+113,900
| New | +$1.28M |
|
1467
Lionsgate Studios
LION
$3.43B
| $1.59M | ﹤0.01% |
+273,580
| New | +$1.83M |
|
1468
First Merchants
FRME
$2.62B
| $1.59M | ﹤0.01% |
41,425
-60,097
| -59% | -$2.22M |
|
1469
Oppenheimer Holdings
OPY
$1.28B
| $1.59M | ﹤0.01% |
24,100
+19,000
| +373% | +$1.16M |
|
1470
NETSCOUT
NTCT
$2.87B
| $1.58M | ﹤0.01% |
63,790
-42,917
| -40% | -$954K |
|
1471
Viasat
VSAT
$10B
| $1.56M | ﹤0.01% |
106,577
| – | – |
|
1472
Teladoc Health
TDOC
$1.16B
| $1.55M | ﹤0.01% |
178,000
| – | – |
|
1473
SITE Centers
SITC
$156M
| $1.55M | ﹤0.01% |
136,940
| – | – |
|
1474
Constellium
CSTM
$3.71B
| $1.5M | ﹤0.01% |
112,716
-104,403
| -48% | -$1.17M |
|
1475
HNI Corp
HNI
$3.61B
| $1.49M | ﹤0.01% |
30,241
-49,741
| -62% | -$2.25M |
|
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.