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 |
Verizon
VZ
|
+$1.18B |
| 2 |
Liberty Global Class C
LBTYK
|
+$228M |
| 3 |
Pentair
PNR
|
+$223M |
| 4 |
Mastercard
MA
|
+$144M |
| 5 |
Logitech
LOGI
|
+$125M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Liberty Global Class A
LBTYA
|
+$171M |
| 2 |
BEAM
BEAM INC COM STK (DE)
BEAM
|
+$162M |
| 3 |
Telus
TU
|
+$99.7M |
| 4 |
Republic Services
RSG
|
+$99.5M |
| 5 |
Visa
V
|
+$98.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 17.92% |
| 2 | Technology | 13.16% |
| 3 | Healthcare | 12.11% |
| 4 | Industrials | 10.05% |
| 5 | Energy | 9.54% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
McKesson
MCK
$104B
| $292M | 0.16% |
1,654,147
| – | – |
|
127
CSX Corp
CSX
$94B
| $291M | 0.16% |
30,181,797
-1,181,034
| -4% | -$11M |
|
128
Canadian Pacific Kansas City
CP
$81B
| $288M | 0.16% |
9,609,745
+49,445
| +0.5% | +$1.5M |
|
129
Nike
NKE
$64.1B
| $286M | 0.16% |
7,742,870
| – | – |
|
130
Canadian National Railway
CNI
$78.5B
| $286M | 0.16% |
5,075,501
+808,393
| +19% | +$44.5M |
|
131
Emerson Electric
EMR
$81.6B
| $275M | 0.16% |
4,119,312
-443,606
| -10% | -$29.2M |
|
132
Transocean
RIG
$5.48B
| $275M | 0.16% |
6,655,920
-106,099
| -2% | -$4.61M |
|
133
PNC Financial Services
PNC
$99.1B
| $275M | 0.16% |
3,159,061
| – | – |
|
134
Eastman Chemical
EMN
$7.69B
| $274M | 0.15% |
3,181,165
+319,206
| +11% | +$26.2M |
|
135
Capital One
COF
$128B
| $268M | 0.15% |
3,467,623
+283,511
| +9% | +$20.8M |
|
136
Ecolab
ECL
$79.8B
| $267M | 0.15% |
2,473,310
-63,928
| -3% | -$6.7M |
|
|
YHOO
137
DELISTED
Yahoo Inc
YHOO
| $264M | 0.15% |
7,354,246
+409,534
| +6% | +$15.6M |
|
138
Las Vegas Sands
LVS
$31.4B
| $264M | 0.15% |
3,267,620
+12,006
| +0.4% | +$965K |
|
|
AGN
139
DELISTED
Allergan Inc
AGN
| $262M | 0.15% |
2,111,942
| – | – |
|
140
General Motors
GM
$80.9B
| $257M | 0.15% |
7,471,179
+1,492,821
| +25% | +$54.8M |
|
|
COV
141
DELISTED
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
| $255M | 0.14% |
3,459,837
| – | – |
|
142
DuPont de Nemours
DD
$18.6B
| $254M | 0.14% |
2,061,133
-175,017
| -8% | -$20.6M |
|
143
Automatic Data Processing
ADP
$109B
| $252M | 0.14% |
3,721,046
| – | – |
|
144
APA Corp
APA
$13B
| $251M | 0.14% |
3,023,342
| – | – |
|
|
PCP
145
DELISTED
PRECISION CASTPARTS CORP
PCP
| $245M | 0.14% |
968,305
| – | – |
|
|
KRFT
146
DELISTED
KRAFT FOODS GROUP INC COM STK (VA)
KRFT
| $243M | 0.14% |
4,326,359
| – | – |
|
147
General Mills
GIS
$20.2B
| $242M | 0.14% |
4,668,874
-74,275
| -2% | -$3.68M |
|
148
Yum! Brands
YUM
$41.9B
| $241M | 0.14% |
4,448,152
| – | – |
|
|
CMCSK
149
DELISTED
COMCAST CORP SPL A (NEW)
CMCSK
| $237M | 0.13% |
4,857,202
-39,448
| -0.8% | -$1.92M |
|
|
AGN
150
DELISTED
Allergan plc
AGN
| $236M | 0.13% |
1,144,250
| – | – |
|
Similar funds
Norges Bank's Q1 2014 Portfolio in Review
As of Q1 2014, Norges Bank held 2,137 positions worth $177B, up 2.1% from $174B the previous quarter. Its ten largest holdings account for 14% of the portfolio.
Trading was light in Q1 2014: portfolio turnover was 2.9%. Norges Bank opened 39 new positions and exited 24, leaving the 2,137-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 18% of assets, down from 18% a quarter earlier, followed by Technology and Healthcare.
- Norges Bank's largest Q1 2014 buy was Veren: 3,413,946 shares worth $114M.
- Norges Bank added most to Verizon in Q1 2014, an estimated $1.18B increase.
- Norges Bank's biggest Q1 2014 reduction was Liberty Global Class A, cutting an estimated $171M.
- Norges Bank fully exited Telus in Q1 2014, selling an estimated $99.7M.
- Norges Bank's ten largest holdings make up 14% of its $177B portfolio in Q1 2014.
- Norges Bank opened 39 new positions and closed 24 in Q1 2014.
- Norges Bank's portfolio value rose 2.1% quarter-over-quarter to $177B.
Based on Norges Bank's 13F filing for Q1 2014, filed 9 May 2014.