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 |
Microsoft
MSFT
|
+$1.04B |
| 2 |
Amazon
AMZN
|
+$902M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$877M |
| 4 |
Apple
AAPL
|
+$767M |
| 5 |
NVIDIA
NVDA
|
+$684M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Shell
SHEL
|
+$444M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$415M |
| 3 |
Qualcomm
QCOM
|
+$385M |
| 4 |
Synopsys
SNPS
|
+$314M |
| 5 |
Accenture
ACN
|
+$249M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 27.89% |
| 2 | Financials | 13.39% |
| 3 | Healthcare | 13.16% |
| 4 | Consumer Discretionary | 11.33% |
| 5 | Communication Services | 8.2% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Air Products & Chemicals
APD
$65.5B
| $793M | 0.16% |
2,646,942
-703,672
| -21% | -$200M |
|
127
KLA
KLAC
$222B
| $791M | 0.16% |
16,304,880
+924,130
| +6% | +$38.6M |
|
128
Boston Scientific
BSX
$68.4B
| $779M | 0.15% |
14,393,132
+330,068
| +2% | +$17.2M |
|
129
American Homes 4 Rent
AMH
$12.1B
| $773M | 0.15% |
21,807,122
+1,261,817
| +6% | +$42.8M |
|
130
Chubb
CB
$140B
| $763M | 0.15% |
3,963,844
+430,586
| +12% | +$84.4M |
|
131
HCA Healthcare
HCA
$88.4B
| $760M | 0.15% |
2,503,860
+129,647
| +5% | +$36M |
|
132
Becton Dickinson
BDX
$46.4B
| $754M | 0.15% |
2,857,768
-4,759
| -0.2% | -$1.21M |
|
133
Regeneron Pharmaceuticals
REGN
$72.9B
| $752M | 0.15% |
1,046,355
+45,242
| +5% | +$34.9M |
|
134
Waste Management
WM
$95B
| $750M | 0.15% |
4,327,073
+49,162
| +1% | +$8.13M |
|
135
CSX Corp
CSX
$94B
| $747M | 0.15% |
21,903,185
+1,139,547
| +5% | +$36M |
|
136
Goldman Sachs
GS
$289B
| $745M | 0.15% |
2,309,941
+4,952
| +0.2% | +$1.63M |
|
137
Enbridge
ENB
$120B
| $735M | 0.15% |
19,770,043
+707,287
| +4% | +$27M |
|
138
Boston Properties
BXP
$11.6B
| $731M | 0.14% |
12,695,570
| – | – |
|
|
FISV
139
Fiserv Inc
FISV
$29.7B
| $725M | 0.14% |
5,745,610
+199,098
| +4% | +$23.4M |
|
140
Canadian National Railway
CNI
$78.5B
| $724M | 0.14% |
5,980,436
-45,967
| -0.8% | -$5.45M |
|
141
CME Group
CME
$95.4B
| $722M | 0.14% |
3,894,014
-25,427
| -0.6% | -$4.7M |
|
142
Blackstone
BX
$104B
| $710M | 0.14% |
7,639,124
+616,460
| +9% | +$53.3M |
|
143
Chipotle Mexican Grill
CMG
$43.9B
| $707M | 0.14% |
16,536,200
+716,400
| +5% | +$28.3M |
|
144
Sherwin-Williams
SHW
$83.5B
| $699M | 0.14% |
2,634,029
-36,074
| -1% | -$8.49M |
|
145
Federal Realty Investment Trust
FRT
$10.9B
| $698M | 0.14% |
7,212,626
| – | – |
|
146
O'Reilly Automotive
ORLY
$75.1B
| $694M | 0.14% |
10,896,195
+563,310
| +5% | +$34.4M |
|
147
Intercontinental Exchange
ICE
$87.2B
| $691M | 0.14% |
6,110,939
+225,826
| +4% | +$24.5M |
|
148
Target
TGT
$66.3B
| $688M | 0.14% |
5,214,245
+355,310
| +7% | +$52.7M |
|
149
AutoZone
AZO
$51.3B
| $681M | 0.13% |
273,041
+4,450
| +2% | +$11.3M |
|
150
Public Storage
PSA
$61.5B
| $678M | 0.13% |
2,323,067
-55,779
| -2% | -$16.3M |
|
Similar funds
Norges Bank's Q2 2023 Portfolio in Review
As of Q2 2023, Norges Bank held 2,145 positions worth $507B, up 11% from $457B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Norges Bank's Q2 2023 filing shows 58 new, 905 increased, 790 reduced and 138 closed positions. Its largest new stake was Kenvue: 7,326,131 shares worth $194M. The largest sale was Shell, an estimated $444M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 26% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q2 2023 buy was Kenvue: 7,326,131 shares worth $194M.
- Norges Bank added most to Microsoft in Q2 2023, an estimated $1.04B increase.
- Norges Bank's biggest Q2 2023 reduction was Shell, cutting an estimated $444M.
- Norges Bank fully exited Evoqua Water Technologies Corp. Common Stock in Q2 2023, selling an estimated $175M.
- Norges Bank's ten largest holdings make up 27% of its $507B portfolio in Q2 2023.
- Norges Bank opened 58 new positions and closed 138 in Q2 2023.
- Norges Bank's portfolio value rose 11% quarter-over-quarter to $507B.
Based on Norges Bank's 13F filing for Q2 2023, filed 14 Aug 2023.