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
|
+$1.37B |
| 2 |
Broadcom
AVGO
|
+$1.13B |
| 3 |
Bank of America
BAC
|
+$880M |
| 4 |
Amazon
AMZN
|
+$755M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$744M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ATVI
Activision Blizzard
ATVI
|
+$1.2B |
| 2 |
HZNP
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
|
+$822M |
| 3 |
SGEN
Seagen Inc. Common Stock
SGEN
|
+$542M |
| 4 |
Kenvue
KVUE
|
+$514M |
| 5 |
RTX Corp
RTX
|
+$501M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.35% |
| 2 | Financials | 13.96% |
| 3 | Healthcare | 11.94% |
| 4 | Consumer Discretionary | 11.37% |
| 5 | Communication Services | 8.53% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Chubb
CB
$135B
| $958M | 0.17% |
4,237,860
+243,012
| +6% | +$53.1M |
|
|
SCHW
127
Charles Schwab
SCHW
$183B
| $950M | 0.17% |
13,810,931
-2,469,629
| -15% | -$143M |
|
128
Regeneron Pharmaceuticals
REGN
$78.5B
| $933M | 0.16% |
1,061,803
+3,051
| +0.3% | +$2.51M |
|
129
Boston Scientific
BSX
$69.5B
| $931M | 0.16% |
16,098,013
+1,537,427
| +11% | +$82.1M |
|
130
Boston Properties
BXP
$11.2B
| $891M | 0.16% |
12,695,570
| – | – |
|
|
FISV
131
Fiserv Inc
FISV
$28.8B
| $874M | 0.15% |
6,582,183
+526,299
| +9% | +$64.6M |
|
132
Cintas
CTAS
$81.9B
| $873M | 0.15% |
5,793,616
+556,712
| +11% | +$74.6M |
|
133
Citigroup
C
$222B
| $868M | 0.15% |
16,866,233
-1,211,077
| -7% | -$53.6M |
|
134
Air Products & Chemicals
APD
$65.7B
| $852M | 0.15% |
3,112,814
+473,298
| +18% | +$130M |
|
135
Intercontinental Exchange
ICE
$85.6B
| $839M | 0.15% |
6,534,757
+16,835
| +0.3% | +$1.91M |
|
136
Snowflake
SNOW
$102B
| $838M | 0.15% |
4,213,341
+513,413
| +14% | +$86.8M |
|
137
Stellantis
STLA
$21.7B
| $833M | 0.15% |
35,663,055
-458,600
| -1% | -$9.47M |
|
138
US Bancorp
USB
$98.2B
| $827M | 0.14% |
19,116,684
-6,961,521
| -27% | -$254M |
|
139
Public Storage
PSA
$60.5B
| $821M | 0.14% |
2,692,298
+375,249
| +16% | +$99.6M |
|
140
Illinois Tool Works
ITW
$82.6B
| $818M | 0.14% |
3,124,410
-39,210
| -1% | -$9.4M |
|
|
BNY
141
Bank of New York Mellon
BNY
$106B
| $814M | 0.14% |
15,633,057
+500,710
| +3% | +$23.1M |
|
142
Bank of Montreal
BMO
$126B
| $813M | 0.14% |
8,212,584
+746,874
| +10% | +$62.3M |
|
143
Chipotle Mexican Grill
CMG
$47.2B
| $806M | 0.14% |
17,611,350
+1,253,200
| +8% | +$52.1M |
|
144
TransDigm Group
TDG
$70.2B
| $791M | 0.14% |
781,754
+51,838
| +7% | +$47.8M |
|
145
American Homes 4 Rent
AMH
$12B
| $790M | 0.14% |
21,967,376
| – | – |
|
146
Waste Management
WM
$90.6B
| $784M | 0.14% |
4,380,156
+70,273
| +2% | +$11.8M |
|
147
Canadian National Railway
CNI
$76.9B
| $770M | 0.13% |
6,122,354
-129,678
| -2% | -$14.7M |
|
148
Micron Technology
MU
$930B
| $769M | 0.13% |
9,015,375
-4,079,009
| -31% | -$303M |
|
149
Emerson Electric
EMR
$83.9B
| $765M | 0.13% |
7,855,786
+977,350
| +14% | +$89.5M |
|
150
NXP Semiconductors
NXPI
$57.8B
| $762M | 0.13% |
3,317,993
+1,273,880
| +62% | +$256M |
|
Similar funds
Norges Bank's Q4 2023 Portfolio in Review
As of Q4 2023, Norges Bank held 2,039 positions worth $572B, up 16% from $493B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Norges Bank deployed $18.4B of net new capital in Q4 2023, opening 73 new positions and adding to 987 existing holdings. Its largest new stake was Veralto: 3,235,391 shares worth $266M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 27% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Kenvue, an estimated $514M trimmed.
- Norges Bank's largest Q4 2023 buy was Veralto: 3,235,391 shares worth $266M.
- Norges Bank added most to Microsoft in Q4 2023, an estimated $1.37B increase.
- Norges Bank's biggest Q4 2023 reduction was Kenvue, cutting an estimated $514M.
- Norges Bank fully exited Activision Blizzard in Q4 2023, selling an estimated $1.2B.
- Norges Bank's ten largest holdings make up 27% of its $572B portfolio in Q4 2023.
- Norges Bank opened 73 new positions and closed 97 in Q4 2023.
- Norges Bank's portfolio value rose 16% quarter-over-quarter to $572B.
Based on Norges Bank's 13F filing for Q4 2023, filed 9 Feb 2024.