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 |
Alphabet (Google) Class A
GOOGL
|
+$1.31B |
| 2 |
Visa
V
|
+$778M |
| 3 |
SCHW
Charles Schwab
SCHW
|
+$528M |
| 4 |
Fortinet
FTNT
|
+$418M |
| 5 |
Prologis
PLD
|
+$340M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$2.06B |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$1.83B |
| 3 |
NVIDIA
NVDA
|
+$1.56B |
| 4 |
Meta Platforms (Facebook)
META
|
+$1.47B |
| 5 |
UBS Group
UBS
|
+$1.44B |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.04% |
| 2 | Financials | 15.62% |
| 3 | Healthcare | 11.22% |
| 4 | Consumer Discretionary | 10.85% |
| 5 | Communication Services | 9.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1476
Newmark Group
NMRK
$2.82B
| $2.65M | ﹤0.01% |
217,676
-40,463
| -16% | -$540K |
|
1477
Upwork
UPWK
$1.11B
| $2.64M | ﹤0.01% |
202,486
-161,516
| -44% | -$2.46M |
|
1478
World Kinect Corp
WKC
$1.83B
| $2.63M | ﹤0.01% |
92,773
-27,728
| -23% | -$786K |
|
1479
Kennametal
KMT
$2.3B
| $2.6M | ﹤0.01% |
122,106
-108,642
| -47% | -$2.47M |
|
1480
SunCoke Energy
SXC
$873M
| $2.59M | ﹤0.01% |
281,000
-825,600
| -75% | -$7.93M |
|
1481
S&T Bancorp
STBA
$1.76B
| $2.57M | ﹤0.01% |
69,340
-40,053
| -37% | -$1.54M |
|
|
HI
1482
DELISTED
Hillenbrand
HI
| $2.56M | ﹤0.01% |
105,995
| – | – |
|
1483
PagerDuty
PD
$974M
| $2.55M | ﹤0.01% |
139,550
-129,572
| -48% | -$2.38M |
|
1484
Tennant Co
TNC
$1.19B
| $2.53M | ﹤0.01% |
31,784
-95,991
| -75% | -$8.12M |
|
|
ATSG
1485
DELISTED
Air Transport Services Group
ATSG
| $2.51M | ﹤0.01% |
112,045
+98,979
| +758% | +$2.2M |
|
1486
First Commonwealth Financial
FCF
$2.1B
| $2.51M | ﹤0.01% |
161,413
-106,676
| -40% | -$1.73M |
|
1487
LivaNova
LIVN
$4.41B
| $2.51M | ﹤0.01% |
63,838
-20,912
| -25% | -$938K |
|
1488
Magnite
MGNI
$3.35B
| $2.5M | ﹤0.01% |
219,298
-179,341
| -45% | -$2.86M |
|
1489
La-Z-Boy
LZB
$1.31B
| $2.5M | ﹤0.01% |
63,860
-68,938
| -52% | -$2.99M |
|
1490
LiveRamp
RAMP
$2.3B
| $2.48M | ﹤0.01% |
94,734
-71,780
| -43% | -$2.2M |
|
1491
Star Bulk Carriers
SBLK
$3.4B
| $2.46M | ﹤0.01% |
158,413
-77,725
| -33% | -$1.21M |
|
1492
Ligand Pharmaceuticals
LGND
$5.67B
| $2.43M | ﹤0.01% |
23,094
-23,196
| -50% | -$2.62M |
|
1493
Zymeworks
ZYME
$2.07B
| $2.4M | ﹤0.01% |
201,700
| – | – |
|
1494
ArcBest
ARCB
$3.11B
| $2.38M | ﹤0.01% |
33,787
-28,641
| -46% | -$2.48M |
|
1495
Dycom Industries
DY
$9.25B
| $2.37M | ﹤0.01% |
15,572
-305,021
| -95% | -$52.6M |
|
|
JAMF
1496
DELISTED
Jamf
JAMF
| $2.36M | ﹤0.01% |
+194,000
| New | +$2.78M |
|
1497
Edgewell Personal Care
EPC
$1.32B
| $2.34M | ﹤0.01% |
74,873
-64,541
| -46% | -$2.03M |
|
1498
Supernus Pharmaceuticals
SUPN
$2.57B
| $2.32M | ﹤0.01% |
70,957
-54,594
| -43% | -$1.93M |
|
|
OSG
1499
Octave Specialty Group
OSG
$203M
| $2.3M | ﹤0.01% |
263,100
| – | – |
|
|
IPG
1500
DELISTED
Interpublic Group of Companies
IPG
| $2.28M | ﹤0.01% |
84,079
-554,173
| -87% | -$15.2M |
|
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Norges Bank's Q1 2025 Portfolio in Review
As of Q1 2025, Norges Bank held 1,892 positions worth $712B, down 6.5% from $762B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Norges Bank's Q1 2025 filing shows 47 new, 694 increased, 865 reduced and 149 closed positions. Its largest new stake was Rocket Lab Corp: 4,017,216 shares worth $71.8M. The largest sale was Microsoft, an estimated $2.06B.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 31% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2025 buy was Rocket Lab Corp: 4,017,216 shares worth $71.8M.
- Norges Bank added most to Alphabet (Google) Class A in Q1 2025, an estimated $1.31B increase.
- Norges Bank's biggest Q1 2025 reduction was Microsoft, cutting an estimated $2.06B.
- Norges Bank fully exited HashiCorp, Inc. Class A Common Stock in Q1 2025, selling an estimated $161M.
- Norges Bank's ten largest holdings make up 30% of its $712B portfolio in Q1 2025.
- Norges Bank opened 47 new positions and closed 149 in Q1 2025.
- Norges Bank's portfolio value fell 6.5% quarter-over-quarter to $712B.
Based on Norges Bank's 13F filing for Q1 2025, filed 13 May 2025.