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 | |
|---|---|---|---|---|---|---|
1476
Oceaneering
OII
$5.1B
| $1.48M | ﹤0.01% |
71,663
-20,206
| -22% | -$390K |
|
1477
LiveRamp
RAMP
$2.3B
| $1.48M | ﹤0.01% |
44,792
-49,942
| -53% | -$1.45M |
|
1478
Huron Consulting
HURN
$2.54B
| $1.47M | ﹤0.01% |
10,680
-27,048
| -72% | -$3.84M |
|
|
ELME
1479
Elme Communities
ELME
$148M
| $1.46M | ﹤0.01% |
92,124
-69,602
| -43% | -$1.11M |
|
1480
Tactile Systems Technology
TCMD
$523M
| $1.46M | ﹤0.01% |
144,400
-3,500
| -2% | -$40K |
|
1481
Star Bulk Carriers
SBLK
$3.4B
| $1.44M | ﹤0.01% |
83,687
-74,726
| -47% | -$1.16M |
|
|
BRFS
1482
DELISTED
BRF SA
BRFS
| $1.44M | ﹤0.01% |
393,370
| – | – |
|
1483
Northwest Natural Holdings
NWN
$2.09B
| $1.43M | ﹤0.01% |
36,038
-28,250
| -44% | -$1.17M |
|
1484
Harmonic Inc
HLIT
$1.34B
| $1.43M | ﹤0.01% |
150,627
| – | – |
|
1485
Buckle
BKE
$2.21B
| $1.41M | ﹤0.01% |
31,069
-14,735
| -32% | -$583K |
|
1486
Diamondrock Hospitality Co
DRH
$2.6B
| $1.4M | ﹤0.01% |
183,178
-160,870
| -47% | -$1.2M |
|
1487
Banner Corp
BANR
$2.38B
| $1.4M | ﹤0.01% |
21,786
-35,813
| -62% | -$2.21M |
|
1488
Innoviva
INVA
$1.51B
| $1.38M | ﹤0.01% |
68,865
+22,852
| +50% | +$439K |
|
1489
Global Net Lease
GNL
$2.11B
| $1.38M | ﹤0.01% |
182,656
-193,179
| -51% | -$1.46M |
|
|
LTC
1490
LTC Properties
LTC
$2.19B
| $1.38M | ﹤0.01% |
39,810
-50,322
| -56% | -$1.77M |
|
|
SVC
1491
Service Properties Trust
SVC
$989M
| $1.38M | ﹤0.01% |
115,100
+5,460
| +5% | +$59K |
|
1492
World Kinect Corp
WKC
$1.83B
| $1.36M | ﹤0.01% |
48,050
-44,723
| -48% | -$1.19M |
|
|
SPNS
1493
DELISTED
Sapiens International
SPNS
| $1.34M | ﹤0.01% |
45,728
| – | – |
|
1494
City Holding Co
CHCO
$2.01B
| $1.34M | ﹤0.01% |
10,937
-16,259
| -60% | -$1.91M |
|
1495
Central Garden & Pet Co Class A
CENTA
$2.36B
| $1.34M | ﹤0.01% |
42,769
-65,922
| -61% | -$2.06M |
|
1496
Standex International
SXI
$3.67B
| $1.33M | ﹤0.01% |
8,489
-9,114
| -52% | -$1.37M |
|
1497
Yelp
YELP
$1.22B
| $1.32M | ﹤0.01% |
38,663
-66,316
| -63% | -$2.4M |
|
1498
Upwork
UPWK
$1.11B
| $1.31M | ﹤0.01% |
97,529
-104,957
| -52% | -$1.51M |
|
1499
Stock Yards Bancorp
SYBT
$2.48B
| $1.3M | ﹤0.01% |
16,433
-32,822
| -67% | -$2.4M |
|
1500
Phreesia
PHR
$733M
| $1.28M | ﹤0.01% |
44,916
-40,163
| -47% | -$1.02M |
|
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.