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 | |
|---|---|---|---|---|---|---|
1501
Agios Pharmaceuticals
AGIO
$2.05B
| $2.27M | ﹤0.01% |
77,544
-67,548
| -47% | -$2.24M |
|
1502
LGI Homes
LGIH
$1.32B
| $2.27M | ﹤0.01% |
34,086
-4,898
| -13% | -$396K |
|
1503
Cushman & Wakefield Ltd
CWK
$3.32B
| $2.25M | ﹤0.01% |
219,794
-2,740,476
| -93% | -$33.3M |
|
1504
Cheesecake Factory
CAKE
$5.48B
| $2.25M | ﹤0.01% |
46,157
-91,125
| -66% | -$4.67M |
|
1505
NETSCOUT
NTCT
$2.87B
| $2.24M | ﹤0.01% |
106,707
-100,121
| -48% | -$2.25M |
|
1506
Par Pacific Holdings
PARR
$3.86B
| $2.24M | ﹤0.01% |
157,000
| – | – |
|
1507
Empire State Realty Trust
ESRT
$803M
| $2.23M | ﹤0.01% |
285,746
-172,083
| -38% | -$1.55M |
|
1508
Westamerica Bancorp
WABC
$1.35B
| $2.23M | ﹤0.01% |
43,949
-23,997
| -35% | -$1.22M |
|
1509
PagSeguro Digital
PAGS
$2.46B
| $2.2M | ﹤0.01% |
288,911
-191,765
| -40% | -$1.43M |
|
1510
Constellium
CSTM
$3.71B
| $2.19M | ﹤0.01% |
217,119
-206,916
| -49% | -$2.2M |
|
1511
Adeia
ADEA
$2.89B
| $2.18M | ﹤0.01% |
164,851
-70,332
| -30% | -$979K |
|
1512
Phreesia
PHR
$733M
| $2.17M | ﹤0.01% |
85,079
-26,359
| -24% | -$717K |
|
|
LGF.A
1513
DELISTED
Lions Gate Entertainment Corp. Class A Voting Shares
LGF.A
| $2.16M | ﹤0.01% |
244,245
-74,327
| -23% | -$669K |
|
1514
BioCryst Pharmaceuticals
BCRX
$2.52B
| $2.16M | ﹤0.01% |
287,958
-236,846
| -45% | -$1.91M |
|
1515
Benchmark Electronics
BHE
$2.65B
| $2.14M | ﹤0.01% |
56,351
-60,432
| -52% | -$2.55M |
|
1516
Knowles
KN
$2.99B
| $2.13M | ﹤0.01% |
140,057
-260,503
| -65% | -$4.66M |
|
|
VRE
1517
DELISTED
Veris Residential
VRE
| $2.13M | ﹤0.01% |
125,723
-164,572
| -57% | -$2.66M |
|
1518
Weis Markets
WMK
$1.74B
| $2.12M | ﹤0.01% |
27,535
-22,931
| -45% | -$1.65M |
|
|
CIM
1519
Chimera Investment
CIM
$964M
| $2.12M | ﹤0.01% |
165,323
-108,037
| -40% | -$1.52M |
|
1520
CryoPort
CYRX
$839M
| $2.12M | ﹤0.01% |
348,500
| – | – |
|
1521
Sonos
SONO
$1.79B
| $2.09M | ﹤0.01% |
196,276
-91,110
| -32% | -$1.2M |
|
1522
Organogenesis Holdings
ORGO
$224M
| $2.08M | ﹤0.01% |
482,200
| – | – |
|
1523
Dillards
DDS
$9.85B
| $2.07M | ﹤0.01% |
5,788
-4,597
| -44% | -$1.98M |
|
1524
Bentley Systems
BSY
$11.4B
| $2.04M | ﹤0.01% |
51,888
-84,313
| -62% | -$3.76M |
|
1525
Liberty Latin America Class C
LILAK
$1.62B
| $2.02M | ﹤0.01% |
357,949
-185,803
| -34% | -$1.13M |
|
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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.