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 | |
|---|---|---|---|---|---|---|
|
WBTN
1501
WEBTOON Entertainment Inc
WBTN
$1.35B
| $1.27M | ﹤0.01% |
140,000
| – | – |
|
1502
Nordic American Tanker
NAT
$1.43B
| $1.26M | ﹤0.01% |
480,769
| – | – |
|
1503
Camping World
CWH
$410M
| $1.26M | ﹤0.01% |
73,065
| – | – |
|
1504
Knowles
KN
$2.99B
| $1.26M | ﹤0.01% |
71,252
-68,805
| -49% | -$1.11M |
|
1505
Enerpac Tool Group
EPAC
$1.92B
| $1.25M | ﹤0.01% |
30,900
-62,489
| -67% | -$2.63M |
|
1506
Ardagh Metal Packaging
AMBP
$3.09B
| $1.25M | ﹤0.01% |
292,456
| – | – |
|
1507
Mobileye
MBLY
$7.32B
| $1.25M | ﹤0.01% |
69,500
-2,275,932
| -97% | -$34.8M |
|
1508
RLJ Lodging Trust
RLJ
$1.73B
| $1.25M | ﹤0.01% |
171,449
-76,491
| -31% | -$551K |
|
1509
PROG Holdings
PRG
$1.58B
| $1.23M | ﹤0.01% |
41,902
-166,953
| -80% | -$4.64M |
|
1510
Community Health Systems
CYH
$413M
| $1.2M | ﹤0.01% |
354,100
| – | – |
|
1511
Minerals Technologies
MTX
$2.25B
| $1.2M | ﹤0.01% |
21,803
-116,389
| -84% | -$6.56M |
|
1512
DNOW Inc
DNOW
$2.94B
| $1.19M | ﹤0.01% |
80,372
-91,551
| -53% | -$1.4M |
|
|
CIM
1513
Chimera Investment
CIM
$964M
| $1.19M | ﹤0.01% |
85,632
-79,691
| -48% | -$1.02M |
|
1514
United Fire Group
UFCS
$1.39B
| $1.19M | ﹤0.01% |
+41,300
| New | +$1.15M |
|
1515
Veracyte
VCYT
$3.64B
| $1.18M | ﹤0.01% |
43,816
-56,685
| -56% | -$1.64M |
|
1516
LivaNova
LIVN
$4.41B
| $1.18M | ﹤0.01% |
26,252
-37,586
| -59% | -$1.55M |
|
1517
Ubiquiti
UI
$35.9B
| $1.17M | ﹤0.01% |
2,850
+1,319
| +86% | +$480K |
|
1518
HEICO Corp
HEI
$47.1B
| $1.16M | ﹤0.01% |
3,549
-30,834
| -90% | -$8.53M |
|
1519
SiriusPoint
SPNT
$2.8B
| $1.15M | ﹤0.01% |
56,273
| – | – |
|
|
ARI
1520
Apollo Commercial Real Estate
ARI
$887M
| $1.15M | ﹤0.01% |
118,355
-195,933
| -62% | -$1.85M |
|
|
LADR
1521
Ladder Capital
LADR
$1.25B
| $1.13M | ﹤0.01% |
105,388
-167,863
| -61% | -$1.76M |
|
1522
The Honest Company
HNST
$618M
| $1.13M | ﹤0.01% |
+222,500
| New | +$1.07M |
|
1523
International Money Express
IMXI
$438M
| $1.12M | ﹤0.01% |
+111,400
| New | +$1.27M |
|
1524
Lemonade
LMND
$4.17B
| $1.12M | ﹤0.01% |
25,656
| – | – |
|
1525
BlueLinx
BXC
$627M
| $1.12M | ﹤0.01% |
15,000
| – | – |
|
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.