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 | |
|---|---|---|---|---|---|---|
1526
Greif
GEF
$4.8B
| $2.02M | ﹤0.01% |
36,718
-32,302
| -47% | -$1.9M |
|
|
ARR
1527
Armour Residential REIT
ARR
$2.32B
| $2.01M | ﹤0.01% |
117,297
-21,552
| -16% | -$402K |
|
1528
Oceaneering
OII
$5.1B
| $2M | ﹤0.01% |
91,869
-146,533
| -61% | -$3.48M |
|
1529
Hope Bancorp
HOPE
$1.78B
| $1.97M | ﹤0.01% |
188,375
-137,145
| -42% | -$1.54M |
|
1530
IDT Corp
IDT
$1.71B
| $1.97M | ﹤0.01% |
38,400
-7,300
| -16% | -$354K |
|
|
XHR
1531
Xenia Hotels & Resorts
XHR
$1.78B
| $1.96M | ﹤0.01% |
166,597
-178,876
| -52% | -$2.49M |
|
1532
RLJ Lodging Trust
RLJ
$1.73B
| $1.96M | ﹤0.01% |
247,940
-283,477
| -53% | -$2.66M |
|
1533
Tactile Systems Technology
TCMD
$523M
| $1.96M | ﹤0.01% |
147,900
| – | – |
|
1534
IMAX
IMAX
$2.85B
| $1.95M | ﹤0.01% |
73,971
-71,001
| -49% | -$1.77M |
|
|
BBT
1535
Beacon Financial Corp
BBT
$2.64B
| $1.94M | ﹤0.01% |
74,307
-58,267
| -44% | -$1.63M |
|
1536
Asana
ASAN
$2.34B
| $1.94M | ﹤0.01% |
133,028
-94,760
| -42% | -$1.8M |
|
1537
Pebblebrook Hotel Trust
PEB
$2.06B
| $1.93M | ﹤0.01% |
190,111
+127,883
| +206% | +$1.56M |
|
1538
Appian
APPN
$2.97B
| $1.92M | ﹤0.01% |
66,797
-55,877
| -46% | -$1.83M |
|
1539
AtriCure
ATRC
$2.51B
| $1.9M | ﹤0.01% |
58,954
-52,993
| -47% | -$1.97M |
|
1540
Schneider National
SNDR
$6.18B
| $1.9M | ﹤0.01% |
+83,138
| New | +$2.25M |
|
1541
Triumph Financial Inc
TFIN
$1.72B
| $1.9M | ﹤0.01% |
32,791
-34,893
| -52% | -$2.54M |
|
1542
N-able
NABL
$746M
| $1.89M | ﹤0.01% |
265,901
-103,503
| -28% | -$921K |
|
1543
World Acceptance Corp
WRLD
$886M
| $1.87M | ﹤0.01% |
14,800
-1,900
| -11% | -$248K |
|
|
JBGS
1544
JBG SMITH
JBGS
$709M
| $1.87M | ﹤0.01% |
115,988
-133,626
| -54% | -$2.03M |
|
1545
MillerKnoll
MLKN
$1.6B
| $1.87M | ﹤0.01% |
97,563
+81,399
| +504% | +$1.73M |
|
1546
Upbound Group
UPBD
$1.12B
| $1.87M | ﹤0.01% |
77,900
-70,484
| -48% | -$1.94M |
|
1547
CTS Corp
CTS
$1.65B
| $1.83M | ﹤0.01% |
44,134
-40,054
| -48% | -$1.88M |
|
|
SEM
1548
DELISTED
Select Medical
SEM
| $1.83M | ﹤0.01% |
109,491
-1,458,473
| -93% | -$26.8M |
|
1549
Materion
MTRN
$5.13B
| $1.82M | ﹤0.01% |
22,287
-28,656
| -56% | -$2.7M |
|
1550
Certara
CERT
$1.28B
| $1.82M | ﹤0.01% |
183,612
-91,710
| -33% | -$1.11M |
|
Similar funds
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.