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
|
+$62.1B |
| 2 |
Microsoft
MSFT
|
+$52.5B |
| 3 |
Apple
AAPL
|
+$51.6B |
| 4 |
Amazon
AMZN
|
+$32.6B |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$27.9B |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.77% |
| 2 | Financials | 14.44% |
| 3 | Consumer Discretionary | 10.8% |
| 4 | Communication Services | 10.47% |
| 5 | Healthcare | 9.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1526
Ocular Therapeutix
OCUL
$2.38B
| $886K | ﹤0.01% |
+73,007
| New | +$887K |
|
1527
The Greenbrier Companies
GBX
$1.43B
| $880K | ﹤0.01% |
+18,832
| New | +$844K |
|
|
GME.WS
1528
GameStop Corp Warrants
GME.WS
| $872K | ﹤0.01% |
+289,747
| New | +$899K |
|
|
ASIC
1529
Ategrity Specialty Insurance
ASIC
$1.26B
| $840K | ﹤0.01% |
+40,000
| New | +$756K |
|
|
BLLN
1530
BillionToOne Inc
BLLN
$4.49B
| $818K | ﹤0.01% |
+10,000
| New | +$1.01M |
|
|
CARL
1531
Carlsmed
CARL
$457M
| $803K | ﹤0.01% |
+65,000
| New | +$865K |
|
|
ZH
1532
Zhihu
ZH
$261M
| $802K | ﹤0.01% |
+244,633
| New | +$980K |
|
|
SLDE
1533
Slide Insurance Holdings
SLDE
$2.74B
| $779K | ﹤0.01% |
+40,000
| New | +$667K |
|
1534
Lightspeed Commerce
LSPD
$1.4B
| $764K | ﹤0.01% |
+63,296
| New | +$750K |
|
|
GRAL
1535
GRAIL Inc
GRAL
$3.68B
| $761K | ﹤0.01% |
+8,887
| New | +$768K |
|
1536
ANI Pharmaceuticals
ANIP
$1.69B
| $757K | ﹤0.01% |
+9,585
| New | +$830K |
|
1537
Privia Health
PRVA
$2.66B
| $751K | ﹤0.01% |
+31,665
| New | +$771K |
|
1538
Harmonic Inc
HLIT
$1.34B
| $730K | ﹤0.01% |
+73,862
| New | +$744K |
|
|
BCAX
1539
Bicara Therapeutics
BCAX
$1.64B
| $722K | ﹤0.01% |
+42,889
| New | +$732K |
|
1540
Camping World
CWH
$410M
| $711K | ﹤0.01% |
+73,065
| New | +$905K |
|
1541
Sunstone Hotel Investors
SHO
$2.08B
| $686K | ﹤0.01% |
+76,740
| New | +$704K |
|
|
JCAP
1542
Jefferson Capital
JCAP
$1.25B
| $670K | ﹤0.01% |
+30,000
| New | +$606K |
|
1543
Chemours
CC
$2.39B
| $627K | ﹤0.01% |
+53,172
| New | +$683K |
|
1544
AbCellera Biologics
ABCL
$4.02B
| $603K | ﹤0.01% |
+176,386
| New | +$787K |
|
1545
Kinetik
KNTK
$4.37B
| $593K | ﹤0.01% |
+16,438
| New | +$594K |
|
1546
Rio Tinto
RIO
$170B
| $588K | ﹤0.01% |
+7,353
| New | +$529K |
|
|
OSG
1547
Octave Specialty Group
OSG
$203M
| $584K | ﹤0.01% |
+75,000
| New | +$641K |
|
|
AMBQ
1548
Ambiq Micro
AMBQ
$1.45B
| $570K | ﹤0.01% |
+20,000
| New | +$573K |
|
1549
RLJ Lodging Trust
RLJ
$1.73B
| $553K | ﹤0.01% |
+74,265
| New | +$540K |
|
1550
Liberty Latin America Class C
LILAK
$1.62B
| $540K | ﹤0.01% |
+79,606
| New | +$595K |
|
Similar funds
Norges Bank's Q4 2025 Portfolio in Review
As of Q4 2025, Norges Bank held 1,577 positions worth $935B. Its ten largest holdings account for 35% of the portfolio.
Norges Bank deployed $925B of net new capital in Q4 2025, opening 1,577 new positions. Its largest new stake was NVIDIA: 333,748,700 shares worth $62.2B.
By sector, the portfolio is most concentrated in Technology at 33% of assets, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q4 2025 buy was NVIDIA: 333,748,700 shares worth $62.2B.
- Norges Bank's ten largest holdings make up 35% of its $935B portfolio in Q4 2025.
- Norges Bank opened 1,577 new positions and closed 0 in Q4 2025.
Based on Norges Bank's 13F filing for Q4 2025, filed 10 Feb 2026.