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Norges Bank

Norges Bank Portfolio holdings

AUM $935B
 

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.

This Fund
S&P 500
This Quarter Est. Return
+10.03%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$358B
AUM Growth
+$31.8B
Cap. Flow
+$2.34B
Cap. Flow %
0.65%
Top 10 Hldgs %
18.5%
Holding
2,137
New
45
Increased
503
Reduced
473
Closed
63

Top Buys

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$713M
2
BMY icon
Bristol-Myers Squibb
BMY
+$532M
3
AVB icon
AvalonBay Communities
AVB
+$338M
4
ESS icon
Essex Property Trust
ESS
+$322M
5
EQR icon
Equity Residential
EQR
+$295M

Top Sells

Rank Stock Value
1
CELG
Celgene Corp
CELG
+$783M
2
STI
SunTrust Banks, Inc.
STI
+$286M
3
MS icon
Morgan Stanley
MS
+$196M
4
BAC icon
Bank of America
BAC
+$170M
5
AMP icon
Ameriprise Financial
AMP
+$166M

Sector Composition

Rank Sector Weight
1 Technology 19.16%
2 Financials 16.45%
3 Healthcare 13.43%
4 Consumer Discretionary 11.44%
5 Communication Services 9.5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AX icon
1551
Axos Financial
AX
$5.58B
$18.9M 0.01%
622,851
– –
CUB
1552
DELISTED
Cubic Corporation
CUB
$18.8M 0.01%
295,729
+133,451
+82% +$9.03M
ESPR
1553
DELISTED
Esperion Therapeutics
ESPR
$18.7M 0.01%
313,569
– –
FCF icon
1554
First Commonwealth Financial
FCF
$2.2B
$18.7M 0.01%
1,288,576
– –
TTEC icon
1555
TTEC Holdings
TTEC
$124M
$18.7M 0.01%
471,660
– –
PDCO
1556
DELISTED
Patterson Companies, Inc.
PDCO
$18.7M 0.01%
912,453
– –
CZR icon
1557
Caesars Entertainment
CZR
$6.06B
$18.7M 0.01%
313,312
-13,176
-4% -$652K
SSTK icon
1558
Shutterstock
SSTK
$209M
$18.6M 0.01%
434,718
– –
DIN icon
1559
Dine Brands
DIN
$462M
$18.6M 0.01%
222,705
– –
CVI icon
1560
CVR Energy
CVI
$3.48B
$18.6M 0.01%
459,895
– –
MIC
1561
DELISTED
Macquarie Infrastructure Holdings, LLC
MIC
$18.5M 0.01%
432,662
– –
CTB
1562
DELISTED
Cooper Tire & Rubber Co.
CTB
$18.5M 0.01%
642,557
– –
ACCO icon
1563
Acco Brands
ACCO
$399M
$18.4M 0.01%
1,970,722
– –
STL
1564
DELISTED
Sterling Bancorp
STL
$18.4M 0.01%
874,678
-309,765
-26% -$6.32M
TTMI icon
1565
TTM Technologies
TTMI
$10.6B
$18.4M 0.01%
1,224,675
-350,034
-22% -$4.6M
VRNS icon
1566
Varonis Systems
VRNS
$4.67B
$18.4M 0.01%
710,046
– –
BBT
1567
Beacon Financial Corp
BBT
$2.5B
$18.4M 0.01%
559,360
– –
CLDR
1568
DELISTED
Cloudera, Inc.
CLDR
$18.3M 0.01%
1,575,415
-76,939
-5% -$737K
NP
1569
DELISTED
Neenah, Inc. Common Stock
NP
$18.3M 0.01%
259,970
– –
INN
1570
Summit Hotel Properties
INN
$766M
$18.3M 0.01%
1,480,730
– –
HCSG icon
1571
Healthcare Services Group
HCSG
$1.61B
$18.3M 0.01%
751,272
+52,910
+8% +$1.31M
AAMI
1572
Acadian Asset Management
AAMI
$2.88B
$18.3M 0.01%
1,786,175
– –
MC icon
1573
Moelis & Co
MC
$4.85B
$18.1M 0.01%
567,204
– –
OR icon
1574
OR Royalties Inc
OR
$5.53B
$18.1M 0.01%
1,859,397
+93,477
+5% +$853K
EGBN icon
1575
Eagle Bancorp
EGBN
$850M
$18M 0.01%
370,699
– –
61 62
63
64 65

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Norges Bank's Q4 2019 Portfolio in Review

As of Q4 2019, Norges Bank held 2,137 positions worth $358B, up 9.8% from $327B the previous quarter. Its ten largest holdings account for 19% of the portfolio.

Norges Bank's Q4 2019 filing shows 45 new, 503 increased, 473 reduced and 63 closed positions. Its largest new stake was Walmart Inc: 4,711,437 shares worth $187M. The largest sale was Celgene Corp, an estimated $783M.

By sector, the portfolio is most concentrated in Technology at 19% of assets, up from 18% a quarter earlier, followed by Financials and Healthcare.

  • Norges Bank's largest Q4 2019 buy was Walmart Inc: 4,711,437 shares worth $187M.
  • Norges Bank added most to Alibaba in Q4 2019, an estimated $713M increase.
  • Norges Bank's biggest Q4 2019 reduction was Morgan Stanley, cutting an estimated $196M.
  • Norges Bank fully exited Celgene Corp in Q4 2019, selling an estimated $783M.
  • Norges Bank's ten largest holdings make up 19% of its $358B portfolio in Q4 2019.
  • Norges Bank opened 45 new positions and closed 63 in Q4 2019.
  • Norges Bank's portfolio value rose 9.8% quarter-over-quarter to $358B.

Based on Norges Bank's 13F filing for Q4 2019, filed 12 Feb 2020.