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 | |
|---|---|---|---|---|---|---|
1551
Lindsay Corp
LNN
$1.16B
| $969K | ﹤0.01% |
6,720
+1,004
| +18% | +$134K |
|
|
TWO
1552
DELISTED
Two Harbors Investment
TWO
| $955K | ﹤0.01% |
88,709
-129,210
| -59% | -$1.46M |
|
1553
National Presto Industries
NPK
$1.09B
| $940K | ﹤0.01% |
9,600
| – | – |
|
|
SRDX
1554
DELISTED
Surmodics
SRDX
| $939K | ﹤0.01% |
31,600
| – | – |
|
1555
SiteOne Landscape Supply
SITE
$4.17B
| $924K | ﹤0.01% |
+7,640
| New | +$903K |
|
1556
PJT Partners
PJT
$4.57B
| $918K | ﹤0.01% |
5,566
| – | – |
|
|
NXRT
1557
NexPoint Residential Trust
NXRT
$600M
| $900K | ﹤0.01% |
27,000
| – | – |
|
1558
Empire State Realty Trust
ESRT
$803M
| $894K | ﹤0.01% |
110,566
-175,180
| -61% | -$1.34M |
|
1559
Huazhu Hotels Group
HTHT
$14.7B
| $888K | ﹤0.01% |
26,178
-149,886
| -85% | -$5.25M |
|
|
TPH
1560
DELISTED
Tri Pointe Homes
TPH
| $888K | ﹤0.01% |
27,779
-122,099
| -81% | -$3.75M |
|
1561
Ooma
OOMA
$633M
| $875K | ﹤0.01% |
67,800
-8,100
| -11% | -$103K |
|
|
BFS
1562
Saul Centers
BFS
$827M
| $874K | ﹤0.01% |
25,600
| – | – |
|
|
SLDE
1563
Slide Insurance Holdings
SLDE
$2.74B
| $866K | ﹤0.01% |
+40,000
| New | +$862K |
|
|
ASIC
1564
Ategrity Specialty Insurance
ASIC
$1.26B
| $861K | ﹤0.01% |
+40,000
| New | +$915K |
|
1565
1st Source
SRCE
$2.08B
| $855K | ﹤0.01% |
13,778
-16,244
| -54% | -$966K |
|
1566
Gentherm
THRM
$1.24B
| $854K | ﹤0.01% |
30,200
+8,970
| +42% | +$238K |
|
1567
Cracker Barrel
CBRL
$1.23B
| $843K | ﹤0.01% |
13,803
-19,305
| -58% | -$973K |
|
1568
10x Genomics
TXG
$8.45B
| $842K | ﹤0.01% |
72,674
-35,886
| -33% | -$327K |
|
1569
Liberty Latin America Class C
LILAK
$1.62B
| $817K | ﹤0.01% |
144,486
-213,463
| -60% | -$1.05M |
|
|
PDM
1570
Piedmont Realty Trust
PDM
$1.22B
| $813K | ﹤0.01% |
111,548
-98,151
| -47% | -$678K |
|
1571
Asana
ASAN
$2.34B
| $799K | ﹤0.01% |
59,163
-73,865
| -56% | -$1.16M |
|
1572
Ibotta
IBTA
$734M
| $781K | ﹤0.01% |
21,343
| – | – |
|
1573
Array Technologies
ARRY
$719M
| $776K | ﹤0.01% |
131,609
| – | – |
|
1574
Arvinas
ARVN
$604M
| $776K | ﹤0.01% |
105,401
-902,511
| -90% | -$6.65M |
|
1575
MillerKnoll
MLKN
$1.6B
| $768K | ﹤0.01% |
39,540
-58,023
| -59% | -$990K |
|
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.