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 | |
|---|---|---|---|---|---|---|
1576
Axogen
AXGN
$2.78B
| $1.42M | ﹤0.01% |
77,000
| – | – |
|
1577
Teladoc Health
TDOC
$1.16B
| $1.42M | ﹤0.01% |
178,000
| – | – |
|
1578
AbCellera Biologics
ABCL
$4.02B
| $1.41M | ﹤0.01% |
630,938
-653,595
| -51% | -$1.87M |
|
|
SCS
1579
DELISTED
Steelcase
SCS
| $1.4M | ﹤0.01% |
127,392
-150,027
| -54% | -$1.73M |
|
1580
Victory Capital Holdings
VCTR
$7.45B
| $1.37M | ﹤0.01% |
+23,757
| New | +$1.5M |
|
1581
Kymera Therapeutics
KYMR
$10B
| $1.36M | ﹤0.01% |
49,697
-41,534
| -46% | -$1.51M |
|
|
BRFS
1582
DELISTED
BRF SA
BRFS
| $1.35M | ﹤0.01% |
393,370
| – | – |
|
|
PRO
1583
DELISTED
PROS Holdings
PRO
| $1.35M | ﹤0.01% |
70,787
-56,426
| -44% | -$1.32M |
|
|
DAWN
1584
DELISTED
Day One Biopharmaceuticals
DAWN
| $1.34M | ﹤0.01% |
169,000
| – | – |
|
1585
LegalZoom.com
LZ
$1.04B
| $1.32M | ﹤0.01% |
153,519
-614,700
| -80% | -$5.5M |
|
1586
Century Aluminum
CENX
$4.54B
| $1.32M | ﹤0.01% |
71,152
-51,102
| -42% | -$982K |
|
1587
Alpha Metallurgical Resources
AMR
$2.88B
| $1.32M | ﹤0.01% |
10,507
-121,076
| -92% | -$19.7M |
|
1588
Vera Therapeutics
VERA
$2.49B
| $1.3M | ﹤0.01% |
54,004
+5,411
| +11% | +$174K |
|
1589
Cracker Barrel
CBRL
$1.23B
| $1.29M | ﹤0.01% |
33,108
-13,627
| -29% | -$686K |
|
1590
IES Holdings
IESC
$13.3B
| $1.28M | ﹤0.01% |
15,492
| – | – |
|
1591
Travere Therapeutics
TVTX
$6.36B
| $1.27M | ﹤0.01% |
71,000
| – | – |
|
1592
New York Times
NYT
$11B
| $1.27M | ﹤0.01% |
25,571
-240,006
| -90% | -$12.1M |
|
1593
Fastly Inc
FSLY
$3.93B
| $1.26M | ﹤0.01% |
+198,626
| New | +$1.66M |
|
|
SPNS
1594
DELISTED
Sapiens International
SPNS
| $1.24M | ﹤0.01% |
45,728
| – | – |
|
|
SASR
1595
DELISTED
Sandy Spring Bancorp Inc
SASR
| $1.23M | ﹤0.01% |
44,186
-72,128
| -62% | -$2.29M |
|
1596
Marcus & Millichap
MMI
$1.2B
| $1.22M | ﹤0.01% |
35,310
-35,974
| -50% | -$1.32M |
|
|
AMWD
1597
DELISTED
American Woodmark
AMWD
| $1.2M | ﹤0.01% |
20,472
-50,888
| -71% | -$3.6M |
|
1598
AstraZeneca
AZN
$255B
| $1.2M | ﹤0.01% |
8,189
| – | – |
|
1599
Scansource
SCSC
$1.18B
| $1.19M | ﹤0.01% |
35,090
-52,094
| -60% | -$2.12M |
|
1600
Primerica
PRI
$8.97B
| $1.19M | ﹤0.01% |
4,193
-2,828
| -40% | -$806K |
|
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.