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
|
+$576M |
| 2 |
Ferguson
FERG
|
+$574M |
| 3 |
Stellantis
STLA
|
+$471M |
| 4 |
International Flavors & Fragrances
IFF
|
+$425M |
| 5 |
Berkshire Hathaway Class B
BRK.B
|
+$228M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alibaba
BABA
|
+$5.99B |
| 2 |
Apple
AAPL
|
+$1.07B |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$981M |
| 4 |
Tesla
TSLA
|
+$836M |
| 5 |
T-Mobile US
TMUS
|
+$723M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.86% |
| 2 | Financials | 14.58% |
| 3 | Healthcare | 12.62% |
| 4 | Consumer Discretionary | 12.5% |
| 5 | Communication Services | 10.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1601
NovaGold Resources
NG
$2.78B
| $17.6M | ﹤0.01% |
2,019,694
-306,850
| -13% | -$2.8M |
|
1602
Coca-Cola Consolidated
COKE
$12B
| $17.6M | ﹤0.01% |
610,900
-110,290
| -15% | -$3.03M |
|
1603
Grocery Outlet
GO
$988M
| $17.6M | ﹤0.01% |
476,103
-85,630
| -15% | -$3.33M |
|
1604
Ligand Pharmaceuticals
LGND
$6.03B
| $17.5M | ﹤0.01% |
184,491
-31,440
| -15% | -$2.97M |
|
1605
Coeur Mining
CDE
$16.7B
| $17.5M | ﹤0.01% |
1,938,612
-541,868
| -22% | -$5.04M |
|
|
WDR
1606
DELISTED
Waddell & Reed Financial, Inc.
WDR
| $17.5M | ﹤0.01% |
698,365
-171,979
| -20% | -$4.32M |
|
1607
Equinox Gold
EQX
$7.56B
| $17.4M | ﹤0.01% |
2,185,709
-273,577
| -11% | -$2.53M |
|
1608
Greif
GEF
$5.08B
| $17.4M | ﹤0.01% |
304,829
-17,649
| -5% | -$908K |
|
1609
The Greenbrier Companies
GBX
$1.56B
| $17.3M | ﹤0.01% |
367,412
-8,163
| -2% | -$349K |
|
|
AXNX
1610
DELISTED
Axonics, Inc. Common Stock
AXNX
| $17.3M | ﹤0.01% |
289,043
-72,261
| -20% | -$3.93M |
|
1611
Scholar Rock
SRRK
$5.73B
| $17.3M | ﹤0.01% |
341,182
-288,818
| -46% | -$16M |
|
1612
Acushnet Holdings
GOLF
$5.98B
| $17.2M | ﹤0.01% |
416,463
-46,148
| -10% | -$1.96M |
|
1613
HNI Corp
HNI
$3.49B
| $17.1M | ﹤0.01% |
433,134
-109,311
| -20% | -$4.01M |
|
1614
Kontoor Brands
KTB
$4.61B
| $17.1M | ﹤0.01% |
352,918
-394,201
| -53% | -$17.6M |
|
|
ENDP
1615
DELISTED
Endo International plc
ENDP
| $17.1M | ﹤0.01% |
2,305,695
-1,697,050
| -42% | -$13.8M |
|
1616
Cognyte Software
CGNT
$685M
| $16.9M | ﹤0.01% |
+606,238
| New | +$18M |
|
1617
Kite Realty
KRG
$5.59B
| $16.8M | ﹤0.01% |
868,870
-296,456
| -25% | -$5.36M |
|
1618
Myriad Genetics
MYGN
$303M
| $16.8M | ﹤0.01% |
550,193
-181,065
| -25% | -$5.14M |
|
1619
Laureate Education
LAUR
$5.2B
| $16.7M | ﹤0.01% |
1,229,396
-171,776
| -12% | -$2.42M |
|
1620
Orion
OEC
$376M
| $16.7M | ﹤0.01% |
844,520
-58,846
| -7% | -$1.06M |
|
|
ARGO
1621
DELISTED
Argo Group International Holdings, Ltd.
ARGO
| $16.6M | ﹤0.01% |
329,853
-116,990
| -26% | -$5.47M |
|
1622
TTEC Holdings
TTEC
$132M
| $16.6M | ﹤0.01% |
164,980
-256,552
| -61% | -$21.8M |
|
1623
Cushman & Wakefield Ltd
CWK
$3.3B
| $16.6M | ﹤0.01% |
1,014,639
-206,958
| -17% | -$3.23M |
|
1624
Eagle Bancorp
EGBN
$865M
| $16.5M | ﹤0.01% |
310,523
-71,240
| -19% | -$3.46M |
|
1625
Opko Health
OPK
$978M
| $16.5M | ﹤0.01% |
3,848,493
-538,368
| -12% | -$2.57M |
|
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Norges Bank's Q1 2021 Portfolio in Review
As of Q1 2021, Norges Bank held 2,241 positions worth $437B, up 2% from $428B the previous quarter. Its ten largest holdings account for 21% of the portfolio.
Norges Bank withdrew a net $15.8B in Q1 2021, closing 114 positions and reducing 1,392 holdings. Its most notable exit was Tiffany & Co., an estimated $229M position sold in full.
By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 23% a quarter earlier, followed by Financials and Healthcare.
Against the trend, Norges Bank opened a new position in Ferguson worth $562M.
- Norges Bank's largest Q1 2021 buy was Ferguson: 4,706,324 shares worth $562M.
- Norges Bank added most to Alphabet (Google) Class A in Q1 2021, an estimated $576M increase.
- Norges Bank's biggest Q1 2021 reduction was Alibaba, cutting an estimated $5.99B.
- Norges Bank fully exited Tiffany & Co. in Q1 2021, selling an estimated $229M.
- Norges Bank's ten largest holdings make up 21% of its $437B portfolio in Q1 2021.
- Norges Bank opened 131 new positions and closed 114 in Q1 2021.
- Norges Bank's portfolio value rose 2% quarter-over-quarter to $437B.
Based on Norges Bank's 13F filing for Q1 2021, filed 7 May 2021.