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 | |
|---|---|---|---|---|---|---|
|
SAFE
1601
Safehold
SAFE
$1.09B
| $623K | ﹤0.01% |
40,056
-38,805
| -49% | -$603K |
|
1602
Hyatt Hotels
H
$16.3B
| $616K | ﹤0.01% |
4,410
-246,969
| -98% | -$30.8M |
|
1603
Trustmark
TRMK
$2.68B
| $609K | ﹤0.01% |
16,703
-91,413
| -85% | -$3.13M |
|
1604
Chemours
CC
$2.39B
| $609K | ﹤0.01% |
53,172
| – | – |
|
|
DDL
1605
Dingdong
DDL
$488M
| $593K | ﹤0.01% |
+293,800
| New | +$664K |
|
1606
Kennametal
KMT
$2.3B
| $585K | ﹤0.01% |
25,458
-96,648
| -79% | -$2.01M |
|
1607
Republic Bancorp
RBCAA
$1.84B
| $578K | ﹤0.01% |
7,902
-4,252
| -35% | -$291K |
|
1608
Hope Bancorp
HOPE
$1.78B
| $577K | ﹤0.01% |
53,773
-134,602
| -71% | -$1.36M |
|
1609
Sylvamo
SLVM
$1.46B
| $577K | ﹤0.01% |
11,508
-13,590
| -54% | -$765K |
|
|
SEM
1610
DELISTED
Select Medical
SEM
| $575K | ﹤0.01% |
37,860
-71,631
| -65% | -$1.12M |
|
1611
Towne Bank
TOWN
$3.45B
| $572K | ﹤0.01% |
16,740
-84,236
| -83% | -$2.81M |
|
1612
Kenon Holdings
KEN
$3.59B
| $566K | ﹤0.01% |
13,711
| – | – |
|
|
JCAP
1613
Jefferson Capital
JCAP
$1.25B
| $554K | ﹤0.01% |
+30,000
| New | +$560K |
|
1614
Sphere Entertainment
SPHR
$5.29B
| $551K | ﹤0.01% |
13,173
-201,900
| -94% | -$6.84M |
|
|
KW
1615
DELISTED
Kennedy-Wilson Holdings
KW
| $549K | ﹤0.01% |
80,725
-127,012
| -61% | -$847K |
|
1616
ADMA Biologics
ADMA
$2.12B
| $549K | ﹤0.01% |
30,133
| – | – |
|
1617
Encore Capital Group
ECPG
$2.16B
| $545K | ﹤0.01% |
14,070
-16,846
| -54% | -$611K |
|
1618
Vanda Pharmaceuticals
VNDA
$329M
| $543K | ﹤0.01% |
115,000
| – | – |
|
1619
Alpha Metallurgical Resources
AMR
$2.88B
| $543K | ﹤0.01% |
4,825
-5,682
| -54% | -$664K |
|
|
AZEK
1620
DELISTED
The AZEK Co
AZEK
| $541K | ﹤0.01% |
9,945
-3,034,786
| -100% | -$152M |
|
1621
Intellia Therapeutics
NTLA
$1.84B
| $534K | ﹤0.01% |
+56,939
| New | +$468K |
|
|
OSG
1622
Octave Specialty Group
OSG
$203M
| $533K | ﹤0.01% |
75,000
-188,100
| -71% | -$1.4M |
|
1623
PagSeguro Digital
PAGS
$2.46B
| $529K | ﹤0.01% |
54,828
-234,083
| -81% | -$2.11M |
|
1624
Sabre
SABR
$864M
| $523K | ﹤0.01% |
165,504
-378,159
| -70% | -$970K |
|
|
ALX
1625
Alexander's
ALX
$1.38B
| $522K | ﹤0.01% |
2,315
-1,440
| -38% | -$310K |
|
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.