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 | |
|---|---|---|---|---|---|---|
|
SEG
1676
Seaport Entertainment Group
SEG
$346M
| $248K | ﹤0.01% |
13,312
| – | – |
|
1677
SmartRent
SMRT
$261M
| $248K | ﹤0.01% |
250,000
| – | – |
|
1678
Worthington Enterprises
WOR
$2.84B
| $246K | ﹤0.01% |
+3,870
| New | +$214K |
|
1679
Materion
MTRN
$5.13B
| $246K | ﹤0.01% |
3,094
-19,193
| -86% | -$1.51M |
|
1680
Bilibili
BILI
$6.95B
| $244K | ﹤0.01% |
11,397
| – | – |
|
1681
PagerDuty
PD
$981M
| $242K | ﹤0.01% |
15,845
-123,705
| -89% | -$1.92M |
|
1682
AMC Entertainment Holdings
AMC
$2.38B
| $238K | ﹤0.01% |
76,909
| – | – |
|
1683
Organogenesis Holdings
ORGO
$221M
| $238K | ﹤0.01% |
64,900
-417,300
| -87% | -$1.56M |
|
1684
Marcus & Millichap
MMI
$1.21B
| $236K | ﹤0.01% |
7,692
-27,618
| -78% | -$838K |
|
1685
Amdocs
DOX
$6.55B
| $236K | ﹤0.01% |
2,584
-7,091
| -73% | -$634K |
|
1686
Xencor
XNCR
$2.12B
| $235K | ﹤0.01% |
29,865
-79,009
| -73% | -$709K |
|
1687
Agios Pharmaceuticals
AGIO
$2.05B
| $225K | ﹤0.01% |
6,756
-70,788
| -91% | -$2.15M |
|
1688
Edgewell Personal Care
EPC
$1.33B
| $214K | ﹤0.01% |
9,134
-65,739
| -88% | -$1.82M |
|
1689
Praxis Precision Medicines
PRAX
$10.4B
| $210K | ﹤0.01% |
5,000
-79,200
| -94% | -$3.02M |
|
1690
MP Materials
MP
$10.5B
| $205K | ﹤0.01% |
+6,159
| New | +$157K |
|
1691
Fastly Inc
FSLY
$3.96B
| $202K | ﹤0.01% |
28,596
-170,030
| -86% | -$1.14M |
|
1692
4D Molecular Therapeutics
FDMT
$830M
| $201K | ﹤0.01% |
+54,219
| New | +$191K |
|
1693
PACS Group
PACS
$7B
| $201K | ﹤0.01% |
15,524
| – | – |
|
|
SFIX
1694
Stitch Fix
SFIX
$411M
| $189K | ﹤0.01% |
51,001
| – | – |
|
|
HBI
1695
DELISTED
Hanesbrands
HBI
| $169K | ﹤0.01% |
36,965
| – | – |
|
|
HUYA
1696
Huya Inc
HUYA
$498M
| $162K | ﹤0.01% |
45,927
| – | – |
|
1697
Star Holdings Shares of Beneficial Interest
STHO
$119M
| $152K | ﹤0.01% |
19,431
| – | – |
|
|
SEMR
1698
DELISTED
Semrush
SEMR
| $141K | ﹤0.01% |
15,527
| – | – |
|
|
CALY
1699
Callaway Golf Company
CALY
$2.78B
| $132K | ﹤0.01% |
16,434
| – | – |
|
1700
Bausch Health
BHC
$2.38B
| $117K | ﹤0.01% |
17,516
| – | – |
|
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.