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
|
+$4.27B |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$2.85B |
| 3 |
Microsoft
MSFT
|
+$2.65B |
| 4 |
Meta Platforms (Facebook)
META
|
+$2.37B |
| 5 |
Broadcom
AVGO
|
+$1.63B |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
T-Mobile US
TMUS
|
+$570M |
| 2 |
Bank of America
BAC
|
+$486M |
| 3 |
Berkshire Hathaway Class B
BRK.B
|
+$438M |
| 4 |
Alibaba
BABA
|
+$361M |
| 5 |
IBM
IBM
|
+$336M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.05% |
| 2 | Financials | 14.2% |
| 3 | Consumer Discretionary | 11.56% |
| 4 | Healthcare | 10.01% |
| 5 | Communication Services | 9.71% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
MAGN
1701
Magnera Corp
MAGN
$433M
| $1.76M | ﹤0.01% |
+97,019
| New | +$1.99M |
|
1702
Driven Brands
DRVN
$2.16B
| $1.74M | ﹤0.01% |
107,900
| – | – |
|
1703
Chesapeake Utilities
CPK
$3.16B
| $1.73M | ﹤0.01% |
14,270
-57,175
| -80% | -$7.08M |
|
|
VNET
1704
VNET Group
VNET
$2.07B
| $1.71M | ﹤0.01% |
360,272
| – | – |
|
1705
Ameresco
AMRC
$1.38B
| $1.7M | ﹤0.01% |
72,357
-47,703
| -40% | -$1.38M |
|
1706
JELD-WEN Holding
JELD
$167M
| $1.69M | ﹤0.01% |
206,870
+25,535
| +14% | +$307K |
|
|
KW
1707
DELISTED
Kennedy-Wilson Holdings
KW
| $1.68M | ﹤0.01% |
168,300
-115,443
| -41% | -$1.26M |
|
|
AVNS
1708
DELISTED
Avanos Medical
AVNS
| $1.66M | ﹤0.01% |
104,502
-69,733
| -40% | -$1.38M |
|
1709
Opko Health
OPK
$1.02B
| $1.66M | ﹤0.01% |
1,127,468
| – | – |
|
1710
Xerox
XRX
$427M
| $1.63M | ﹤0.01% |
193,638
+66,541
| +52% | +$614K |
|
1711
Teladoc Health
TDOC
$1.3B
| $1.62M | ﹤0.01% |
+178,000
| New | +$1.72M |
|
|
ALMS
1712
Alumis Inc
ALMS
$3.47B
| $1.61M | ﹤0.01% |
204,361
-21,947
| -10% | -$220K |
|
|
BRFS
1713
DELISTED
BRF SA
BRFS
| $1.6M | ﹤0.01% |
393,370
| – | – |
|
1714
Gibraltar Industries
ROCK
$1.52B
| $1.57M | ﹤0.01% |
26,679
-20,039
| -43% | -$1.37M |
|
|
MRX
1715
Marex Group Limited Ordinary Shares
MRX
$4.51B
| $1.56M | ﹤0.01% |
50,000
| – | – |
|
1716
IES Holdings
IESC
$15.6B
| $1.56M | ﹤0.01% |
+7,746
| New | +$1.86M |
|
|
ARDT
1717
Ardent Health
ARDT
$1.67B
| $1.55M | ﹤0.01% |
90,645
-59,355
| -40% | -$1.03M |
|
1718
Schrodinger
SDGR
$1.32B
| $1.55M | ﹤0.01% |
80,142
-69,343
| -46% | -$1.35M |
|
1719
Organogenesis Holdings
ORGO
$210M
| $1.54M | ﹤0.01% |
482,200
| – | – |
|
1720
BlueLinx
BXC
$694M
| $1.53M | ﹤0.01% |
15,000
| – | – |
|
1721
Innoviva
INVA
$1.5B
| $1.48M | ﹤0.01% |
85,282
-124,727
| -59% | -$2.39M |
|
1722
Lindsay Corp
LNN
$1.19B
| $1.48M | ﹤0.01% |
12,469
-17,830
| -59% | -$2.22M |
|
1723
CVRx
CVRX
$67.7M
| $1.41M | ﹤0.01% |
111,400
-11,000
| -9% | -$136K |
|
1724
Coeur Mining
CDE
$17.6B
| $1.39M | ﹤0.01% |
242,554
+10,028
| +4% | +$65K |
|
1725
TechTarget
TTGT
$268M
| $1.36M | ﹤0.01% |
68,804
-25,256
| -27% | -$666K |
|
Similar funds
Norges Bank's Q4 2024 Portfolio in Review
As of Q4 2024, Norges Bank held 1,937 positions worth $762B, up 6.4% from $716B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Norges Bank deployed $33.5B of net new capital in Q4 2024, opening 98 new positions and adding to 915 existing holdings. Its largest new stake was StandardAero Inc: 5,025,103 shares worth $124M.
By sector, the portfolio is most concentrated in Technology at 31% of assets, up from 29% a quarter earlier, followed by Financials and Consumer Discretionary.
On the sell side, the largest reduction was T-Mobile US, an estimated $570M trimmed.
- Norges Bank's largest Q4 2024 buy was StandardAero Inc: 5,025,103 shares worth $124M.
- Norges Bank added most to NVIDIA in Q4 2024, an estimated $4.27B increase.
- Norges Bank's biggest Q4 2024 reduction was T-Mobile US, cutting an estimated $570M.
- Norges Bank fully exited CATALENT, INC. in Q4 2024, selling an estimated $290M.
- Norges Bank's ten largest holdings make up 33% of its $762B portfolio in Q4 2024.
- Norges Bank opened 98 new positions and closed 92 in Q4 2024.
- Norges Bank's portfolio value rose 6.4% quarter-over-quarter to $762B.
Based on Norges Bank's 13F filing for Q4 2024, filed 12 Feb 2025.