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 |
Meta Platforms (Facebook)
META
|
+$445M |
| 2 |
Unilever
UL
|
+$365M |
| 3 |
Morgan Stanley
MS
|
+$281M |
| 4 |
Salesforce
CRM
|
+$260M |
| 5 |
QuantumScape Corp
QS
|
+$238M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
UN
Unilever NV New York Registry Shares
UN
|
+$368M |
| 2 |
American International
AIG
|
+$362M |
| 3 |
3M
MMM
|
+$278M |
| 4 |
Lear
LEA
|
+$269M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$268M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 23.44% |
| 2 | Consumer Discretionary | 14.21% |
| 3 | Financials | 13.78% |
| 4 | Healthcare | 12.84% |
| 5 | Communication Services | 10.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Illumina
ILMN
$31B
| $574M | 0.13% |
1,593,515
-24,453
| -2% | -$7.8M |
|
152
Nucor
NUE
$58.6B
| $567M | 0.13% |
10,658,076
+4,132,284
| +63% | +$213M |
|
153
Brookfield
BN
$104B
| $565M | 0.13% |
25,560,883
| – | – |
|
154
Dollar General
DG
$28B
| $563M | 0.13% |
2,678,115
+208,199
| +8% | +$44.5M |
|
155
Bank of Montreal
BMO
$126B
| $559M | 0.13% |
7,351,587
+1,012,018
| +16% | +$69.3M |
|
|
WCN
156
Waste Connections
WCN
$42.2B
| $554M | 0.13% |
5,401,992
+275,505
| +5% | +$28.5M |
|
|
157
QuantumScape Corp
QS
$3.21B
| $549M | 0.13% |
+6,500,000
| New | +$238M |
|
158
Sea Limited
SE
$65.4B
| $548M | 0.13% |
2,753,872
-305,015
| -10% | -$54.3M |
|
159
HCA Healthcare
HCA
$87.2B
| $548M | 0.13% |
3,333,026
+388,519
| +13% | +$56.8M |
|
160
FedEx
FDX
$72.7B
| $523M | 0.12% |
2,015,738
+4,549
| +0.2% | +$1.26M |
|
161
Kilroy Realty
KRC
$4.52B
| $520M | 0.12% |
9,057,009
| – | – |
|
|
SPLK
162
DELISTED
Splunk Inc
SPLK
| $515M | 0.12% |
3,029,737
+53,899
| +2% | +$10.3M |
|
163
Kimberly-Clark
KMB
$36.3B
| $511M | 0.12% |
3,786,992
-107,753
| -3% | -$15.1M |
|
164
Waste Management
WM
$90.6B
| $510M | 0.12% |
4,326,163
-40,430
| -0.9% | -$4.71M |
|
165
Boston Scientific
BSX
$69.5B
| $510M | 0.12% |
14,181,846
+646,346
| +5% | +$23.3M |
|
166
Regeneron Pharmaceuticals
REGN
$78.5B
| $507M | 0.12% |
1,049,117
-122,982
| -10% | -$66.4M |
|
167
Willis Towers Watson
WTW
$31.2B
| $502M | 0.12% |
2,380,573
+385,116
| +19% | +$79.3M |
|
|
ALXN
168
DELISTED
Alexion Pharmaceuticals
ALXN
| $495M | 0.12% |
3,165,540
-345,616
| -10% | -$44.4M |
|
169
Chubb
CB
$135B
| $494M | 0.12% |
3,206,320
-826,564
| -20% | -$116M |
|
|
170
3M
MMM
$90.9B
| $490M | 0.11% |
3,355,212
-1,958,110
| -37% | -$278M |
|
171
Workday
WDAY
$39.6B
| $488M | 0.11% |
2,037,230
+474,694
| +30% | +$107M |
|
172
Essex Property Trust
ESS
$18.3B
| $486M | 0.11% |
2,046,993
+386,079
| +23% | +$89.1M |
|
173
Baxter International
BAX
$13.5B
| $475M | 0.11% |
5,918,405
+21,662
| +0.4% | +$1.72M |
|
174
Capital One
COF
$128B
| $468M | 0.11% |
4,731,705
+4,030
| +0.1% | +$343K |
|
175
Biogen
BIIB
$30B
| $466M | 0.11% |
1,903,653
-111,376
| -6% | -$28.7M |
|
Similar funds
Norges Bank's Q4 2020 Portfolio in Review
As of Q4 2020, Norges Bank held 2,221 positions worth $428B, up 14% from $376B the previous quarter. Its ten largest holdings account for 22% of the portfolio.
Norges Bank's Q4 2020 filing shows 93 new, 782 increased, 898 reduced and 111 closed positions. Its largest new stake was Unilever: 5,372,571 shares worth $365M. The largest sale was Unilever NV New York Registry Shares, an estimated $368M.
By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 24% a quarter earlier, followed by Consumer Discretionary and Financials.
- Norges Bank's largest Q4 2020 buy was Unilever: 5,372,571 shares worth $365M.
- Norges Bank added most to Meta Platforms (Facebook) in Q4 2020, an estimated $445M increase.
- Norges Bank's biggest Q4 2020 reduction was American International, cutting an estimated $362M.
- Norges Bank fully exited Unilever NV New York Registry Shares in Q4 2020, selling an estimated $368M.
- Norges Bank's ten largest holdings make up 22% of its $428B portfolio in Q4 2020.
- Norges Bank opened 93 new positions and closed 111 in Q4 2020.
- Norges Bank's portfolio value rose 14% quarter-over-quarter to $428B.
Based on Norges Bank's 13F filing for Q4 2020, filed 10 Feb 2021.