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Norges Bank

Norges Bank Portfolio holdings

AUM $935B
 

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.

This Fund
S&P 500
This Quarter Est. Return
+7.37%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$437B
AUM Growth
+$8.51B
Cap. Flow
-$15.8B
Cap. Flow %
-3.62%
Top 10 Hldgs %
21.18%
Holding
2,241
New
131
Increased
505
Reduced
1,392
Closed
114

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$576M
2
FERG icon
Ferguson
FERG
+$574M
3
STLA icon
Stellantis
STLA
+$471M
4
IFF icon
International Flavors & Fragrances
IFF
+$425M
5
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$228M

Top Sells

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$5.99B
2
AAPL icon
Apple
AAPL
+$1.07B
3
GOOG icon
Alphabet (Google) Class C
GOOG
+$981M
4
TSLA icon
Tesla
TSLA
+$836M
5
TMUS icon
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
ADI icon
151
Analog Devices
ADI
$179B
$589M 0.13%
3,796,736
-94,581
-2% -$14.5M
ICE icon
152
Intercontinental Exchange
ICE
$85.6B
$587M 0.13%
5,252,489
+69,379
+1% +$7.87M
GPN icon
153
Global Payments
GPN
$23B
$586M 0.13%
2,908,073
+136,196
+5% +$27.1M
PGR icon
154
Progressive
PGR
$123B
$575M 0.13%
6,015,747
-122,603
-2% -$11.1M
EQIX icon
155
Equinix
EQIX
$101B
$572M 0.13%
841,529
-22,842
-3% -$15.7M
BSX icon
156
Boston Scientific
BSX
$69.5B
$568M 0.13%
14,684,839
+502,993
+4% +$19M
WDAY icon
157
Workday
WDAY
$39.6B
$567M 0.13%
2,283,568
+246,338
+12% +$60.9M
VRTX icon
158
Vertex Pharmaceuticals
VRTX
$121B
$567M 0.13%
2,637,526
-133,800
-5% -$29.4M
FERG icon
159
Ferguson
FERG
$45.4B
$562M 0.13%
+4,706,324
New +$574M
ESS icon
160
Essex Property Trust
ESS
$18.3B
$556M 0.13%
2,046,993
– –
WM icon
161
Waste Management
WM
$90.6B
$556M 0.13%
4,306,300
-19,863
-0.5% -$2.32M
ILMN icon
162
Illumina
ILMN
$31B
$551M 0.13%
1,474,049
-119,466
-7% -$48.7M
MMM icon
163
3M
MMM
$90.9B
$550M 0.13%
3,411,390
+56,178
+2% +$8.41M
IFF icon
164
International Flavors & Fragrances
IFF
$20.2B
$543M 0.12%
3,888,508
+3,284,689
+544% +$425M
HCA icon
165
HCA Healthcare
HCA
$87.2B
$541M 0.12%
2,872,677
-460,349
-14% -$81.2M
WCN
166
Waste Connections
WCN
$42.2B
$533M 0.12%
4,932,203
-469,789
-9% -$47.7M
DG icon
167
Dollar General
DG
$28B
$531M 0.12%
2,618,502
-59,613
-2% -$11.8M
KLAC icon
168
KLA
KLAC
$239B
$521M 0.12%
15,763,260
-245,530
-2% -$7.4M
L icon
169
Loews
L
$23.9B
$514M 0.12%
10,024,447
-3,260,936
-25% -$159M
APTV icon
170
Aptiv
APTV
$12B
$514M 0.12%
3,726,175
-697,373
-16% -$101M
EMR icon
171
Emerson Electric
EMR
$83.9B
$509M 0.12%
5,640,914
+514,885
+10% +$44.3M
BAX icon
172
Baxter International
BAX
$13.5B
$500M 0.11%
5,926,198
+7,793
+0.1% +$619K
PDD icon
173
Pinduoduo
PDD
$126B
$498M 0.11%
3,717,439
+7,830
+0.2% +$1.32M
CMI icon
174
Cummins
CMI
$87.5B
$496M 0.11%
1,912,535
-70,517
-4% -$17.6M
BIIB icon
175
Biogen
BIIB
$30B
$490M 0.11%
1,752,068
-151,585
-8% -$40.9M
5 6
7
8 9

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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.