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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
-3.69%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$459B
AUM Growth
-$27.6B
Cap. Flow
+$61.1M
Cap. Flow %
0.01%
Top 10 Hldgs %
23.45%
Holding
2,291
New
87
Increased
805
Reduced
864
Closed
129

Top Buys

Rank Stock Value
1
GOOG icon
Alphabet (Google) Class C
GOOG
+$2.21B
2
SHEL icon
Shell
SHEL
+$646M
3
SPGI icon
S&P Global
SPGI
+$609M
4
AMD icon
Advanced Micro Devices
AMD
+$575M
5
TMO icon
Thermo Fisher Scientific
TMO
+$533M

Top Sells

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$2.17B
2
CVX icon
Chevron
CVX
+$1.22B
3
INFO
IHS Markit Ltd. Common Shares
INFO
+$579M
4
XLNX
Xilinx Inc
XLNX
+$487M
5
NUE icon
Nucor
NUE
+$487M

Sector Composition

Rank Sector Weight
1 Technology 24.29%
2 Financials 14.66%
3 Healthcare 12.85%
4 Consumer Discretionary 11.35%
5 Communication Services 8.76%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EL icon
151
Estee Lauder
EL
$30.4B
$600M 0.13%
2,202,640
-117,009
-5% -$35.2M
MAA icon
152
Mid-America Apartment Communities
MAA
$15.4B
$599M 0.13%
2,860,892
– –
FERG icon
153
Ferguson
FERG
$45.4B
$598M 0.13%
4,381,898
+304,788
+7% +$47M
BSX icon
154
Boston Scientific
BSX
$69.5B
$592M 0.13%
13,371,173
+115,346
+0.9% +$5M
NSC icon
155
Norfolk Southern
NSC
$75.4B
$591M 0.13%
2,073,537
-25,988
-1% -$7.16M
CL icon
156
Colgate-Palmolive
CL
$73.1B
$585M 0.13%
7,715,249
+108,489
+1% +$8.59M
DB icon
157
Deutsche Bank
DB
$69B
$583M 0.13%
45,774,094
-3,073,812
-6% -$40.9M
UBER icon
158
Uber
UBER
$143B
$581M 0.13%
16,292,301
+2,114,172
+15% +$76M
PH icon
159
Parker-Hannifin
PH
$123B
$581M 0.13%
2,048,093
-215,424
-10% -$65M
CM icon
160
Canadian Imperial Bank of Commerce
CM
$108B
$574M 0.13%
9,466,290
+1,255,682
+15% +$79.3M
CTVA icon
161
Corteva
CTVA
$52.6B
$566M 0.12%
9,851,974
-3,178
-0% -$162K
HCA icon
162
HCA Healthcare
HCA
$87.2B
$565M 0.12%
2,253,513
-67,816
-3% -$17M
MRVL icon
163
Marvell Technology
MRVL
$168B
$564M 0.12%
7,870,457
+425,566
+6% +$30.7M
HUM icon
164
Humana
HUM
$43.7B
$561M 0.12%
1,288,641
+73,718
+6% +$30.8M
GD icon
165
General Dynamics
GD
$104B
$559M 0.12%
2,316,607
-9,284
-0.4% -$2.06M
TRP icon
166
TC Energy
TRP
$70.2B
$550M 0.12%
9,753,919
+936,145
+11% +$49.3M
CNC icon
167
Centene
CNC
$30.7B
$536M 0.12%
6,366,049
+656,628
+12% +$53.9M
STLA icon
168
Stellantis
STLA
$21.7B
$534M 0.12%
32,571,385
+553,476
+2% +$10.1M
APD icon
169
Air Products & Chemicals
APD
$65.7B
$533M 0.12%
2,132,673
+764,547
+56% +$196M
KLAC icon
170
KLA
KLAC
$239B
$529M 0.12%
14,453,230
+534,630
+4% +$20M
F icon
171
Ford
F
$58.5B
$528M 0.12%
31,234,839
-6,325,524
-17% -$120M
WCN
172
Waste Connections
WCN
$42.2B
$527M 0.11%
3,773,731
-451,486
-11% -$57.8M
FIS icon
173
Fidelity National Information Services
FIS
$23.1B
$526M 0.11%
5,237,874
+84,587
+2% +$8.85M
MRNA icon
174
Moderna
MRNA
$21.8B
$524M 0.11%
3,042,180
-2,269
-0.1% -$382K
ADP icon
175
Automatic Data Processing
ADP
$106B
$522M 0.11%
2,294,347
-2,830
-0.1% -$606K
5 6
7
8 9

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Norges Bank's Q1 2022 Portfolio in Review

As of Q1 2022, Norges Bank held 2,291 positions worth $459B, down 5.7% from $486B the previous quarter. Its ten largest holdings account for 23% of the portfolio.

Norges Bank's Q1 2022 filing shows 87 new, 805 increased, 864 reduced and 129 closed positions. Its largest new stake was Shell: 12,168,641 shares worth $668M. The largest sale was Alphabet (Google) Class A, an estimated $2.17B.

By sector, the portfolio is most concentrated in Technology at 24% of assets, down from 25% a quarter earlier, followed by Financials and Healthcare.

  • Norges Bank's largest Q1 2022 buy was Shell: 12,168,641 shares worth $668M.
  • Norges Bank added most to Alphabet (Google) Class C in Q1 2022, an estimated $2.21B increase.
  • Norges Bank's biggest Q1 2022 reduction was Alphabet (Google) Class A, cutting an estimated $2.17B.
  • Norges Bank fully exited IHS Markit Ltd. Common Shares in Q1 2022, selling an estimated $579M.
  • Norges Bank's ten largest holdings make up 23% of its $459B portfolio in Q1 2022.
  • Norges Bank opened 87 new positions and closed 129 in Q1 2022.
  • Norges Bank's portfolio value fell 5.7% quarter-over-quarter to $459B.

Based on Norges Bank's 13F filing for Q1 2022, filed 9 May 2022.