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 |
Alphabet (Google) Class C
GOOG
|
+$1.1B |
| 2 |
Apple
AAPL
|
+$1.1B |
| 3 |
Microsoft
MSFT
|
+$819M |
| 4 |
Cigna
CI
|
+$613M |
| 5 |
Berkshire Hathaway Class B
BRK.B
|
+$472M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
T-Mobile US
TMUS
|
+$548M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$506M |
| 3 |
TWTR
Twitter, Inc.
TWTR
|
+$388M |
| 4 |
DRE
Duke Realty Corp.
DRE
|
+$358M |
| 5 |
IBM
IBM
|
+$211M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.98% |
| 2 | Healthcare | 15.12% |
| 3 | Financials | 15.08% |
| 4 | Consumer Discretionary | 10.12% |
| 5 | Industrials | 8.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
United Rentals
URI
$61.9B
| $586M | 0.14% |
1,649,920
+118,098
| +8% | +$38.8M |
|
152
TE Connectivity
TEL
$58.9B
| $584M | 0.14% |
5,088,250
-638,398
| -11% | -$75.8M |
|
153
Micron Technology
MU
$1.04T
| $582M | 0.14% |
11,635,830
+94,032
| +0.8% | +$5.15M |
|
154
Uber
UBER
$148B
| $581M | 0.14% |
23,476,278
+399,936
| +2% | +$10.9M |
|
155
Intercontinental Exchange
ICE
$88.6B
| $580M | 0.14% |
5,649,723
+228,543
| +4% | +$22.8M |
|
156
KLA
KLAC
$221B
| $572M | 0.14% |
15,177,150
-349,960
| -2% | -$12.2M |
|
157
O'Reilly Automotive
ORLY
$70.6B
| $568M | 0.14% |
10,099,155
+358,935
| +4% | +$19.3M |
|
158
Dollar General
DG
$28.5B
| $565M | 0.14% |
2,293,935
-2,603
| -0.1% | -$644K |
|
159
Bank of Montreal
BMO
$121B
| $561M | 0.14% |
6,197,179
+512,998
| +9% | +$47.5M |
|
160
Truist Financial
TFC
$61.2B
| $554M | 0.13% |
12,868,179
+549,313
| +4% | +$24.1M |
|
161
Equitable Holdings
EQH
$14.6B
| $554M | 0.13% |
19,287,784
-1,777,407
| -8% | -$52.6M |
|
162
HCA Healthcare
HCA
$92.1B
| $547M | 0.13% |
2,279,978
+241,588
| +12% | +$54.1M |
|
|
FISV
163
Fiserv Inc
FISV
$27.1B
| $547M | 0.13% |
5,412,871
+664,326
| +14% | +$66.2M |
|
164
Mid-America Apartment Communities
MAA
$14.6B
| $543M | 0.13% |
3,458,987
+281,017
| +9% | +$43.8M |
|
165
Norfolk Southern
NSC
$71.9B
| $537M | 0.13% |
2,179,236
+145,712
| +7% | +$34.5M |
|
166
Valero Energy
VLO
$110B
| $535M | 0.13% |
4,216,397
+78,584
| +2% | +$9.86M |
|
167
Automatic Data Processing
ADP
$110B
| $531M | 0.13% |
2,224,800
+432,930
| +24% | +$106M |
|
168
Trane Technologies
TT
$93.7B
| $526M | 0.13% |
3,129,431
-381,630
| -11% | -$63M |
|
169
Archer Daniels Midland
ADM
$41.7B
| $525M | 0.13% |
5,655,473
+331,583
| +6% | +$30.6M |
|
170
TC Energy
TRP
$63.7B
| $520M | 0.13% |
13,040,205
+879,795
| +7% | +$38.2M |
|
171
Parker-Hannifin
PH
$117B
| $519M | 0.13% |
1,784,488
-257,680
| -13% | -$73.8M |
|
172
Deutsche Bank
DB
$74B
| $515M | 0.12% |
45,401,401
-2,162,537
| -5% | -$21.3M |
|
173
Blackstone
BX
$96.3B
| $510M | 0.12% |
6,879,028
+22,519
| +0.3% | +$1.94M |
|
174
Ametek
AME
$53.6B
| $510M | 0.12% |
3,649,760
-208,660
| -5% | -$27.7M |
|
|
BNY
175
Bank of New York Mellon
BNY
$107B
| $503M | 0.12% |
11,060,839
+340,296
| +3% | +$14.6M |
|
Similar funds
Norges Bank's Q4 2022 Portfolio in Review
As of Q4 2022, Norges Bank held 2,222 positions worth $415B, up 10% from $376B the previous quarter. Its ten largest holdings account for 21% of the portfolio.
Norges Bank deployed $17.2B of net new capital in Q4 2022, opening 133 new positions and adding to 1,177 existing holdings. Its largest new stake was Mobileye: 12,085,900 shares worth $424M.
By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Financials.
On the sell side, the largest reduction was T-Mobile US, an estimated $548M trimmed.
- Norges Bank's largest Q4 2022 buy was Mobileye: 12,085,900 shares worth $424M.
- Norges Bank added most to Alphabet (Google) Class C in Q4 2022, an estimated $1.1B increase.
- Norges Bank's biggest Q4 2022 reduction was T-Mobile US, cutting an estimated $548M.
- Norges Bank fully exited Twitter, Inc. in Q4 2022, selling an estimated $388M.
- Norges Bank's ten largest holdings make up 21% of its $415B portfolio in Q4 2022.
- Norges Bank opened 133 new positions and closed 92 in Q4 2022.
- Norges Bank's portfolio value rose 10% quarter-over-quarter to $415B.
Based on Norges Bank's 13F filing for Q4 2022, filed 14 Feb 2023.