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
|
+$62.1B |
| 2 |
Microsoft
MSFT
|
+$52.5B |
| 3 |
Apple
AAPL
|
+$51.6B |
| 4 |
Amazon
AMZN
|
+$32.6B |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$27.9B |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.77% |
| 2 | Financials | 14.44% |
| 3 | Consumer Discretionary | 10.8% |
| 4 | Communication Services | 10.47% |
| 5 | Healthcare | 9.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Chubb
CB
$131B
| $1.08B | 0.12% |
+3,464,021
| New | +$1.01B |
|
152
Pinduoduo
PDD
$121B
| $1.07B | 0.11% |
+9,396,292
| New | +$1.17B |
|
153
Air Products & Chemicals
APD
$68B
| $1.06B | 0.11% |
+4,306,964
| New | +$1.09B |
|
154
Bank of Montreal
BMO
$120B
| $1.06B | 0.11% |
+8,156,958
| New | +$1.03B |
|
155
Elevance Health
ELV
$86.6B
| $1.06B | 0.11% |
+3,018,586
| New | +$1.02B |
|
156
Emerson Electric
EMR
$88B
| $1.05B | 0.11% |
+7,911,694
| New | +$1.05B |
|
157
TransDigm Group
TDG
$65.6B
| $1.03B | 0.11% |
+771,208
| New | +$1.01B |
|
158
Waste Management
WM
$87B
| $1.02B | 0.11% |
+4,655,755
| New | +$992M |
|
159
Baker Hughes
BKR
$61.7B
| $1.02B | 0.11% |
+22,452,596
| New | +$1.06B |
|
160
Cigna
CI
$73.4B
| $1.02B | 0.11% |
+3,705,227
| New | +$1.04B |
|
161
Regeneron Pharmaceuticals
REGN
$83.2B
| $1.01B | 0.11% |
+1,311,485
| New | +$891M |
|
162
Mondelez International
MDLZ
$79.7B
| $1.01B | 0.11% |
+18,763,142
| New | +$1.08B |
|
163
Equinix
EQIX
$106B
| $984M | 0.11% |
+1,284,790
| New | +$1.01B |
|
164
Canadian Pacific Kansas City
CP
$82.5B
| $979M | 0.1% |
+13,290,852
| New | +$978M |
|
165
United Rentals
URI
$64.6B
| $978M | 0.1% |
+1,208,443
| New | +$1.05B |
|
166
CSX Corp
CSX
$95.5B
| $977M | 0.1% |
+26,964,138
| New | +$965M |
|
167
Snowflake
SNOW
$114B
| $974M | 0.1% |
+4,440,606
| New | +$1.08B |
|
168
Alcon
ALC
$34.9B
| $961M | 0.1% |
+12,052,593
| New | +$928M |
|
169
Canadian Imperial Bank of Commerce
CM
$105B
| $958M | 0.1% |
+10,571,669
| New | +$907M |
|
170
PayPal
PYPL
$52.6B
| $950M | 0.1% |
+16,268,558
| New | +$1.06B |
|
171
Motorola Solutions
MSI
$80.5B
| $943M | 0.1% |
+2,458,890
| New | +$988M |
|
172
AutoZone
AZO
$47.9B
| $939M | 0.1% |
+276,929
| New | +$1.05B |
|
173
TE Connectivity
TEL
$58.8B
| $939M | 0.1% |
+4,126,000
| New | +$954M |
|
|
AMRZ
174
Amrize Ltd
AMRZ
$24.2B
| $929M | 0.1% |
+16,926,762
| New | +$864M |
|
175
Johnson Controls International
JCI
$86.1B
| $928M | 0.1% |
+7,747,300
| New | +$889M |
|
Similar funds
Norges Bank's Q4 2025 Portfolio in Review
As of Q4 2025, Norges Bank held 1,577 positions worth $935B. Its ten largest holdings account for 35% of the portfolio.
Norges Bank deployed $925B of net new capital in Q4 2025, opening 1,577 new positions. Its largest new stake was NVIDIA: 333,748,700 shares worth $62.2B.
By sector, the portfolio is most concentrated in Technology at 33% of assets, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q4 2025 buy was NVIDIA: 333,748,700 shares worth $62.2B.
- Norges Bank's ten largest holdings make up 35% of its $935B portfolio in Q4 2025.
- Norges Bank opened 1,577 new positions and closed 0 in Q4 2025.
Based on Norges Bank's 13F filing for Q4 2025, filed 10 Feb 2026.