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 |
Microsoft
MSFT
|
+$1.37B |
| 2 |
Broadcom
AVGO
|
+$1.13B |
| 3 |
Bank of America
BAC
|
+$880M |
| 4 |
Amazon
AMZN
|
+$755M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$744M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ATVI
Activision Blizzard
ATVI
|
+$1.2B |
| 2 |
HZNP
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
|
+$822M |
| 3 |
SGEN
Seagen Inc. Common Stock
SGEN
|
+$542M |
| 4 |
Kenvue
KVUE
|
+$514M |
| 5 |
RTX Corp
RTX
|
+$501M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.35% |
| 2 | Financials | 13.96% |
| 3 | Healthcare | 11.94% |
| 4 | Consumer Discretionary | 11.37% |
| 5 | Communication Services | 8.53% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1751
DXP Enterprises
DXPE
$2.51B
| $3.02M | ﹤0.01% |
89,500
| – | – |
|
1752
DHT Holdings
DHT
$2.96B
| $3.01M | ﹤0.01% |
+306,585
| New | +$3.15M |
|
|
NLOP
1753
Net Lease Office Properties
NLOP
$178M
| $3.01M | ﹤0.01% |
+162,646
| New | +$2.71M |
|
|
ALX
1754
Alexander's
ALX
$1.37B
| $2.94M | ﹤0.01% |
13,771
| – | – |
|
1755
Pricesmart
PSMT
$6.05B
| $2.93M | ﹤0.01% |
38,695
| – | – |
|
1756
MGP Ingredients
MGPI
$372M
| $2.9M | ﹤0.01% |
29,442
| – | – |
|
|
IAS
1757
DELISTED
Integral Ad Science
IAS
| $2.88M | ﹤0.01% |
200,000
-31,300
| -14% | -$419K |
|
1758
FTAI Infrastructure
FIP
$421M
| $2.87M | ﹤0.01% |
738,100
-135,700
| -16% | -$476K |
|
1759
Community Health Systems
CYH
$406M
| $2.84M | ﹤0.01% |
907,100
| – | – |
|
1760
TETRA Technologies
TTI
$1.16B
| $2.84M | ﹤0.01% |
628,100
+303,400
| +93% | +$1.53M |
|
1761
Enact Holdings
ACT
$6.73B
| $2.83M | ﹤0.01% |
+98,100
| New | +$2.74M |
|
1762
TFS Financial
TFSL
$5.2B
| $2.82M | ﹤0.01% |
192,263
+71,947
| +60% | +$930K |
|
|
BLDP
1763
Ballard Power Systems
BLDP
$805M
| $2.8M | ﹤0.01% |
757,715
-2,250,480
| -75% | -$8M |
|
1764
Enlight Renewable Energy
ENLT
$11.6B
| $2.78M | ﹤0.01% |
142,711
-8,825
| -6% | -$138K |
|
1765
Marten Transport
MRTN
$1.21B
| $2.78M | ﹤0.01% |
+132,400
| New | +$2.53M |
|
|
TERN
1766
DELISTED
Terns Pharmaceuticals
TERN
| $2.77M | ﹤0.01% |
426,700
| – | – |
|
1767
Vita Coco
COCO
$3.7B
| $2.75M | ﹤0.01% |
+107,400
| New | +$2.91M |
|
|
INST
1768
DELISTED
Instructure Holdings, Inc.
INST
| $2.75M | ﹤0.01% |
101,985
-11,477
| -10% | -$298K |
|
1769
GrafTech
EAF
$184M
| $2.71M | ﹤0.01% |
123,838
-1,203,116
| -91% | -$34M |
|
1770
Sphere Entertainment
SPHR
$5.38B
| $2.7M | ﹤0.01% |
79,500
-131,306
| -62% | -$4.57M |
|
1771
Nurix Therapeutics
NRIX
$2.41B
| $2.67M | ﹤0.01% |
+258,400
| New | +$1.77M |
|
|
AIV
1772
Aimco
AIV
$388M
| $2.61M | ﹤0.01% |
333,069
-920,648
| -73% | -$6.21M |
|
|
PLGO
1773
Pelagos Insurance Capital
PLGO
$2.17B
| $2.5M | ﹤0.01% |
197,481
| – | – |
|
1774
Outset Medical
OM
$89.9M
| $2.5M | ﹤0.01% |
+30,760
| New | +$2.5M |
|
|
RAPT
1775
DELISTED
RAPT Therapeutics
RAPT
| $2.49M | ﹤0.01% |
+12,538
| New | +$1.55M |
|
Similar funds
Norges Bank's Q4 2023 Portfolio in Review
As of Q4 2023, Norges Bank held 2,039 positions worth $572B, up 16% from $493B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Norges Bank deployed $18.4B of net new capital in Q4 2023, opening 73 new positions and adding to 987 existing holdings. Its largest new stake was Veralto: 3,235,391 shares worth $266M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 27% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Kenvue, an estimated $514M trimmed.
- Norges Bank's largest Q4 2023 buy was Veralto: 3,235,391 shares worth $266M.
- Norges Bank added most to Microsoft in Q4 2023, an estimated $1.37B increase.
- Norges Bank's biggest Q4 2023 reduction was Kenvue, cutting an estimated $514M.
- Norges Bank fully exited Activision Blizzard in Q4 2023, selling an estimated $1.2B.
- Norges Bank's ten largest holdings make up 27% of its $572B portfolio in Q4 2023.
- Norges Bank opened 73 new positions and closed 97 in Q4 2023.
- Norges Bank's portfolio value rose 16% quarter-over-quarter to $572B.
Based on Norges Bank's 13F filing for Q4 2023, filed 9 Feb 2024.