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 |
Linde
LIN
|
+$2.66B |
| 2 |
Cigna
CI
|
+$285M |
| 3 |
Boston Properties
BXP
|
+$242M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$242M |
| 5 |
Aptiv
APTV
|
+$240M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AET
Aetna Inc
AET
|
+$646M |
| 2 |
ESRX
Express Scripts Holding Company
ESRX
|
+$543M |
| 3 |
PX
Praxair Inc
PX
|
+$305M |
| 4 |
COL
Rockwell Collins
COL
|
+$240M |
| 5 |
ANDV
Andeavor
ANDV
|
+$222M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 17.08% |
| 2 | Financials | 16.89% |
| 3 | Healthcare | 14.43% |
| 4 | Consumer Discretionary | 11.2% |
| 5 | Communication Services | 9.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1776
City Holding Co
CHCO
$2.04B
| $9.17M | ﹤0.01% |
135,728
| – | – |
|
1777
United Natural Foods
UNFI
$3.01B
| $9.16M | ﹤0.01% |
865,161
| – | – |
|
|
TLRD
1778
DELISTED
Tailored Brands, Inc.
TLRD
| $9.13M | ﹤0.01% |
669,662
-85,297
| -11% | -$1.76M |
|
|
PDS
1779
Precision Drilling
PDS
$979M
| $9.13M | ﹤0.01% |
263,077
| – | – |
|
|
NE
1780
DELISTED
Noble Corporation
NE
| $9.11M | ﹤0.01% |
3,478,672
+205,338
| +6% | +$975K |
|
|
EXPR
1781
DELISTED
Express, Inc.
EXPR
| $9.1M | ﹤0.01% |
88,999
| – | – |
|
1782
Tencent Music
TME
$15.5B
| $9.06M | ﹤0.01% |
+685,244
| New | +$8.75M |
|
1783
Floor & Decor
FND
$5.98B
| $8.95M | ﹤0.01% |
345,610
| – | – |
|
|
MIME
1784
DELISTED
Mimecast Limited
MIME
| $8.83M | ﹤0.01% |
262,446
+115,297
| +78% | +$4.02M |
|
1785
Warner Bros
WBD
$63.9B
| $8.82M | ﹤0.01% |
356,598
| – | – |
|
1786
Washington Trust Bancorp
WASH
$748M
| $8.82M | ﹤0.01% |
185,551
-20,576
| -10% | -$1.06M |
|
|
SUM
1787
DELISTED
Summit Materials, Inc. Class A Common Stock
SUM
| $8.81M | ﹤0.01% |
722,445
| – | – |
|
|
BGG
1788
DELISTED
Briggs & Stratton Corp.
BGG
| $8.81M | ﹤0.01% |
673,493
-66,006
| -9% | -$1.02M |
|
|
GOV
1789
DELISTED
Government Properties Income Trust
GOV
| $8.8M | ﹤0.01% |
1,281,599
+27,200
| +2% | +$242K |
|
1790
Helix Energy Solutions
HLX
$1.36B
| $8.79M | ﹤0.01% |
1,624,683
| – | – |
|
1791
Standex International
SXI
$3.48B
| $8.78M | ﹤0.01% |
130,650
| – | – |
|
|
NRE
1792
DELISTED
NorthStar Realty Europe Corp.
NRE
| $8.77M | ﹤0.01% |
603,429
| – | – |
|
1793
Ethan Allen Interiors
ETD
$583M
| $8.76M | ﹤0.01% |
497,950
-50,480
| -9% | -$992K |
|
1794
AAR Corp
AIR
$5.56B
| $8.67M | ﹤0.01% |
232,236
| – | – |
|
|
P
1795
DELISTED
Pandora Media Inc
P
| $8.66M | ﹤0.01% |
1,069,950
+1,069,927
| +4,651,857% | +$9.24M |
|
1796
Tronox
TROX
$999M
| $8.65M | ﹤0.01% |
1,111,854
+453,900
| +69% | +$4.78M |
|
1797
NBT Bancorp
NBTB
$2.75B
| $8.6M | ﹤0.01% |
248,776
| – | – |
|
|
LORL
1798
DELISTED
Loral Space and Communications, Inc.
LORL
| $8.56M | ﹤0.01% |
229,781
-24,850
| -10% | -$1.07M |
|
1799
Astec Industries
ASTE
$1.18B
| $8.48M | ﹤0.01% |
280,817
-32,175
| -10% | -$1.22M |
|
|
CSR
1800
Centerspace
CSR
$941M
| $8.45M | ﹤0.01% |
172,182
-38,278
| -18% | -$2.04M |
|
Similar funds
Norges Bank's Q4 2018 Portfolio in Review
As of Q4 2018, Norges Bank held 2,178 positions worth $269B, down 13% from $308B the previous quarter. Its ten largest holdings account for 16% of the portfolio.
Trading was light in Q4 2018: portfolio turnover was 4.1%. Norges Bank opened 36 new positions and exited 54, leaving the 2,178-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 17% of assets, down from 18% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q4 2018 buy was Linde: 16,803,065 shares worth $2.62B.
- Norges Bank added most to Cigna in Q4 2018, an estimated $285M increase.
- Norges Bank's biggest Q4 2018 reduction was Boston Scientific, cutting an estimated $168M.
- Norges Bank fully exited Aetna Inc in Q4 2018, selling an estimated $646M.
- Norges Bank's ten largest holdings make up 16% of its $269B portfolio in Q4 2018.
- Norges Bank opened 36 new positions and closed 54 in Q4 2018.
- Norges Bank's portfolio value fell 13% quarter-over-quarter to $269B.
Based on Norges Bank's 13F filing for Q4 2018, filed 8 Feb 2019.