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 | |
|---|---|---|---|---|---|---|
1801
Aaon
AAON
$7.17B
| $8.4M | ﹤0.01% |
359,361
| – | – |
|
|
CLVS
1802
DELISTED
Clovis Oncology, Inc.
CLVS
| $8.35M | ﹤0.01% |
464,975
| – | – |
|
1803
Hecla Mining
HL
$10B
| $8.31M | ﹤0.01% |
3,521,530
| – | – |
|
|
BFS
1804
Saul Centers
BFS
$850M
| $8.31M | ﹤0.01% |
175,971
-20,918
| -11% | -$1.07M |
|
1805
Kosmos Energy
KOS
$1.52B
| $8.3M | ﹤0.01% |
2,039,144
+645,874
| +46% | +$3.99M |
|
|
CKH
1806
DELISTED
Seacor Holdings Inc.
CKH
| $8.29M | ﹤0.01% |
224,179
| – | – |
|
1807
Herc Holdings
HRI
$4.88B
| $8.29M | ﹤0.01% |
318,963
| – | – |
|
1808
BrightView Holdings
BV
$1.23B
| $8.11M | ﹤0.01% |
793,874
-62,305
| -7% | -$801K |
|
1809
OraSure Technologies
OSUR
$273M
| $8.1M | ﹤0.01% |
693,444
-64,724
| -9% | -$860K |
|
|
NVMI
1810
Nova
NVMI
$12.5B
| $8.08M | ﹤0.01% |
357,387
| – | – |
|
|
EIGI
1811
DELISTED
Endurance International Group Holdings, Inc.
EIGI
| $8.06M | ﹤0.01% |
1,211,743
-297,847
| -20% | -$2.47M |
|
1812
Independent Bank
INDB
$4.02B
| $8.05M | ﹤0.01% |
114,510
| – | – |
|
1813
Golar LNG
GLNG
$4.91B
| $8.01M | ﹤0.01% |
368,061
+87,382
| +31% | +$2.26M |
|
1814
Medpace
MEDP
$16.1B
| $8M | ﹤0.01% |
151,225
| – | – |
|
1815
United Parks & Resorts
PRKS
$2.15B
| $8M | ﹤0.01% |
362,288
| – | – |
|
|
SAFE
1816
Safehold
SAFE
$1.13B
| $7.98M | ﹤0.01% |
178,819
| – | – |
|
1817
GDS Holdings
GDS
$6.41B
| $7.96M | ﹤0.01% |
+344,942
| New | +$8.99M |
|
1818
Under Armour Class C
UA
$2.85B
| $7.84M | ﹤0.01% |
484,760
| – | – |
|
|
KANG
1819
DELISTED
iKang Healthcare Group, Inc.
KANG
| $7.77M | ﹤0.01% |
381,059
| – | – |
|
1820
Yext
YEXT
$552M
| $7.74M | ﹤0.01% |
521,409
+155,272
| +42% | +$2.74M |
|
|
FCB
1821
DELISTED
FCB Financial Holdings, Inc.
FCB
| $7.64M | ﹤0.01% |
227,690
+52,577
| +30% | +$2.07M |
|
|
HAPN
1822
Happen Inc
HAPN
$2.23B
| $7.61M | ﹤0.01% |
578,558
| – | – |
|
1823
Fomento Económico Mexicano
FMX
$43.2B
| $7.6M | ﹤0.01% |
88,339
| – | – |
|
|
CEL
1824
DELISTED
Cellcom Israel, Ltd.
CEL
| $7.57M | ﹤0.01% |
1,279,671
| – | – |
|
|
GCP
1825
DELISTED
GCP Applied Technologies Inc.
GCP
| $7.56M | ﹤0.01% |
307,837
+307,716
| +254,311% | +$7.91M |
|
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.