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 A
GOOGL
|
+$1.31B |
| 2 |
Visa
V
|
+$778M |
| 3 |
SCHW
Charles Schwab
SCHW
|
+$528M |
| 4 |
Fortinet
FTNT
|
+$418M |
| 5 |
Prologis
PLD
|
+$340M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$2.06B |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$1.83B |
| 3 |
NVIDIA
NVDA
|
+$1.56B |
| 4 |
Meta Platforms (Facebook)
META
|
+$1.47B |
| 5 |
UBS Group
UBS
|
+$1.44B |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.04% |
| 2 | Financials | 15.62% |
| 3 | Healthcare | 11.22% |
| 4 | Consumer Discretionary | 10.85% |
| 5 | Communication Services | 9.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1801
Keros Therapeutics
KROS
$223M
| – | – |
-64,900
| Closed | -$1.03M |
|
1802
LCI Industries
LCII
$2.49B
| – | – |
-255,361
| Closed | -$26.4M |
|
1803
Lloyds Banking Group
LYG
$85.7B
| – | – |
-2,000,000
| Closed | -$5.44M |
|
1804
MediaAlpha
MAX
$663M
| – | – |
-281,900
| Closed | -$3.18M |
|
1805
MasterBrand
MBC
$1.78B
| – | – |
-235,000
| Closed | -$3.43M |
|
1806
Monarch Casino & Resort
MCRI
$2.22B
| – | – |
-46,300
| Closed | -$3.65M |
|
1807
Mercury Insurance
MCY
$5.69B
| – | – |
-85,001
| Closed | -$5.65M |
|
1808
Methode Electronics
MEI
$622M
| – | – |
-232,500
| Closed | -$2.74M |
|
1809
Miller Industries
MLR
$653M
| – | – |
-28,300
| Closed | -$1.85M |
|
1810
Marten Transport
MRTN
$1.18B
| – | – |
-135,900
| Closed | -$2.12M |
|
1811
McEwen Inc
MUX
$1.32B
| – | – |
-54,100
| Closed | -$421K |
|
1812
Myers Industries
MYE
$1.27B
| – | – |
-288,038
| Closed | -$3.18M |
|
1813
Neumora Therapeutics
NMRA
$282M
| – | – |
-110,000
| Closed | -$1.17M |
|
1814
NerdWallet
NRDS
$617M
| – | – |
-284,600
| Closed | -$3.79M |
|
1815
Nurix Therapeutics
NRIX
$2.82B
| – | – |
-318,800
| Closed | -$6.01M |
|
1816
Intellia Therapeutics
NTLA
$1.83B
| – | – |
-30,010
| Closed | -$350K |
|
|
NTST
1817
NETSTREIT Corp
NTST
$2.08B
| – | – |
-214,900
| Closed | -$3.04M |
|
1818
Enviri
NVRI
$636M
| – | – |
-321,267
| Closed | -$2.47M |
|
|
ODP
1819
DELISTED
ODP
ODP
| – | – |
-113,870
| Closed | -$2.59M |
|
|
OLO
1820
DELISTED
Olo Inc
OLO
| – | – |
-674,564
| Closed | -$5.18M |
|
|
ONL
1821
Orion Office REIT
ONL
$163M
| – | – |
-75,424
| Closed | -$280K |
|
1822
Paymentus
PAY
$4.51B
| – | – |
-94,600
| Closed | -$3.09M |
|
1823
Pacira BioSciences
PCRX
$1.02B
| – | – |
-127,655
| Closed | -$2.41M |
|
1824
Photronics
PLAB
$1.75B
| – | – |
-330,500
| Closed | -$7.79M |
|
1825
Douglas Dynamics
PLOW
$969M
| – | – |
-26,100
| Closed | -$617K |
|
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Norges Bank's Q1 2025 Portfolio in Review
As of Q1 2025, Norges Bank held 1,892 positions worth $712B, down 6.5% from $762B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Norges Bank's Q1 2025 filing shows 47 new, 694 increased, 865 reduced and 149 closed positions. Its largest new stake was Rocket Lab Corp: 4,017,216 shares worth $71.8M. The largest sale was Microsoft, an estimated $2.06B.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 31% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2025 buy was Rocket Lab Corp: 4,017,216 shares worth $71.8M.
- Norges Bank added most to Alphabet (Google) Class A in Q1 2025, an estimated $1.31B increase.
- Norges Bank's biggest Q1 2025 reduction was Microsoft, cutting an estimated $2.06B.
- Norges Bank fully exited HashiCorp, Inc. Class A Common Stock in Q1 2025, selling an estimated $161M.
- Norges Bank's ten largest holdings make up 30% of its $712B portfolio in Q1 2025.
- Norges Bank opened 47 new positions and closed 149 in Q1 2025.
- Norges Bank's portfolio value fell 6.5% quarter-over-quarter to $712B.
Based on Norges Bank's 13F filing for Q1 2025, filed 13 May 2025.