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 | |
|---|---|---|---|---|---|---|
1901
Vanda Pharmaceuticals
VNDA
$307M
| $485K | ﹤0.01% |
115,000
| – | – |
|
|
JOYY
1902
JOYY Inc
JOYY
$3.71B
| $450K | ﹤0.01% |
11,340
-331,918
| -97% | -$13.2M |
|
1903
Hackett Group
HCKT
$270M
| $419K | ﹤0.01% |
18,400
-159,400
| -90% | -$3.61M |
|
1904
Cal-Maine
CALM
$4.12B
| $414K | ﹤0.01% |
7,219
| – | – |
|
1905
Lemonade
LMND
$3.74B
| $414K | ﹤0.01% |
25,656
| – | – |
|
|
CMAX
1906
DELISTED
CareMax, Inc. Class A Common Stock
CMAX
| $413K | ﹤0.01% |
27,637
-4,256
| -13% | -$177K |
|
1907
Repay Holdings
RPAY
$331M
| $405K | ﹤0.01% |
+47,400
| New | +$334K |
|
1908
Horace Mann Educators
HMN
$2.1B
| $392K | ﹤0.01% |
12,000
| – | – |
|
1909
Enovix
ENVX
$892M
| $387K | ﹤0.01% |
35,288
-114,286
| -76% | -$1.12M |
|
|
DAO
1910
Youdao
DAO
$2.03B
| $381K | ﹤0.01% |
96,600
| – | – |
|
1911
Braskem
BAK
$928M
| $362K | ﹤0.01% |
41,063
| – | – |
|
|
PRA
1912
DELISTED
ProAssurance
PRA
| $354K | ﹤0.01% |
25,643
-239,055
| -90% | -$3.66M |
|
1913
Beam Therapeutics
BEAM
$2.63B
| $351K | ﹤0.01% |
12,887
-288,837
| -96% | -$7.17M |
|
|
SAVE
1914
DELISTED
Spirit Airlines, Inc.
SAVE
| $346K | ﹤0.01% |
21,136
-220,285
| -91% | -$3.17M |
|
1915
FuelCell Energy
FCEL
$1.73B
| $343K | ﹤0.01% |
7,138
-88,275
| -93% | -$3.38M |
|
1916
Vir Biotechnology
VIR
$1.46B
| $321K | ﹤0.01% |
31,913
-1,057,624
| -97% | -$9.66M |
|
1917
Carvana
CVNA
$68.6B
| $306K | ﹤0.01% |
+28,860
| New | +$216K |
|
1918
Harrow
HROW
$1.45B
| $293K | ﹤0.01% |
+26,200
| New | +$310K |
|
|
OLPX
1919
DELISTED
Olaplex Holdings
OLPX
| $270K | ﹤0.01% |
106,405
-1,376,146
| -93% | -$2.72M |
|
1920
Arcutis Biotherapeutics
ARQT
$3.36B
| $262K | ﹤0.01% |
81,012
| – | – |
|
1921
Clear Secure
YOU
$5.57B
| $259K | ﹤0.01% |
12,530
-76,772
| -86% | -$1.49M |
|
1922
Apogee Therapeutics
APGE
$10.1B
| $258K | ﹤0.01% |
+9,231
| New | +$185K |
|
1923
Copa Holdings
CPA
$5.76B
| $249K | ﹤0.01% |
2,345
| – | – |
|
1924
Rayonier Advanced Materials
RYAM
$604M
| $249K | ﹤0.01% |
61,500
-104,300
| -63% | -$343K |
|
|
EXAI
1925
DELISTED
Exscientia Plc American Depositary Shares
EXAI
| $244K | ﹤0.01% |
38,079
| – | – |
|
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.