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 | |
|---|---|---|---|---|---|---|
|
AVDX
1951
DELISTED
AvidXchange
AVDX
| – | – |
-262,700
| Closed | -$2.49M |
|
|
BASE
1952
DELISTED
Couchbase
BASE
| – | – |
-247,600
| Closed | -$4.25M |
|
1953
Bausch + Lomb
BLCO
$6.04B
| – | – |
-460,545
| Closed | -$7.81M |
|
1954
DMC Global
BOOM
$138M
| – | – |
-82,600
| Closed | -$2.02M |
|
1955
Brady Corp
BRC
$4.44B
| – | – |
-65,555
| Closed | -$3.6M |
|
1956
Beyond Meat
BYND
$292M
| – | – |
-378,980
| Closed | -$3.65M |
|
1957
Clear Channel Outdoor Holdings
CCO
$1.23B
| – | – |
-1,274,400
| Closed | -$2.01M |
|
1958
CEVA Inc
CEVA
$910M
| – | – |
-74,700
| Closed | -$1.45M |
|
1959
Compass
COMP
$8.51B
| – | – |
-1,582,500
| Closed | -$4.59M |
|
1960
Ceragon Networks
CRNT
$197M
| – | – |
-106,455
| Closed | -$218K |
|
1961
Sprinklr
CXM
$1.49B
| – | – |
-284,500
| Closed | -$3.94M |
|
1962
Ducommun
DCO
$2.7B
| – | – |
-22,300
| Closed | -$970K |
|
1963
Definitive Healthcare
DH
$72M
| – | – |
-857,758
| Closed | -$6.85M |
|
1964
Excelerate Energy
EE
$1.25B
| – | – |
-196,219
| Closed | -$3.34M |
|
1965
EverQuote
EVER
$892M
| – | – |
-13,200
| Closed | -$95.4K |
|
|
DMC
1966
Del Monte Corp
DMC
$1.41B
| – | – |
-259,195
| Closed | -$6.7M |
|
|
FSP
1967
Franklin Street Properties
FSP
$47.2M
| – | – |
-654,301
| Closed | -$1.21M |
|
1968
Green Brick Partners
GRBK
$3.04B
| – | – |
-20,424
| Closed | -$848K |
|
1969
Hawkins
HWKN
$2.67B
| – | – |
-32,500
| Closed | -$1.91M |
|
1970
IDEAYA Biosciences
IDYA
$3.42B
| – | – |
-12,800
| Closed | -$345K |
|
1971
Insteel Industries
IIIN
$593M
| – | – |
-44,200
| Closed | -$1.43M |
|
1972
International Money Express
IMXI
$357M
| – | – |
-19,100
| Closed | -$323K |
|
1973
Jakks Pacific
JAKK
$301M
| – | – |
-60,700
| Closed | -$1.13M |
|
1974
Johnson Outdoors
JOUT
$491M
| – | – |
-6,500
| Closed | -$355K |
|
1975
Kamada
KMDA
$412M
| – | – |
-33,595
| Closed | -$181K |
|
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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.