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 |
Hilton Worldwide
HLT
|
+$436M |
| 2 |
CNH
CNH Industrial
CNH
|
+$234M |
| 3 |
Cummins
CMI
|
+$187M |
| 4 |
Perrigo
PRGO
|
+$137M |
| 5 |
Republic Services
RSG
|
+$99.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Blackrock
BLK
|
+$467M |
| 2 |
Apple
AAPL
|
+$378M |
| 3 |
JPMorgan Chase
JPM
|
+$343M |
| 4 |
ExxonMobil
XOM
|
+$312M |
| 5 |
Chevron
CVX
|
+$247M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 18.33% |
| 2 | Technology | 12.94% |
| 3 | Healthcare | 11.73% |
| 4 | Industrials | 10.44% |
| 5 | Energy | 9.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
AET
176
DELISTED
Aetna Inc
AET
| $199M | 0.11% |
2,897,482
-398,607
| -12% | -$26M |
|
177
VF Corp
VFC
$5.63B
| $198M | 0.11% |
3,378,201
-338,455
| -9% | -$17.6M |
|
|
DTV
178
DELISTED
DIRECTV COM STK (DE)
DTV
| $198M | 0.11% |
2,864,700
-1,021,726
| -26% | -$65.4M |
|
179
Brookfield
BN
$104B
| $197M | 0.11% |
21,657,246
| – | – |
|
180
Southern Company
SO
$109B
| $196M | 0.11% |
4,774,644
-388,597
| -8% | -$16M |
|
181
Williams Companies
WMB
$87.5B
| $196M | 0.11% |
5,078,901
-84,168
| -2% | -$3.03M |
|
|
TWC
182
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $196M | 0.11% |
1,445,613
-499,898
| -26% | -$62.1M |
|
|
183
Republic Services
RSG
$64.8B
| $195M | 0.11% |
5,886,715
+2,924,553
| +99% | +$99.1M |
|
184
American Electric Power
AEP
$69.6B
| $195M | 0.11% |
4,170,448
+321,914
| +8% | +$14.9M |
|
185
CME Group
CME
$96.3B
| $193M | 0.11% |
2,453,871
-220,816
| -8% | -$17.3M |
|
|
AGN
186
DELISTED
Allergan plc
AGN
| $192M | 0.11% |
1,144,250
+159,102
| +16% | +$24.9M |
|
|
FITB
187
Fifth Third Bancorp
FITB
$51.2B
| $191M | 0.11% |
9,104,720
+4,190,852
| +85% | +$82.1M |
|
188
Morgan Stanley
MS
$331B
| $190M | 0.11% |
6,065,612
+1,561,962
| +35% | +$46.4M |
|
189
Cigna
CI
$73.8B
| $189M | 0.11% |
2,155,662
-250,206
| -10% | -$20.5M |
|
190
TE Connectivity
TEL
$59.6B
| $187M | 0.11% |
3,400,529
-223,289
| -6% | -$11.7M |
|
191
LKQ Corp
LKQ
$5.72B
| $187M | 0.11% |
5,681,770
-471,740
| -8% | -$15.4M |
|
192
Intercontinental Exchange
ICE
$85.6B
| $185M | 0.11% |
4,112,680
+1,345,590
| +49% | +$55.4M |
|
193
Devon Energy
DVN
$52.1B
| $185M | 0.11% |
2,986,217
-58,125
| -2% | -$3.56M |
|
194
T-Mobile US
TMUS
$185B
| $178M | 0.1% |
5,302,663
-800,000
| -13% | -$21.9M |
|
195
Cenovus Energy
CVE
$55.7B
| $178M | 0.1% |
6,219,355
| – | – |
|
196
Trane Technologies
TT
$101B
| $178M | 0.1% |
2,888,230
-922,574
| -24% | -$50.8M |
|
|
PXD
197
DELISTED
Pioneer Natural Resource Co.
PXD
| $177M | 0.1% |
959,773
| – | – |
|
198
Sempra
SRE
$57.9B
| $176M | 0.1% |
3,926,676
-388,490
| -9% | -$17.3M |
|
199
Regeneron Pharmaceuticals
REGN
$78.5B
| $174M | 0.1% |
633,413
-55,619
| -8% | -$16M |
|
200
State Street
STT
$50.6B
| $174M | 0.1% |
2,375,474
-384,950
| -14% | -$27M |
|
Similar funds
Norges Bank's Q4 2013 Portfolio in Review
As of Q4 2013, Norges Bank held 2,134 positions worth $174B, up 1.3% from $171B the previous quarter. Its ten largest holdings account for 15% of the portfolio.
Norges Bank withdrew a net $13.1B in Q4 2013, closing 36 positions and reducing 812 holdings. Its most notable exit was DELL INC, an estimated $166M position sold in full.
By sector, the portfolio is most concentrated in Financials at 18% of assets, down from 18% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Norges Bank opened a new position in Hilton Worldwide worth $445M.
- Norges Bank's largest Q4 2013 buy was Hilton Worldwide: 6,666,667 shares worth $445M.
- Norges Bank added most to Cummins in Q4 2013, an estimated $187M increase.
- Norges Bank's biggest Q4 2013 reduction was Blackrock, cutting an estimated $467M.
- Norges Bank fully exited DELL INC in Q4 2013, selling an estimated $166M.
- Norges Bank's ten largest holdings make up 15% of its $174B portfolio in Q4 2013.
- Norges Bank opened 50 new positions and closed 36 in Q4 2013.
- Norges Bank's portfolio value rose 1.3% quarter-over-quarter to $174B.
Based on Norges Bank's 13F filing for Q4 2013, filed 7 Feb 2014.