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Norges Bank

Norges Bank Portfolio holdings

AUM $935B
 

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.

This Fund
S&P 500
This Quarter Est. Return
-13.42%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$269B
AUM Growth
-$39.1B
Cap. Flow
+$7.83B
Cap. Flow %
2.91%
Top 10 Hldgs %
16.28%
Holding
2,178
New
36
Increased
834
Reduced
365
Closed
54

Top Buys

Rank Stock Value
1
LIN icon
Linde
LIN
+$2.66B
2
CI icon
Cigna
CI
+$285M
3
BXP icon
Boston Properties
BXP
+$242M
4
GOOG icon
Alphabet (Google) Class C
GOOG
+$242M
5
APTV icon
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
PSA icon
176
Public Storage
PSA
$62.4B
$300M 0.11%
1,481,491
+86,323
+6% +$17.6M
SYY icon
177
Sysco
SYY
$41B
$300M 0.11%
4,784,375
– –
KMI icon
178
Kinder Morgan
KMI
$71.2B
$299M 0.11%
19,452,546
-126,109
-0.6% -$2.13M
ROST icon
179
Ross Stores
ROST
$80.7B
$298M 0.11%
3,583,816
+10,429
+0.3% +$944K
RHT
180
DELISTED
Red Hat Inc
RHT
$298M 0.11%
1,694,849
– –
SHW icon
181
Sherwin-Williams
SHW
$84.9B
$298M 0.11%
2,269,629
+217,287
+11% +$29.3M
NOW icon
182
ServiceNow
NOW
$119B
$297M 0.11%
8,351,680
+1,659,910
+25% +$58.9M
CP icon
183
Canadian Pacific Kansas City
CP
$80.4B
$294M 0.11%
8,280,695
-47,620
-0.6% -$1.9M
ADI icon
184
Analog Devices
ADI
$173B
$293M 0.11%
3,412,779
-62,254
-2% -$5.38M
REGN icon
185
Regeneron Pharmaceuticals
REGN
$72.9B
$292M 0.11%
783,017
– –
YUM icon
186
Yum! Brands
YUM
$42.1B
$292M 0.11%
3,180,406
-21,108
-0.7% -$1.89M
CNQ icon
187
Canadian Natural Resources
CNQ
$96.5B
$290M 0.11%
24,569,889
-86,773
-0.4% -$1.17M
FISV
188
Fiserv Inc
FISV
$29.6B
$288M 0.11%
3,925,180
+6
+0% +$464
TECK icon
189
Teck Resources
TECK
$27.9B
$285M 0.11%
13,251,621
+6,692,510
+102% +$145M
TEL icon
190
TE Connectivity
TEL
$60.5B
$281M 0.1%
3,711,717
-95,353
-3% -$7.34M
MFC icon
191
Manulife Financial
MFC
$73.1B
$275M 0.1%
19,407,164
+4,121,037
+27% +$65.3M
DLTR icon
192
Dollar Tree
DLTR
$24.7B
$275M 0.1%
3,044,034
-21,388
-0.7% -$1.81M
DVA icon
193
DaVita
DVA
$15.6B
$275M 0.1%
5,337,638
+188,079
+4% +$12M
MET icon
194
MetLife
MET
$62.5B
$275M 0.1%
6,687,284
+263,817
+4% +$11.3M
ED icon
195
Consolidated Edison
ED
$41.5B
$267M 0.1%
3,488,630
+521,095
+18% +$40.8M
ECL icon
196
Ecolab
ECL
$79.2B
$261M 0.1%
1,771,320
-239,906
-12% -$36.6M
AFL icon
197
Aflac
AFL
$66.1B
$260M 0.1%
5,708,139
-216,721
-4% -$9.63M
ORLY icon
198
O'Reilly Automotive
ORLY
$75.5B
$260M 0.1%
11,316,720
-793,335
-7% -$18.1M
LYB icon
199
LyondellBasell Industries
LYB
$19.5B
$260M 0.1%
3,121,849
-21,102
-0.7% -$1.93M
WMB icon
200
Williams Companies
WMB
$86.2B
$257M 0.1%
11,676,788
+343,511
+3% +$8.59M
6 7
8
9 10

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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.