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 |
Walt Disney
DIS
|
+$382M |
| 2 |
Alibaba
BABA
|
+$346M |
| 3 |
Meta Platforms (Facebook)
META
|
+$240M |
| 4 |
Citigroup
C
|
+$223M |
| 5 |
Procter & Gamble
PG
|
+$194M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$631M |
| 2 |
Linde
LIN
|
+$310M |
| 3 |
Alcoa
AA
|
+$208M |
| 4 |
Blackrock
BLK
|
+$158M |
| 5 |
Oracle
ORCL
|
+$157M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 17.87% |
| 2 | Financials | 16.34% |
| 3 | Healthcare | 13.72% |
| 4 | Consumer Discretionary | 11.63% |
| 5 | Communication Services | 9.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
Canadian Imperial Bank of Commerce
CM
$106B
| $343M | 0.11% |
8,680,592
+359,418
| +4% | +$14.9M |
|
|
WP
177
DELISTED
Worldpay, Inc.
WP
| $339M | 0.11% |
2,984,060
+134,157
| +5% | +$12.2M |
|
178
Ross Stores
ROST
$80.8B
| $336M | 0.11% |
3,608,887
+25,071
| +0.7% | +$2.3M |
|
179
Public Storage
PSA
$61.5B
| $331M | 0.11% |
1,521,384
+39,893
| +3% | +$8.35M |
|
180
Canadian Natural Resources
CNQ
$96.9B
| $331M | 0.11% |
24,569,889
| – | – |
|
181
Estee Lauder
EL
$30.4B
| $330M | 0.11% |
1,992,605
+195,631
| +11% | +$28.7M |
|
182
Regeneron Pharmaceuticals
REGN
$72.9B
| $329M | 0.11% |
800,782
+17,765
| +2% | +$7.32M |
|
|
FISV
183
Fiserv Inc
FISV
$29.7B
| $328M | 0.11% |
3,720,836
-204,344
| -5% | -$16.9M |
|
184
eBay
EBAY
$51.2B
| $327M | 0.11% |
8,805,607
+101,365
| +1% | +$3.52M |
|
185
Truist Financial
TFC
$63.9B
| $327M | 0.11% |
7,019,307
+40,338
| +0.6% | +$1.97M |
|
186
Sherwin-Williams
SHW
$84.8B
| $326M | 0.11% |
2,269,629
| – | – |
|
187
Canadian Pacific Kansas City
CP
$81B
| $325M | 0.1% |
7,876,760
-403,935
| -5% | -$16.2M |
|
|
AABA
188
DELISTED
Altaba Inc
AABA
| $322M | 0.1% |
4,348,833
-55,119
| -1% | -$3.8M |
|
189
Williams Companies
WMB
$85.8B
| $322M | 0.1% |
11,203,744
-473,044
| -4% | -$12.7M |
|
|
RHT
190
DELISTED
Red Hat Inc
RHT
| $321M | 0.1% |
1,756,281
+61,432
| +4% | +$11M |
|
191
Yum! Brands
YUM
$41.9B
| $317M | 0.1% |
3,180,406
| – | – |
|
|
XLNX
192
DELISTED
Xilinx Inc
XLNX
| $317M | 0.1% |
2,500,691
+28,425
| +1% | +$3.19M |
|
193
Sysco
SYY
$40.8B
| $316M | 0.1% |
4,733,945
-50,430
| -1% | -$3.28M |
|
194
Roper Technologies
ROP
$40.4B
| $313M | 0.1% |
915,745
-49,258
| -5% | -$15M |
|
195
JD.com
JD
$43.5B
| $310M | 0.1% |
10,280,314
+770,494
| +8% | +$19.6M |
|
196
TE Connectivity
TEL
$60B
| $308M | 0.1% |
3,809,020
+97,303
| +3% | +$7.85M |
|
197
Fortive
FTV
$18.2B
| $306M | 0.1% |
5,776,422
| – | – |
|
198
Constellation Brands
STZ
$22.5B
| $305M | 0.1% |
1,740,473
+265,936
| +18% | +$44.8M |
|
|
JBGS
199
JBG SMITH
JBGS
$846M
| $303M | 0.1% |
7,333,907
| – | – |
|
200
NXP Semiconductors
NXPI
$60.8B
| $300M | 0.1% |
3,388,783
+192,046
| +6% | +$16.9M |
|
Similar funds
Norges Bank's Q1 2019 Portfolio in Review
As of Q1 2019, Norges Bank held 2,169 positions worth $310B, up 15% from $269B the previous quarter. Its ten largest holdings account for 17% of the portfolio.
Trading was light in Q1 2019: portfolio turnover was 4.1%. Norges Bank opened 45 new positions and exited 43, leaving the 2,169-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 18% of assets, up from 17% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2019 buy was Fox Class B: 4,938,483 shares worth $177M.
- Norges Bank added most to Walt Disney in Q1 2019, an estimated $382M increase.
- Norges Bank's biggest Q1 2019 reduction was Linde, cutting an estimated $310M.
- Norges Bank fully exited Twenty-First Century Fox, Inc. Class B in Q1 2019, selling an estimated $631M.
- Norges Bank's ten largest holdings make up 17% of its $310B portfolio in Q1 2019.
- Norges Bank opened 45 new positions and closed 43 in Q1 2019.
- Norges Bank's portfolio value rose 15% quarter-over-quarter to $310B.
Based on Norges Bank's 13F filing for Q1 2019, filed 9 May 2019.