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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
+7.37%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$437B
AUM Growth
+$8.51B
Cap. Flow
-$15.8B
Cap. Flow %
-3.62%
Top 10 Hldgs %
21.18%
Holding
2,241
New
131
Increased
505
Reduced
1,392
Closed
114

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$576M
2
FERG icon
Ferguson
FERG
+$574M
3
STLA icon
Stellantis
STLA
+$471M
4
IFF icon
International Flavors & Fragrances
IFF
+$425M
5
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$228M

Top Sells

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$5.99B
2
AAPL icon
Apple
AAPL
+$1.07B
3
GOOG icon
Alphabet (Google) Class C
GOOG
+$981M
4
TSLA icon
Tesla
TSLA
+$836M
5
TMUS icon
T-Mobile US
TMUS
+$723M

Sector Composition

Rank Sector Weight
1 Technology 22.86%
2 Financials 14.58%
3 Healthcare 12.62%
4 Consumer Discretionary 12.5%
5 Communication Services 10.64%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
D icon
176
Dominion Energy
D
$60.8B
$490M 0.11%
6,444,500
+1,863,666
+41% +$135M
KMB icon
177
Kimberly-Clark
KMB
$36.3B
$488M 0.11%
3,509,163
-277,829
-7% -$36.9M
TWTR
178
DELISTED
Twitter, Inc.
TWTR
$485M 0.11%
7,615,151
+24,957
+0.3% +$1.53M
TWLO icon
179
Twilio
TWLO
$30B
$483M 0.11%
1,416,036
+104,748
+8% +$39.2M
F icon
180
Ford
F
$58.5B
$479M 0.11%
39,091,373
-367,858
-0.9% -$4.21M
GD icon
181
General Dynamics
GD
$104B
$475M 0.11%
2,613,892
-66,144
-2% -$10.8M
DOW icon
182
Dow Inc
DOW
$21.9B
$471M 0.11%
7,358,896
+112,725
+2% +$6.75M
NTES icon
183
NetEase
NTES
$85.3B
$467M 0.11%
4,518,524
-261,734
-5% -$29.6M
REGN icon
184
Regeneron Pharmaceuticals
REGN
$78.5B
$464M 0.11%
980,408
-68,709
-7% -$33.5M
INFO
185
DELISTED
IHS Markit Ltd. Common Shares
INFO
$459M 0.11%
4,745,880
+967,971
+26% +$88.5M
MCO icon
186
Moody's
MCO
$82.8B
$459M 0.11%
1,538,092
+2,151
+0.1% +$606K
TT icon
187
Trane Technologies
TT
$100B
$454M 0.1%
2,742,000
-84,725
-3% -$13.1M
RDS.B
188
DELISTED
Royal Dutch Shell PLC ADS Class B
RDS.B
$441M 0.1%
11,974,618
-803,899
-6% -$30.7M
CTSH icon
189
Cognizant
CTSH
$24.9B
$439M 0.1%
5,617,251
-26,622
-0.5% -$2.06M
WBA
190
DELISTED
Walgreens Boots Alliance
WBA
$434M 0.1%
7,903,255
+58,278
+0.7% +$2.88M
STZ icon
191
Constellation Brands
STZ
$22.2B
$434M 0.1%
1,901,674
+231,017
+14% +$52.1M
ZM icon
192
Zoom
ZM
$28.2B
$434M 0.1%
1,349,361
-1,837
-0.1% -$676K
ROST icon
193
Ross Stores
ROST
$80.5B
$430M 0.1%
3,583,815
-29,619
-0.8% -$3.51M
ALL icon
194
Allstate
ALL
$68B
$426M 0.1%
3,709,725
+313,090
+9% +$34.5M
ALGN icon
195
Align Technology
ALGN
$12.1B
$425M 0.1%
784,852
+13,304
+2% +$7.35M
ROP icon
196
Roper Technologies
ROP
$38.8B
$425M 0.1%
1,052,650
+54,060
+5% +$21.7M
CM icon
197
Canadian Imperial Bank of Commerce
CM
$108B
$420M 0.1%
8,588,534
+642,942
+8% +$29.7M
SE icon
198
Sea Limited
SE
$65.4B
$417M 0.1%
1,868,431
-885,441
-32% -$206M
TRP icon
199
TC Energy
TRP
$70.2B
$415M 0.09%
9,044,501
+1,196,105
+15% +$53M
MRSH
200
Marsh
MRSH
$90.5B
$410M 0.09%
3,366,561
+944,430
+39% +$109M
6 7
8
9 10

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Norges Bank's Q1 2021 Portfolio in Review

As of Q1 2021, Norges Bank held 2,241 positions worth $437B, up 2% from $428B the previous quarter. Its ten largest holdings account for 21% of the portfolio.

Norges Bank withdrew a net $15.8B in Q1 2021, closing 114 positions and reducing 1,392 holdings. Its most notable exit was Tiffany & Co., an estimated $229M position sold in full.

By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 23% a quarter earlier, followed by Financials and Healthcare.

Against the trend, Norges Bank opened a new position in Ferguson worth $562M.

  • Norges Bank's largest Q1 2021 buy was Ferguson: 4,706,324 shares worth $562M.
  • Norges Bank added most to Alphabet (Google) Class A in Q1 2021, an estimated $576M increase.
  • Norges Bank's biggest Q1 2021 reduction was Alibaba, cutting an estimated $5.99B.
  • Norges Bank fully exited Tiffany & Co. in Q1 2021, selling an estimated $229M.
  • Norges Bank's ten largest holdings make up 21% of its $437B portfolio in Q1 2021.
  • Norges Bank opened 131 new positions and closed 114 in Q1 2021.
  • Norges Bank's portfolio value rose 2% quarter-over-quarter to $437B.

Based on Norges Bank's 13F filing for Q1 2021, filed 7 May 2021.