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 |
NVIDIA
NVDA
|
+$1.7B |
| 2 |
Apple
AAPL
|
+$1.61B |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$1.17B |
| 4 |
Capital One
COF
|
+$865M |
| 5 |
Tesla
TSLA
|
+$812M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$1.89B |
| 2 |
Sea Limited
SE
|
+$1.15B |
| 3 |
NextEra Energy
NEE
|
+$1.06B |
| 4 |
DFS
Discover Financial Services
DFS
|
+$847M |
| 5 |
Sempra
SRE
|
+$708M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.63% |
| 2 | Financials | 15.4% |
| 3 | Consumer Discretionary | 10.72% |
| 4 | Communication Services | 9.72% |
| 5 | Healthcare | 9.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
Motorola Solutions
MSI
$80.5B
| $872M | 0.11% |
2,074,650
-219,031
| -10% | -$91.6M |
|
177
Baker Hughes
BKR
$61.6B
| $863M | 0.11% |
22,501,874
+2,235,893
| +11% | +$84.4M |
|
178
United Parcel Service
UPS
$89.9B
| $852M | 0.11% |
8,439,091
+261,435
| +3% | +$25.7M |
|
179
Ecolab
ECL
$80.1B
| $848M | 0.11% |
3,145,575
-145,555
| -4% | -$37M |
|
180
Scotiabank
BNS
$113B
| $839M | 0.1% |
15,158,298
+1,042,881
| +7% | +$53.1M |
|
181
Nike
NKE
$57B
| $835M | 0.1% |
11,754,833
-15,826
| -0.1% | -$950K |
|
182
Valero Energy
VLO
$99.8B
| $827M | 0.1% |
6,155,260
+966,558
| +19% | +$120M |
|
183
Illinois Tool Works
ITW
$80.2B
| $822M | 0.1% |
3,324,117
+118,403
| +4% | +$28.6M |
|
184
Travelers Companies
TRV
$77B
| $815M | 0.1% |
3,046,321
+663,842
| +28% | +$175M |
|
185
Zoetis
ZTS
$31B
| $809M | 0.1% |
5,190,711
+97,534
| +2% | +$15.5M |
|
186
American Homes 4 Rent
AMH
$12B
| $797M | 0.1% |
22,087,772
+120,396
| +0.5% | +$4.46M |
|
187
Mid-America Apartment Communities
MAA
$14.9B
| $796M | 0.1% |
5,377,295
+27,594
| +0.5% | +$4.31M |
|
188
Johnson Controls International
JCI
$86.1B
| $795M | 0.1% |
7,530,059
-17,446
| -0.2% | -$1.61M |
|
189
American International
AIG
$40.1B
| $788M | 0.1% |
9,203,457
-1,137
| -0% | -$94.7K |
|
190
Autodesk
ADSK
$57.1B
| $777M | 0.1% |
2,510,586
+304,284
| +14% | +$86.3M |
|
191
United Rentals
URI
$64.6B
| $776M | 0.1% |
1,030,133
+121,705
| +13% | +$81.4M |
|
192
Spotify
SPOT
$108B
| $769M | 0.1% |
1,002,053
+188,194
| +23% | +$121M |
|
193
Williams Companies
WMB
$90.7B
| $765M | 0.1% |
12,182,197
+1,939,780
| +19% | +$115M |
|
194
MetLife
MET
$61.2B
| $756M | 0.09% |
9,401,946
+16,222
| +0.2% | +$1.25M |
|
|
WCN
195
Waste Connections
WCN
$41.7B
| $756M | 0.09% |
4,047,250
+3,496
| +0.1% | +$673K |
|
196
Aon
AON
$74.1B
| $755M | 0.09% |
2,115,346
+449,398
| +27% | +$163M |
|
|
SW
197
Smurfit Westrock
SW
$25.5B
| $750M | 0.09% |
17,375,882
-4,242,053
| -20% | -$181M |
|
198
CSX Corp
CSX
$95.4B
| $748M | 0.09% |
22,932,052
+167,618
| +0.7% | +$5.04M |
|
199
Take-Two Interactive
TTWO
$43.6B
| $731M | 0.09% |
3,010,281
+294,952
| +11% | +$66.5M |
|
200
Canadian Imperial Bank of Commerce
CM
$105B
| $730M | 0.09% |
10,282,476
+148,079
| +1% | +$9.53M |
|
Similar funds
Norges Bank's Q2 2025 Portfolio in Review
As of Q2 2025, Norges Bank held 1,794 positions worth $801B, up 12% from $712B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Norges Bank's Q2 2025 filing shows 51 new, 783 increased, 711 reduced and 87 closed positions. Its largest new stake was Amrize Ltd: 13,445,492 shares worth $671M. The largest sale was Alphabet (Google) Class A, an estimated $1.89B.
By sector, the portfolio is most concentrated in Technology at 32% of assets, up from 28% a quarter earlier, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q2 2025 buy was Amrize Ltd: 13,445,492 shares worth $671M.
- Norges Bank added most to NVIDIA in Q2 2025, an estimated $1.7B increase.
- Norges Bank's biggest Q2 2025 reduction was Alphabet (Google) Class A, cutting an estimated $1.89B.
- Norges Bank fully exited Discover Financial Services in Q2 2025, selling an estimated $847M.
- Norges Bank's ten largest holdings make up 33% of its $801B portfolio in Q2 2025.
- Norges Bank opened 51 new positions and closed 87 in Q2 2025.
- Norges Bank's portfolio value rose 12% quarter-over-quarter to $801B.
Based on Norges Bank's 13F filing for Q2 2025, filed 13 Aug 2025.