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 |
Alphabet (Google) Class A
GOOGL
|
+$576M |
| 2 |
Ferguson
FERG
|
+$574M |
| 3 |
Stellantis
STLA
|
+$471M |
| 4 |
International Flavors & Fragrances
IFF
|
+$425M |
| 5 |
Berkshire Hathaway Class B
BRK.B
|
+$228M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alibaba
BABA
|
+$5.99B |
| 2 |
Apple
AAPL
|
+$1.07B |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$981M |
| 4 |
Tesla
TSLA
|
+$836M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
ACCD
2001
DELISTED
Accolade Inc
ACCD
| $1.81M | ﹤0.01% |
40,000
+20,000
| +100% | +$963K |
|
2002
C3.ai
AI
$1.54B
| $1.79M | ﹤0.01% |
27,141
-42,859
| -61% | -$4.98M |
|
2003
Driven Brands
DRVN
$2.45B
| $1.78M | ﹤0.01% |
+70,116
| New | +$1.99M |
|
2004
Arcutis Biotherapeutics
ARQT
$3.27B
| $1.77M | ﹤0.01% |
61,116
+40,000
| +189% | +$1.25M |
|
2005
BioCryst Pharmaceuticals
BCRX
$2.28B
| $1.74M | ﹤0.01% |
171,351
-179,409
| -51% | -$1.85M |
|
2006
Sterling Infrastructure
STRL
$16.4B
| $1.74M | ﹤0.01% |
75,000
-11,400
| -13% | -$248K |
|
2007
Zymeworks
ZYME
$1.65B
| $1.74M | ﹤0.01% |
55,056
-62,199
| -53% | -$2.53M |
|
2008
Banco Bilbao Vizcaya Argentaria
BBVA
$156B
| $1.64M | ﹤0.01% |
313,133
-177,000
| -36% | -$933K |
|
2009
ThredUp
TDUP
$821M
| $1.63M | ﹤0.01% |
+70,000
| New | +$1.69M |
|
2010
Hackett Group
HCKT
$285M
| $1.59M | ﹤0.01% |
+97,012
| New | +$1.5M |
|
2011
StepStone Group
STEP
$4.02B
| $1.59M | ﹤0.01% |
45,000
+25,000
| +125% | +$880K |
|
2012
National Presto Industries
NPK
$966M
| $1.58M | ﹤0.01% |
15,468
-42,798
| -73% | -$4.21M |
|
2013
Adecoagro
AGRO
$1.35B
| $1.58M | ﹤0.01% |
+200,718
| New | +$1.62M |
|
2014
Comscore
SCOR
$108M
| $1.57M | ﹤0.01% |
+21,509
| New | +$1.52M |
|
2015
nLIGHT
LASR
$4.41B
| $1.54M | ﹤0.01% |
47,614
| – | – |
|
|
RYZ
2016
Ryerson Holding Corp
RYZ
$1.38B
| $1.52M | ﹤0.01% |
+89,400
| New | +$1.34M |
|
2017
AstraZeneca
AZN
$244B
| $1.46M | ﹤0.01% |
14,691
| – | – |
|
|
NBP
2018
NovaBridge Biosciences American Depositary Shares
NBP
$190M
| $1.45M | ﹤0.01% |
30,000
| – | – |
|
|
MRC
2019
DELISTED
MRC Global
MRC
| $1.45M | ﹤0.01% |
160,781
| – | – |
|
2020
V2X
VVX
$2.52B
| $1.45M | ﹤0.01% |
27,100
+3,000
| +12% | +$165K |
|
2021
FerroAtlántica
GSM
$626M
| $1.45M | ﹤0.01% |
+382,600
| New | +$1.14M |
|
2022
Kenon Holdings
KEN
$3.54B
| $1.44M | ﹤0.01% |
47,425
-129,011
| -73% | -$3.84M |
|
2023
RE/MAX Holdings
RMAX
$204M
| $1.43M | ﹤0.01% |
+36,200
| New | +$1.42M |
|
|
LGTY
2024
DELISTED
Logility Supply Chain Solutions, Inc. Common Stock
LGTY
| $1.41M | ﹤0.01% |
68,166
| – | – |
|
2025
Rhythm Pharmaceuticals
RYTM
$7.07B
| $1.39M | ﹤0.01% |
65,108
-94,320
| -59% | -$2.74M |
|
Similar funds
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.