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 C
GOOG
|
+$2.21B |
| 2 |
Shell
SHEL
|
+$646M |
| 3 |
S&P Global
SPGI
|
+$609M |
| 4 |
Advanced Micro Devices
AMD
|
+$575M |
| 5 |
Thermo Fisher Scientific
TMO
|
+$533M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$2.17B |
| 2 |
Chevron
CVX
|
+$1.22B |
| 3 |
INFO
IHS Markit Ltd. Common Shares
INFO
|
+$579M |
| 4 |
XLNX
Xilinx Inc
XLNX
|
+$487M |
| 5 |
Nucor
NUE
|
+$487M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 24.29% |
| 2 | Financials | 14.66% |
| 3 | Healthcare | 12.85% |
| 4 | Consumer Discretionary | 11.35% |
| 5 | Communication Services | 8.76% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
2001
Costamare
CMRE
$1.84B
| $1.68M | ﹤0.01% |
98,300
-17,700
| -15% | -$252K |
|
|
EFTR
2002
DELISTED
eFFECTOR Therapeutics, Inc. Common Stock
EFTR
| $1.67M | ﹤0.01% |
+16,652
| New | +$2.21M |
|
2003
Safety Insurance
SAFT
$1.52B
| $1.64M | ﹤0.01% |
18,048
-101,656
| -85% | -$8.68M |
|
2004
VistaGen Therapeutics
VTGN
$12.3M
| $1.64M | ﹤0.01% |
+43,960
| New | +$1.92M |
|
2005
Hudbay
HBM
$11B
| $1.62M | ﹤0.01% |
206,930
+49,646
| +32% | +$385K |
|
2006
Clearfield
CLFD
$459M
| $1.61M | ﹤0.01% |
24,700
| – | – |
|
2007
National Presto Industries
NPK
$975M
| $1.61M | ﹤0.01% |
20,862
| – | – |
|
2008
Southern Copper
SCCO
$163B
| $1.59M | ﹤0.01% |
22,604
| – | – |
|
2009
GrowGeneration
GRWG
$89.5M
| $1.57M | ﹤0.01% |
170,023
| – | – |
|
2010
Ares Capital
ARCC
$14.1B
| $1.53M | ﹤0.01% |
73,000
-155,600
| -68% | -$3.32M |
|
2011
Joby Aviation
JOBY
$7.84B
| $1.5M | ﹤0.01% |
227,272
| – | – |
|
2012
Global E Online
GLBE
$6.98B
| $1.49M | ﹤0.01% |
44,138
-68,507
| -61% | -$2.58M |
|
|
INST
2013
DELISTED
Instructure Holdings, Inc.
INST
| $1.46M | ﹤0.01% |
72,862
-12,632
| -15% | -$274K |
|
|
NGM
2014
DELISTED
NGM Biopharmaceuticals, Inc. Common Stock
NGM
| $1.45M | ﹤0.01% |
+95,400
| New | +$1.49M |
|
2015
Smartbird Inc
BIRD
$20M
| $1.45M | ﹤0.01% |
12,069
-5,431
| -31% | -$1.07M |
|
2016
Johnson Outdoors
JOUT
$506M
| $1.44M | ﹤0.01% |
18,480
| – | – |
|
|
ZH
2017
Zhihu
ZH
$284M
| $1.43M | ﹤0.01% |
+98,440
| New | +$2.11M |
|
2018
Anika Therapeutics
ANIK
$262M
| $1.42M | ﹤0.01% |
56,700
| – | – |
|
|
ABTX
2019
DELISTED
Allegiance Bancshares
ABTX
| $1.42M | ﹤0.01% |
31,800
| – | – |
|
|
SEI
2020
Solaris Energy Infrastructure
SEI
$3.55B
| $1.38M | ﹤0.01% |
+122,200
| New | +$1.11M |
|
2021
Oportun Financial
OPRT
$276M
| $1.33M | ﹤0.01% |
+92,600
| New | +$1.54M |
|
|
OSG
2022
Octave Specialty Group
OSG
$253M
| $1.31M | ﹤0.01% |
126,300
-103,086
| -45% | -$1.4M |
|
|
KC
2023
Kingsoft Cloud Holdings
KC
$3.92B
| $1.29M | ﹤0.01% |
212,676
+121,685
| +134% | +$991K |
|
|
MCW
2024
DELISTED
Mister Car Wash
MCW
| $1.27M | ﹤0.01% |
+86,196
| New | +$1.41M |
|
2025
Penske Automotive Group
PAG
$14.4B
| $1.27M | ﹤0.01% |
13,581
-97,581
| -88% | -$9.88M |
|
Similar funds
Norges Bank's Q1 2022 Portfolio in Review
As of Q1 2022, Norges Bank held 2,291 positions worth $459B, down 5.7% from $486B the previous quarter. Its ten largest holdings account for 23% of the portfolio.
Norges Bank's Q1 2022 filing shows 87 new, 805 increased, 864 reduced and 129 closed positions. Its largest new stake was Shell: 12,168,641 shares worth $668M. The largest sale was Alphabet (Google) Class A, an estimated $2.17B.
By sector, the portfolio is most concentrated in Technology at 24% of assets, down from 25% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2022 buy was Shell: 12,168,641 shares worth $668M.
- Norges Bank added most to Alphabet (Google) Class C in Q1 2022, an estimated $2.21B increase.
- Norges Bank's biggest Q1 2022 reduction was Alphabet (Google) Class A, cutting an estimated $2.17B.
- Norges Bank fully exited IHS Markit Ltd. Common Shares in Q1 2022, selling an estimated $579M.
- Norges Bank's ten largest holdings make up 23% of its $459B portfolio in Q1 2022.
- Norges Bank opened 87 new positions and closed 129 in Q1 2022.
- Norges Bank's portfolio value fell 5.7% quarter-over-quarter to $459B.
Based on Norges Bank's 13F filing for Q1 2022, filed 9 May 2022.