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
|
+$1.1B |
| 2 |
Apple
AAPL
|
+$1.1B |
| 3 |
Microsoft
MSFT
|
+$819M |
| 4 |
Cigna
CI
|
+$613M |
| 5 |
Berkshire Hathaway Class B
BRK.B
|
+$472M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
T-Mobile US
TMUS
|
+$548M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$506M |
| 3 |
TWTR
Twitter, Inc.
TWTR
|
+$388M |
| 4 |
DRE
Duke Realty Corp.
DRE
|
+$358M |
| 5 |
IBM
IBM
|
+$211M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.98% |
| 2 | Healthcare | 15.12% |
| 3 | Financials | 15.08% |
| 4 | Consumer Discretionary | 10.12% |
| 5 | Industrials | 8.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SRDX
2001
DELISTED
Surmodics
SRDX
| $1.58M | ﹤0.01% |
46,300
+26,500
| +134% | +$888K |
|
|
NIU
2002
Niu Technologies
NIU
$162M
| $1.57M | ﹤0.01% |
299,540
| – | – |
|
2003
Modine Manufacturing
MOD
$9.68B
| $1.53M | ﹤0.01% |
+77,201
| New | +$1.43M |
|
2004
Progyny
PGNY
$2.14B
| $1.53M | ﹤0.01% |
49,144
-226,126
| -82% | -$8.17M |
|
2005
PDF Solutions
PDFS
$1.81B
| $1.52M | ﹤0.01% |
53,400
| – | – |
|
2006
Horace Mann Educators
HMN
$2.02B
| $1.49M | ﹤0.01% |
40,000
+28,000
| +233% | +$1.06M |
|
|
NXGN
2007
DELISTED
NextGen Healthcare, Inc. Common Stock
NXGN
| $1.49M | ﹤0.01% |
79,593
| – | – |
|
2008
Atlanta Braves Holdings Series A
BATRA
$3.55B
| $1.49M | ﹤0.01% |
45,474
-5,081
| -10% | -$161K |
|
|
KALV
2009
DELISTED
KalVista Pharmaceuticals
KALV
| $1.48M | ﹤0.01% |
218,900
+204,000
| +1,369% | +$1.09M |
|
2010
National Presto Industries
NPK
$1.09B
| $1.48M | ﹤0.01% |
21,600
+4,300
| +25% | +$294K |
|
2011
Goosehead Insurance
GSHD
$1.43B
| $1.48M | ﹤0.01% |
+43,000
| New | +$1.61M |
|
2012
Vericel Corp
VCEL
$2.03B
| $1.48M | ﹤0.01% |
56,030
| – | – |
|
|
HDSN
2013
Hudson Technologies
HDSN
$224M
| $1.46M | ﹤0.01% |
144,600
+58,200
| +67% | +$569K |
|
2014
IDT Corp
IDT
$1.77B
| $1.45M | ﹤0.01% |
+51,500
| New | +$1.38M |
|
2015
Hovnanian Enterprises
HOV
$700M
| $1.43M | ﹤0.01% |
+34,100
| New | +$1.45M |
|
|
CSW
2016
CSW Industrials
CSW
$4.78B
| $1.41M | ﹤0.01% |
12,200
+8,900
| +270% | +$1.06M |
|
2017
CarParts.com
PRTS
$69M
| $1.39M | ﹤0.01% |
+22,160
| New | +$1.16M |
|
2018
Scholar Rock
SRRK
$6.31B
| $1.38M | ﹤0.01% |
152,100
-18,200
| -11% | -$146K |
|
2019
Compass
COMP
$8.18B
| $1.37M | ﹤0.01% |
589,400
-217,100
| -27% | -$570K |
|
2020
Caribou Biosciences
CRBU
$138M
| $1.36M | ﹤0.01% |
216,300
-30,200
| -12% | -$269K |
|
|
OTLY
2021
Oatly Group
OTLY
$415M
| $1.35M | ﹤0.01% |
38,889
-70,009
| -64% | -$2.67M |
|
2022
MYR Group
MYRG
$4.23B
| $1.31M | ﹤0.01% |
+14,200
| New | +$1.29M |
|
|
XRN
2023
Chiron Real Estate Inc
XRN
$480M
| $1.29M | ﹤0.01% |
+27,160
| New | +$1.23M |
|
|
THR
2024
DELISTED
Thermon Group Holdings
THR
| $1.28M | ﹤0.01% |
+63,900
| New | +$1.19M |
|
|
BNT
2025
Brookfield Wealth Solutions
BNT
$11.2B
| $1.27M | ﹤0.01% |
61,118
-16,378
| -21% | -$436K |
|
Similar funds
Norges Bank's Q4 2022 Portfolio in Review
As of Q4 2022, Norges Bank held 2,222 positions worth $415B, up 10% from $376B the previous quarter. Its ten largest holdings account for 21% of the portfolio.
Norges Bank deployed $17.2B of net new capital in Q4 2022, opening 133 new positions and adding to 1,177 existing holdings. Its largest new stake was Mobileye: 12,085,900 shares worth $424M.
By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Financials.
On the sell side, the largest reduction was T-Mobile US, an estimated $548M trimmed.
- Norges Bank's largest Q4 2022 buy was Mobileye: 12,085,900 shares worth $424M.
- Norges Bank added most to Alphabet (Google) Class C in Q4 2022, an estimated $1.1B increase.
- Norges Bank's biggest Q4 2022 reduction was T-Mobile US, cutting an estimated $548M.
- Norges Bank fully exited Twitter, Inc. in Q4 2022, selling an estimated $388M.
- Norges Bank's ten largest holdings make up 21% of its $415B portfolio in Q4 2022.
- Norges Bank opened 133 new positions and closed 92 in Q4 2022.
- Norges Bank's portfolio value rose 10% quarter-over-quarter to $415B.
Based on Norges Bank's 13F filing for Q4 2022, filed 14 Feb 2023.