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 |
Microsoft
MSFT
|
+$764M |
| 2 |
UBS Group
UBS
|
+$753M |
| 3 |
Apple
AAPL
|
+$665M |
| 4 |
JPMorgan Chase
JPM
|
+$621M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$498M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$811M |
| 2 |
Oracle
ORCL
|
+$505M |
| 3 |
T-Mobile US
TMUS
|
+$390M |
| 4 |
Deutsche Bank
DB
|
+$275M |
| 5 |
GE Aerospace
GE
|
+$240M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.11% |
| 2 | Financials | 13.76% |
| 3 | Healthcare | 13.71% |
| 4 | Consumer Discretionary | 10.81% |
| 5 | Communication Services | 7.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
UBA
2001
DELISTED
Urstadt Biddle Properties Inc. Class A
UBA
| $1.03M | ﹤0.01% |
+58,701
| New | +$1.05M |
|
2002
ARS Pharmaceuticals
SPRY
$528M
| $999K | ﹤0.01% |
+153,532
| New | +$1.18M |
|
2003
PennyMac Financial
PFSI
$4B
| $982K | ﹤0.01% |
16,467
-16,625
| -50% | -$1.03M |
|
2004
American Public Education
APEI
$980M
| $965K | ﹤0.01% |
178,100
-9,400
| -5% | -$98.6K |
|
2005
Ooma
OOMA
$592M
| $950K | ﹤0.01% |
75,900
| – | – |
|
2006
First Watch Restaurant Group
FWRG
$789M
| $936K | ﹤0.01% |
58,300
-22,700
| -28% | -$355K |
|
2007
Rush Street Interactive
RSI
$2.92B
| $933K | ﹤0.01% |
300,000
-767,000
| -72% | -$2.94M |
|
|
PFSW
2008
DELISTED
PFSweb, Inc.
PFSW
| $917K | ﹤0.01% |
+216,200
| New | +$1.34M |
|
|
DM
2009
DELISTED
Desktop Metal, Inc.
DM
| $911K | ﹤0.01% |
39,610
-176,088
| -82% | -$3.32M |
|
2010
LivePerson
LPSN
$27M
| $906K | ﹤0.01% |
13,696
-1,390
| -9% | -$223K |
|
|
MKFG
2011
DELISTED
Markforged Holding Corporation
MKFG
| $893K | ﹤0.01% |
+93,150
| New | +$1.16M |
|
2012
Arcutis Biotherapeutics
ARQT
$3.26B
| $891K | ﹤0.01% |
81,012
| – | – |
|
|
CMAX
2013
DELISTED
CareMax, Inc. Class A Common Stock
CMAX
| $879K | ﹤0.01% |
10,973
-8,444
| -43% | -$987K |
|
|
HT
2014
DELISTED
Hersha Hospitality Trust Priority Class A Common Shares of Beneficial Interest
HT
| $870K | ﹤0.01% |
129,500
-5,700
| -4% | -$46.2K |
|
2015
Emergent Biosolutions
EBS
$391M
| $865K | ﹤0.01% |
83,500
-341,209
| -80% | -$4.12M |
|
|
MAPS
2016
DELISTED
WM TECHNOLOGY INC A
MAPS
| $861K | ﹤0.01% |
+1,013,500
| New | +$1.09M |
|
2017
Microvision
MVIS
$85.5M
| $848K | ﹤0.01% |
21,164
-63,996
| -75% | -$2.42M |
|
2018
8x8 Inc
EGHT
$318M
| $845K | ﹤0.01% |
202,625
-796,066
| -80% | -$3.98M |
|
2019
Vertex
VERX
$2B
| $841K | ﹤0.01% |
40,665
| – | – |
|
|
DAO
2020
Youdao
DAO
$2.02B
| $821K | ﹤0.01% |
96,600
| – | – |
|
|
RDFN
2021
DELISTED
Redfin
RDFN
| $817K | ﹤0.01% |
90,187
-813,501
| -90% | -$6.07M |
|
2022
Sana Biotechnology
SANA
$946M
| $816K | ﹤0.01% |
249,621
| – | – |
|
2023
OptimizeRx
OPRX
$129M
| $789K | ﹤0.01% |
53,900
| – | – |
|
2024
Kelly Services Class A
KELYA
$528M
| $773K | ﹤0.01% |
46,600
-70,400
| -60% | -$1.2M |
|
|
AMRS
2025
DELISTED
Amyris Inc.
AMRS
| $768K | ﹤0.01% |
564,645
-747,429
| -57% | -$1.07M |
|
Similar funds
Norges Bank's Q1 2023 Portfolio in Review
As of Q1 2023, Norges Bank held 2,211 positions worth $457B, up 10% from $415B the previous quarter. Its ten largest holdings account for 24% of the portfolio.
Norges Bank's Q1 2023 filing shows 81 new, 1,022 increased, 782 reduced and 124 closed positions. Its largest new stake was GE HealthCare: 2,602,917 shares worth $214M. The largest sale was Bank of America, an estimated $811M.
By sector, the portfolio is most concentrated in Technology at 26% of assets, up from 23% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2023 buy was GE HealthCare: 2,602,917 shares worth $214M.
- Norges Bank added most to Microsoft in Q1 2023, an estimated $764M increase.
- Norges Bank's biggest Q1 2023 reduction was Bank of America, cutting an estimated $811M.
- Norges Bank fully exited SVB Financial Group in Q1 2023, selling an estimated $141M.
- Norges Bank's ten largest holdings make up 24% of its $457B portfolio in Q1 2023.
- Norges Bank opened 81 new positions and closed 124 in Q1 2023.
- Norges Bank's portfolio value rose 10% quarter-over-quarter to $457B.
Based on Norges Bank's 13F filing for Q1 2023, filed 15 May 2023.