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 |
Walt Disney
DIS
|
+$382M |
| 2 |
Alibaba
BABA
|
+$346M |
| 3 |
Meta Platforms (Facebook)
META
|
+$240M |
| 4 |
Citigroup
C
|
+$223M |
| 5 |
Procter & Gamble
PG
|
+$194M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$631M |
| 2 |
Linde
LIN
|
+$310M |
| 3 |
Alcoa
AA
|
+$208M |
| 4 |
Blackrock
BLK
|
+$158M |
| 5 |
Oracle
ORCL
|
+$157M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 17.87% |
| 2 | Financials | 16.34% |
| 3 | Healthcare | 13.72% |
| 4 | Consumer Discretionary | 11.63% |
| 5 | Communication Services | 9.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
AHT
2026
Ashford Hospitality Trust
AHT
$20.8M
| $1.52M | ﹤0.01% |
323
-1,162
| -78% | -$5.6M |
|
2027
Alector
ALEC
$169M
| $1.5M | ﹤0.01% |
+80,000
| New | +$1.51M |
|
|
ACH
2028
Accendra Health
ACH
$254M
| $1.46M | ﹤0.01% |
356,308
-624,418
| -64% | -$3.95M |
|
|
EVOP
2029
DELISTED
EVO Payments, Inc. Class A Common Stock
EVOP
| $1.45M | ﹤0.01% |
50,000
| – | – |
|
2030
Prothena Corp
PRTA
$448M
| $1.45M | ﹤0.01% |
119,553
-95,238
| -44% | -$1.19M |
|
|
AKRX
2031
DELISTED
Akorn Inc
AKRX
| $1.36M | ﹤0.01% |
387,792
-1,024,869
| -73% | -$3.93M |
|
|
PGTI
2032
DELISTED
PGT, Inc.
PGTI
| $1.36M | ﹤0.01% |
98,169
| – | – |
|
2033
BrightView Holdings
BV
$1.24B
| $1.35M | ﹤0.01% |
93,874
-700,000
| -88% | -$9.73M |
|
2034
Atkore
ATKR
$2.41B
| $1.33M | ﹤0.01% |
61,669
-42,881
| -41% | -$958K |
|
2035
Arbutus Biopharma
ABUS
$847M
| $1.32M | ﹤0.01% |
369,720
| – | – |
|
2036
Middlesex Water
MSEX
$1.07B
| $1.32M | ﹤0.01% |
23,642
| – | – |
|
|
GNC
2037
DELISTED
GNC Holdings, Inc.
GNC
| $1.3M | ﹤0.01% |
474,967
| – | – |
|
2038
Bloom Energy
BE
$48.2B
| $1.29M | ﹤0.01% |
100,000
| – | – |
|
2039
Tenable Holdings
TENB
$3.47B
| $1.27M | ﹤0.01% |
40,000
| – | – |
|
2040
nLIGHT
LASR
$3.33B
| $1.26M | ﹤0.01% |
56,356
| – | – |
|
|
BEL
2041
DELISTED
Belmond Ltd.
BEL
| $1.21M | ﹤0.01% |
48,514
| – | – |
|
|
ARCE
2042
DELISTED
Arco Platform Limited Class A Common Shares
ARCE
| $1.2M | ﹤0.01% |
37,300
-2,700
| -7% | -$68.7K |
|
2043
Allot
ALLT
$362M
| $1.17M | ﹤0.01% |
151,194
| – | – |
|
|
IMGN
2044
DELISTED
Immunogen Inc
IMGN
| $1.16M | ﹤0.01% |
428,383
| – | – |
|
2045
Compañía de Cervecerías Unidas
CCU
$2.14B
| $1.14M | ﹤0.01% |
38,714
| – | – |
|
|
DPLO
2046
DELISTED
DIPLOMAT PHARMACY, INC.
DPLO
| $1.12M | ﹤0.01% |
192,558
| – | – |
|
2047
UroGen Pharma
URGN
$1.97B
| $1.11M | ﹤0.01% |
+30,000
| New | +$1.26M |
|
2048
Axogen
AXGN
$2.2B
| $1.06M | ﹤0.01% |
50,391
| – | – |
|
2049
Stride
LRN
$4.16B
| $1.05M | ﹤0.01% |
+30,854
| New | +$941K |
|
2050
Mammoth Energy Services
TUSK
$122M
| $999K | ﹤0.01% |
60,000
| – | – |
|
Similar funds
Norges Bank's Q1 2019 Portfolio in Review
As of Q1 2019, Norges Bank held 2,169 positions worth $310B, up 15% from $269B the previous quarter. Its ten largest holdings account for 17% of the portfolio.
Trading was light in Q1 2019: portfolio turnover was 4.1%. Norges Bank opened 45 new positions and exited 43, leaving the 2,169-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 18% of assets, up from 17% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2019 buy was Fox Class B: 4,938,483 shares worth $177M.
- Norges Bank added most to Walt Disney in Q1 2019, an estimated $382M increase.
- Norges Bank's biggest Q1 2019 reduction was Linde, cutting an estimated $310M.
- Norges Bank fully exited Twenty-First Century Fox, Inc. Class B in Q1 2019, selling an estimated $631M.
- Norges Bank's ten largest holdings make up 17% of its $310B portfolio in Q1 2019.
- Norges Bank opened 45 new positions and closed 43 in Q1 2019.
- Norges Bank's portfolio value rose 15% quarter-over-quarter to $310B.
Based on Norges Bank's 13F filing for Q1 2019, filed 9 May 2019.