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 | |
|---|---|---|---|---|---|---|
|
LOGC
2026
DELISTED
ContextLogic
LOGC
| $1.26M | ﹤0.01% |
86,088
+17,353
| +25% | +$357K |
|
2027
Pitney Bowes
PBI
$2.38B
| $1.26M | ﹤0.01% |
+331,000
| New | +$1.12M |
|
2028
Orthofix Medical
OFIX
$371M
| $1.25M | ﹤0.01% |
+60,900
| New | +$1.07M |
|
|
ESMT
2029
DELISTED
EngageSmart, Inc.
ESMT
| $1.25M | ﹤0.01% |
70,800
+17,100
| +32% | +$314K |
|
2030
Columbia Banking Systems
COLB
$8.52B
| $1.24M | ﹤0.01% |
41,208
| – | – |
|
|
GTHX
2031
DELISTED
G1 Therapeutics, Inc. Common Stock
GTHX
| $1.23M | ﹤0.01% |
225,700
| – | – |
|
|
ACCD
2032
DELISTED
Accolade Inc
ACCD
| $1.21M | ﹤0.01% |
155,474
-29,027
| -16% | -$277K |
|
2033
FerroAtlántica
GSM
$789M
| $1.2M | ﹤0.01% |
+312,500
| New | +$1.55M |
|
2034
Arcutis Biotherapeutics
ARQT
$3.05B
| $1.2M | ﹤0.01% |
81,012
| – | – |
|
2035
Philips
PHG
$24.5B
| $1.2M | ﹤0.01% |
93,148
| – | – |
|
2036
Nelnet
NNI
$4.56B
| $1.19M | ﹤0.01% |
13,166
-120,356
| -90% | -$10.9M |
|
2037
Clearwater Paper
CLW
$337M
| $1.19M | ﹤0.01% |
31,401
-6,000
| -16% | -$234K |
|
2038
Crocs
CROX
$5.35B
| $1.18M | ﹤0.01% |
10,914
-19,532
| -64% | -$1.73M |
|
2039
Vanda Pharmaceuticals
VNDA
$311M
| $1.18M | ﹤0.01% |
+159,000
| New | +$1.55M |
|
|
MRUS
2040
DELISTED
Merus
MRUS
| $1.16M | ﹤0.01% |
75,000
| – | – |
|
|
HT
2041
DELISTED
Hersha Hospitality Trust Priority Class A Common Shares of Beneficial Interest
HT
| $1.15M | ﹤0.01% |
+135,200
| New | +$1.21M |
|
2042
Perion Network
PERI
$356M
| $1.13M | ﹤0.01% |
45,238
| – | – |
|
|
MORF
2043
DELISTED
Morphic Holding, Inc. Common Stock
MORF
| $1.12M | ﹤0.01% |
42,000
-1,400
| -3% | -$38.3K |
|
2044
Pure Cycle
PCYO
$266M
| $1.12M | ﹤0.01% |
+106,500
| New | +$996K |
|
|
BZUN
2045
Baozun
BZUN
$158M
| $1.1M | ﹤0.01% |
208,400
-76,112
| -27% | -$364K |
|
2046
First Watch Restaurant Group
FWRG
$701M
| $1.1M | ﹤0.01% |
+81,000
| New | +$1.23M |
|
2047
Ducommun
DCO
$2.48B
| $1.08M | ﹤0.01% |
+21,700
| New | +$1.03M |
|
2048
Cullinan Oncology
CGEM
$1.31B
| $1.08M | ﹤0.01% |
101,900
| – | – |
|
2049
Carriage Services
CSV
$522M
| $1.07M | ﹤0.01% |
+38,800
| New | +$1.05M |
|
2050
Andersons Inc
ANDE
$2.44B
| $1.06M | ﹤0.01% |
+30,400
| New | +$1.08M |
|
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.