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
|
+$1.04B |
| 2 |
Amazon
AMZN
|
+$902M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$877M |
| 4 |
Apple
AAPL
|
+$767M |
| 5 |
NVIDIA
NVDA
|
+$684M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Shell
SHEL
|
+$444M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$415M |
| 3 |
Qualcomm
QCOM
|
+$385M |
| 4 |
Synopsys
SNPS
|
+$314M |
| 5 |
Accenture
ACN
|
+$249M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 27.89% |
| 2 | Financials | 13.39% |
| 3 | Healthcare | 13.16% |
| 4 | Consumer Discretionary | 11.33% |
| 5 | Communication Services | 8.2% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
2026
Beazer Homes USA
BZH
$888M
| – | – |
-224,600
| Closed | -$3.57M |
|
2027
Avis
CAR
$5.47B
| – | – |
-135,790
| Closed | -$26.5M |
|
|
CCRN
2028
DELISTED
Cross Country Healthcare
CCRN
| – | – |
-126,400
| Closed | -$2.82M |
|
2029
Codexis
CDXS
$158M
| – | – |
-162,200
| Closed | -$672K |
|
|
CLDT
2030
Chatham Lodging
CLDT
$632M
| – | – |
-61,100
| Closed | -$641K |
|
2031
Clearwater Paper
CLW
$349M
| – | – |
-31,401
| Closed | -$1.05M |
|
2032
Claros Mortgage Trust
CMTG
$290M
| – | – |
-24,529
| Closed | -$286K |
|
2033
Cosan
CSAN
$3.02B
| – | – |
-129,943
| Closed | -$1.54M |
|
2034
Castle Biosciences
CSTL
$742M
| – | – |
-61,600
| Closed | -$1.4M |
|
|
CVGW
2035
DELISTED
Calavo Growers
CVGW
| – | – |
-13,138
| Closed | -$378K |
|
2036
Carvana
CVNA
$47.5B
| – | – |
-2,048,695
| Closed | -$4.01M |
|
2037
Dropbox
DBX
$7.78B
| – | – |
-449,575
| Closed | -$9.72M |
|
|
EB
2038
DELISTED
Eventbrite
EB
| – | – |
-621,499
| Closed | -$5.33M |
|
2039
Ennis
EBF
$554M
| – | – |
-58,800
| Closed | -$1.24M |
|
2040
Emergent Biosolutions
EBS
$379M
| – | – |
-83,500
| Closed | -$865K |
|
2041
Ecovyst
ECVT
$1.32B
| – | – |
-176,100
| Closed | -$1.95M |
|
2042
8x8 Inc
EGHT
$279M
| – | – |
-202,625
| Closed | -$845K |
|
2043
Energy Recovery
ERII
$420M
| – | – |
-70,900
| Closed | -$1.63M |
|
|
ESPR
2044
DELISTED
Esperion Therapeutics
ESPR
| – | – |
-735,900
| Closed | -$1.17M |
|
|
FARO
2045
DELISTED
Faro Technologies
FARO
| – | – |
-72,888
| Closed | -$1.79M |
|
2046
Franklin Covey
FC
$239M
| – | – |
-102,900
| Closed | -$3.96M |
|
2047
4D Molecular Therapeutics
FDMT
$502M
| – | – |
-294,000
| Closed | -$5.05M |
|
2048
Fossil Group
FOSL
$260M
| – | – |
-429,500
| Closed | -$1.37M |
|
2049
Freshworks
FRSH
$3.21B
| – | – |
-843,404
| Closed | -$13M |
|
2050
Fulcrum Therapeutics
FULC
$241M
| – | – |
-410,500
| Closed | -$1.17M |
|
Similar funds
Norges Bank's Q2 2023 Portfolio in Review
As of Q2 2023, Norges Bank held 2,145 positions worth $507B, up 11% from $457B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Norges Bank's Q2 2023 filing shows 58 new, 905 increased, 790 reduced and 138 closed positions. Its largest new stake was Kenvue: 7,326,131 shares worth $194M. The largest sale was Shell, an estimated $444M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 26% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q2 2023 buy was Kenvue: 7,326,131 shares worth $194M.
- Norges Bank added most to Microsoft in Q2 2023, an estimated $1.04B increase.
- Norges Bank's biggest Q2 2023 reduction was Shell, cutting an estimated $444M.
- Norges Bank fully exited Evoqua Water Technologies Corp. Common Stock in Q2 2023, selling an estimated $175M.
- Norges Bank's ten largest holdings make up 27% of its $507B portfolio in Q2 2023.
- Norges Bank opened 58 new positions and closed 138 in Q2 2023.
- Norges Bank's portfolio value rose 11% quarter-over-quarter to $507B.
Based on Norges Bank's 13F filing for Q2 2023, filed 14 Aug 2023.