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 |
WFT
Weatherford International plc
WFT
|
+$134M |
| 2 |
Alcoa
AA
|
+$129M |
| 3 |
SWN
Southwestern Energy Company
SWN
|
+$99.6M |
| 4 |
Metallus
MTUS
|
+$92.2M |
| 5 |
Liberty Media Series C
FWONK
|
+$76.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$4.4B |
| 2 |
Blackrock
BLK
|
+$3.79B |
| 3 |
ExxonMobil
XOM
|
+$3.16B |
| 4 |
Microsoft
MSFT
|
+$2.79B |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$2.22B |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 17% |
| 2 | Technology | 13.81% |
| 3 | Healthcare | 12.74% |
| 4 | Energy | 9.56% |
| 5 | Industrials | 9.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SE
201
DELISTED
Spectra Energy Corp Wi
SE
| $180M | 0.1% |
4,576,815
-4,576,815
| -50% | -$188M |
|
202
Salesforce
CRM
$154B
| $178M | 0.1% |
3,089,502
-3,067,076
| -50% | -$173M |
|
203
Stryker
SYK
$135B
| $177M | 0.1% |
2,198,085
-2,198,085
| -50% | -$181M |
|
204
Netflix
NFLX
$307B
| $177M | 0.1% |
27,454,350
-27,454,350
| -50% | -$178M |
|
205
Cenovus Energy
CVE
$54.2B
| $177M | 0.1% |
6,556,484
-6,026,462
| -48% | -$184M |
|
206
Tesla
TSLA
$1.18T
| $176M | 0.1% |
10,900,935
-9,037,905
| -45% | -$149M |
|
207
Broadcom
AVGO
$1.76T
| $176M | 0.1% |
20,192,900
-21,550,280
| -52% | -$168M |
|
208
Corning
GLW
$107B
| $175M | 0.1% |
9,063,507
-9,276,549
| -51% | -$193M |
|
209
International Paper
IP
$22.6B
| $173M | 0.09% |
3,828,914
-3,800,709
| -50% | -$175M |
|
210
Vertex Pharmaceuticals
VRTX
$123B
| $173M | 0.09% |
1,540,270
-1,540,270
| -50% | -$147M |
|
211
Sysco
SYY
$40.8B
| $173M | 0.09% |
4,555,261
-4,555,261
| -50% | -$170M |
|
212
Humana
HUM
$43.9B
| $172M | 0.09% |
1,318,993
-1,353,031
| -51% | -$172M |
|
|
DFS
213
DELISTED
Discover Financial Services
DFS
| $171M | 0.09% |
2,661,475
-2,446,101
| -48% | -$153M |
|
|
MJN
214
DELISTED
Mead Johnson Nutrition Company
MJN
| $170M | 0.09% |
1,771,845
-1,667,217
| -48% | -$158M |
|
|
BHI
215
DELISTED
Baker Hughes
BHI
| $169M | 0.09% |
2,600,025
-2,843,913
| -52% | -$198M |
|
216
Becton Dickinson
BDX
$46.4B
| $168M | 0.09% |
1,516,592
-1,446,857
| -49% | -$165M |
|
217
Imperial Oil
IMO
$62.3B
| $168M | 0.09% |
3,554,624
-3,440,610
| -49% | -$177M |
|
218
SBA Communications
SBAC
$19.8B
| $168M | 0.09% |
1,515,777
+396,583
| +35% | +$42.9M |
|
219
Hershey
HSY
$37.3B
| $168M | 0.09% |
1,760,748
-1,760,748
| -50% | -$163M |
|
220
Estee Lauder
EL
$30.4B
| $166M | 0.09% |
2,225,148
-2,225,148
| -50% | -$167M |
|
|
NBL
221
DELISTED
Noble Energy, Inc.
NBL
| $165M | 0.09% |
2,412,124
-2,440,744
| -50% | -$174M |
|
222
Equinix
EQIX
$99.4B
| $165M | 0.09% |
774,705
-836,895
| -52% | -$180M |
|
223
Perrigo
PRGO
$1.44B
| $163M | 0.09% |
1,082,147
-1,176,901
| -52% | -$175M |
|
|
TWTR
224
DELISTED
Twitter, Inc.
TWTR
| $161M | 0.09% |
3,126,257
-1,624,775
| -34% | -$73.4M |
|
225
Marriott International
MAR
$100B
| $160M | 0.09% |
2,285,672
-1,725,506
| -43% | -$117M |
|
Similar funds
Norges Bank's Q3 2014 Portfolio in Review
As of Q3 2014, Norges Bank held 2,360 positions worth $185B, down 50% from $371B the previous quarter. Its ten largest holdings account for 15% of the portfolio.
Norges Bank withdrew a net $184B in Q3 2014, closing 32 positions and reducing 2,169 holdings. Its most notable exit was Deutsche Bank, an estimated $1.74B position sold in full.
By sector, the portfolio is most concentrated in Financials at 17% of assets, down from 17% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Norges Bank opened a new position in Metallus worth $92.8M.
- Norges Bank's largest Q3 2014 buy was Metallus: 1,996,282 shares worth $92.8M.
- Norges Bank added most to Weatherford International plc in Q3 2014, an estimated $134M increase.
- Norges Bank's biggest Q3 2014 reduction was Apple, cutting an estimated $4.4B.
- Norges Bank fully exited Deutsche Bank in Q3 2014, selling an estimated $1.74B.
- Norges Bank's ten largest holdings make up 15% of its $185B portfolio in Q3 2014.
- Norges Bank opened 110 new positions and closed 32 in Q3 2014.
- Norges Bank's portfolio value fell 50% quarter-over-quarter to $185B.
Based on Norges Bank's 13F filing for Q3 2014, filed 7 Nov 2014.