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 |
Linde
LIN
|
+$2.66B |
| 2 |
Cigna
CI
|
+$285M |
| 3 |
Boston Properties
BXP
|
+$242M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$242M |
| 5 |
Aptiv
APTV
|
+$240M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AET
Aetna Inc
AET
|
+$646M |
| 2 |
ESRX
Express Scripts Holding Company
ESRX
|
+$543M |
| 3 |
PX
Praxair Inc
PX
|
+$305M |
| 4 |
COL
Rockwell Collins
COL
|
+$240M |
| 5 |
ANDV
Andeavor
ANDV
|
+$222M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 17.08% |
| 2 | Financials | 16.89% |
| 3 | Healthcare | 14.43% |
| 4 | Consumer Discretionary | 11.2% |
| 5 | Communication Services | 9.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
201
Roper Technologies
ROP
$40.3B
| $257M | 0.1% |
965,003
-12,484
| -1% | -$3.53M |
|
202
State Street
STT
$49.1B
| $257M | 0.1% |
4,076,380
-16,315
| -0.4% | -$1.17M |
|
|
JBGS
203
JBG SMITH
JBGS
$853M
| $255M | 0.1% |
7,333,907
| – | – |
|
|
AABA
204
DELISTED
Altaba Inc
AABA
| $255M | 0.09% |
4,403,952
| – | – |
|
205
Advanced Micro Devices
AMD
$720B
| $252M | 0.09% |
13,674,155
+4,395,189
| +47% | +$95M |
|
206
Xylem
XYL
$28.6B
| $251M | 0.09% |
3,767,865
| – | – |
|
207
Welltower
WELL
$173B
| $249M | 0.09% |
3,580,363
+328,509
| +10% | +$22.4M |
|
|
PGRE
208
DELISTED
Paramount Group
PGRE
| $246M | 0.09% |
19,623,132
+5,399,936
| +38% | +$76M |
|
209
Fortive
FTV
$18B
| $246M | 0.09% |
5,776,422
+167,624
| +3% | +$7.87M |
|
210
Centene
CNC
$30.5B
| $246M | 0.09% |
4,264,678
+181,554
| +4% | +$12.2M |
|
|
APC
211
DELISTED
Anadarko Petroleum
APC
| $246M | 0.09% |
5,605,999
+189,057
| +3% | +$10.7M |
|
212
eBay
EBAY
$51.7B
| $244M | 0.09% |
8,704,242
-467,364
| -5% | -$13.7M |
|
213
Electronic Arts
EA
$52.4B
| $243M | 0.09% |
3,084,169
+89,650
| +3% | +$8.22M |
|
214
Edison International
EIX
$30.4B
| $241M | 0.09% |
4,247,566
| – | – |
|
215
Corning
GLW
$108B
| $237M | 0.09% |
7,855,332
-15,743
| -0.2% | -$502K |
|
216
Constellation Brands
STZ
$22.4B
| $237M | 0.09% |
1,474,537
-5,408
| -0.4% | -$1.07M |
|
217
VF Corp
VFC
$5.86B
| $237M | 0.09% |
3,525,236
| – | – |
|
218
Halliburton
HAL
$26B
| $237M | 0.09% |
8,901,278
+101,411
| +1% | +$3.42M |
|
219
NXP Semiconductors
NXPI
$62.3B
| $234M | 0.09% |
3,196,737
+26,125
| +0.8% | +$2.07M |
|
220
Estee Lauder
EL
$30.8B
| $234M | 0.09% |
1,796,974
-175,805
| -9% | -$23.9M |
|
221
Cummins
CMI
$84.8B
| $232M | 0.09% |
1,737,967
-125,145
| -7% | -$17.7M |
|
222
Las Vegas Sands
LVS
$32.2B
| $230M | 0.09% |
4,412,760
-23,736
| -0.5% | -$1.29M |
|
223
AvalonBay Communities
AVB
$27.5B
| $226M | 0.08% |
1,298,088
| – | – |
|
224
Archer Daniels Midland
ADM
$39B
| $226M | 0.08% |
5,514,500
+52,083
| +1% | +$2.43M |
|
225
Motorola Solutions
MSI
$72.7B
| $225M | 0.08% |
1,953,682
+27,851
| +1% | +$3.46M |
|
Similar funds
Norges Bank's Q4 2018 Portfolio in Review
As of Q4 2018, Norges Bank held 2,178 positions worth $269B, down 13% from $308B the previous quarter. Its ten largest holdings account for 16% of the portfolio.
Trading was light in Q4 2018: portfolio turnover was 4.1%. Norges Bank opened 36 new positions and exited 54, leaving the 2,178-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 17% of assets, down from 18% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q4 2018 buy was Linde: 16,803,065 shares worth $2.62B.
- Norges Bank added most to Cigna in Q4 2018, an estimated $285M increase.
- Norges Bank's biggest Q4 2018 reduction was Boston Scientific, cutting an estimated $168M.
- Norges Bank fully exited Aetna Inc in Q4 2018, selling an estimated $646M.
- Norges Bank's ten largest holdings make up 16% of its $269B portfolio in Q4 2018.
- Norges Bank opened 36 new positions and closed 54 in Q4 2018.
- Norges Bank's portfolio value fell 13% quarter-over-quarter to $269B.
Based on Norges Bank's 13F filing for Q4 2018, filed 8 Feb 2019.