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Norges Bank

Norges Bank Portfolio holdings

AUM $935B
 

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.

This Fund
S&P 500
This Quarter Est. Return
+17.57%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$428B
AUM Growth
+$51.8B
Cap. Flow
-$935M
Cap. Flow %
-0.22%
Top 10 Hldgs %
22.21%
Holding
2,221
New
93
Increased
782
Reduced
898
Closed
111

Top Buys

Rank Stock Value
1
META icon
Meta Platforms (Facebook)
META
+$445M
2
UL icon
Unilever
UL
+$365M
3
MS icon
Morgan Stanley
MS
+$281M
4
CRM icon
Salesforce
CRM
+$260M
5
QS icon
QuantumScape Corp
QS
+$238M

Top Sells

Rank Stock Value
1
UN
Unilever NV New York Registry Shares
UN
+$368M
2
AIG icon
American International
AIG
+$362M
3
MMM icon
3M
MMM
+$278M
4
LEA icon
Lear
LEA
+$269M
5
GOOG icon
Alphabet (Google) Class C
GOOG
+$268M

Sector Composition

Rank Sector Weight
1 Technology 23.44%
2 Consumer Discretionary 14.21%
3 Financials 13.78%
4 Healthcare 12.84%
5 Communication Services 10.41%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SNPS icon
201
Synopsys
SNPS
$74.4B
$384M 0.09%
1,479,740
-53,951
-4% -$12.4M
PSA icon
202
Public Storage
PSA
$60.5B
$383M 0.09%
1,659,098
-42,350
-2% -$9.71M
CDNS icon
203
Cadence Design Systems
CDNS
$93.6B
$373M 0.09%
2,737,490
+11,983
+0.4% +$1.41M
ALL icon
204
Allstate
ALL
$68B
$373M 0.09%
3,396,635
+379,795
+13% +$37.3M
LHX icon
205
L3Harris
LHX
$51.6B
$372M 0.09%
1,970,387
-94,501
-5% -$17.3M
TAL icon
206
TAL Education Group
TAL
$6.93B
$371M 0.09%
5,186,287
-40,622
-0.8% -$2.93M
DOCU
207
DocuSign
DOCU
$10.5B
$367M 0.09%
1,652,343
+98,432
+6% +$22.1M
JBGS
208
JBG SMITH
JBGS
$818M
$366M 0.09%
11,714,255
– –
STZ icon
209
Constellation Brands
STZ
$22.2B
$366M 0.09%
1,670,657
-106,350
-6% -$20.9M
EA icon
210
Electronic Arts
EA
$53B
$366M 0.09%
2,545,940
-68,361
-3% -$8.81M
LULU icon
211
lululemon athletica
LULU
$13.5B
$365M 0.09%
1,048,855
-88,321
-8% -$30.7M
UL icon
212
Unilever
UL
$137B
$365M 0.09%
+5,372,571
New +$365M
EDU icon
213
New Oriental
EDU
$9.37B
$361M 0.08%
1,942,409
-46,955
-2% -$7.9M
VEEV icon
214
Veeva Systems
VEEV
$33.1B
$361M 0.08%
1,325,264
-47,306
-3% -$13.3M
CNC icon
215
Centene
CNC
$30.7B
$361M 0.08%
6,006,538
+321,052
+6% +$20.4M
CSGP icon
216
CoStar Group
CSGP
$11.7B
$360M 0.08%
3,895,550
-106,380
-3% -$9.33M
MCHP icon
217
Microchip Technology
MCHP
$40.3B
$359M 0.08%
5,203,626
+486,434
+10% +$30.3M
PANW icon
218
Palo Alto Networks
PANW
$270B
$359M 0.08%
6,058,260
-106,068
-2% -$4.96M
BNY
219
Bank of New York Mellon
BNY
$106B
$359M 0.08%
8,452,252
+8,829
+0.1% +$339K
A icon
220
Agilent Technologies
A
$39.1B
$359M 0.08%
3,026,489
+1,177
+0% +$130K
SLF icon
221
Sun Life Financial
SLF
$46B
$358M 0.08%
8,044,284
-186,279
-2% -$8.07M
CMG icon
222
Chipotle Mexican Grill
CMG
$47.2B
$355M 0.08%
12,804,450
+854,100
+7% +$22.4M
MAR icon
223
Marriott International
MAR
$98.3B
$354M 0.08%
2,686,583
+131,734
+5% +$15M
MSCI icon
224
MSCI
MSCI
$41.6B
$351M 0.08%
786,189
+4,830
+0.6% +$1.9M
SYY icon
225
Sysco
SYY
$40.8B
$351M 0.08%
4,727,375
+2,884
+0.1% +$198K
7 8
9
10 11

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Norges Bank's Q4 2020 Portfolio in Review

As of Q4 2020, Norges Bank held 2,221 positions worth $428B, up 14% from $376B the previous quarter. Its ten largest holdings account for 22% of the portfolio.

Norges Bank's Q4 2020 filing shows 93 new, 782 increased, 898 reduced and 111 closed positions. Its largest new stake was Unilever: 5,372,571 shares worth $365M. The largest sale was Unilever NV New York Registry Shares, an estimated $368M.

By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 24% a quarter earlier, followed by Consumer Discretionary and Financials.

  • Norges Bank's largest Q4 2020 buy was Unilever: 5,372,571 shares worth $365M.
  • Norges Bank added most to Meta Platforms (Facebook) in Q4 2020, an estimated $445M increase.
  • Norges Bank's biggest Q4 2020 reduction was American International, cutting an estimated $362M.
  • Norges Bank fully exited Unilever NV New York Registry Shares in Q4 2020, selling an estimated $368M.
  • Norges Bank's ten largest holdings make up 22% of its $428B portfolio in Q4 2020.
  • Norges Bank opened 93 new positions and closed 111 in Q4 2020.
  • Norges Bank's portfolio value rose 14% quarter-over-quarter to $428B.

Based on Norges Bank's 13F filing for Q4 2020, filed 10 Feb 2021.