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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
+11.12%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$486B
AUM Growth
+$34.4B
Cap. Flow
-$6.45B
Cap. Flow %
-1.33%
Top 10 Hldgs %
23.63%
Holding
2,366
New
96
Increased
712
Reduced
1,022
Closed
162

Top Buys

Rank Stock Value
1
WMT icon
Walmart Inc
WMT
+$629M
2
TMUS icon
T-Mobile US
TMUS
+$562M
3
GOOG icon
Alphabet (Google) Class C
GOOG
+$500M
4
ADSK icon
Autodesk
ADSK
+$426M
5
QCOM icon
Qualcomm
QCOM
+$353M

Top Sells

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$894M
2
AAPL icon
Apple
AAPL
+$645M
3
V icon
Visa
V
+$405M
4
NET icon
Cloudflare
NET
+$282M
5
KSU
Kansas City Southern
KSU
+$251M

Sector Composition

Rank Sector Weight
1 Technology 24.83%
2 Financials 13.82%
3 Healthcare 12.74%
4 Consumer Discretionary 11.89%
5 Communication Services 9.68%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CTVA icon
201
Corteva
CTVA
$53.7B
$466M 0.1%
9,855,152
-111,587
-1% -$5.08M
CTSH icon
202
Cognizant
CTSH
$24.5B
$466M 0.1%
5,247,290
+120,011
+2% +$9.65M
DOC icon
203
Healthpeak Properties
DOC
$15.1B
$465M 0.1%
12,883,777
– –
MCHP icon
204
Microchip Technology
MCHP
$40.7B
$463M 0.1%
5,312,618
+102,252
+2% +$8.27M
A icon
205
Agilent Technologies
A
$38.8B
$456M 0.09%
2,854,695
-68,329
-2% -$10.6M
HPQ icon
206
HP
HPQ
$24.9B
$454M 0.09%
12,064,009
+3,500,792
+41% +$114M
CMG icon
207
Chipotle Mexican Grill
CMG
$47.6B
$450M 0.09%
12,868,150
+160,750
+1% +$5.66M
ORLY icon
208
O'Reilly Automotive
ORLY
$72.6B
$450M 0.09%
9,553,080
-319,215
-3% -$13.8M
CDNS icon
209
Cadence Design Systems
CDNS
$93.1B
$448M 0.09%
2,406,345
-30,658
-1% -$5.34M
DRE
210
DELISTED
Duke Realty Corp.
DRE
$447M 0.09%
6,803,345
-196,964
-3% -$11.4M
RDS.B
211
DELISTED
Royal Dutch Shell PLC ADS Class B
RDS.B
$445M 0.09%
10,258,364
-2,098,027
-17% -$94.6M
EXR icon
212
Extra Space Storage
EXR
$31.4B
$440M 0.09%
1,939,122
-10,966
-0.6% -$2.17M
ROP icon
213
Roper Technologies
ROP
$38.8B
$438M 0.09%
891,055
-90,314
-9% -$43M
MSI icon
214
Motorola Solutions
MSI
$72.1B
$437M 0.09%
1,610,140
+29,442
+2% +$7.41M
MSCI icon
215
MSCI
MSCI
$41.9B
$437M 0.09%
713,937
-10,265
-1% -$6.44M
NIO icon
216
NIO
NIO
$12.1B
$436M 0.09%
13,749,756
-538,611
-4% -$19.8M
MET icon
217
MetLife
MET
$62.4B
$430M 0.09%
6,886,988
+349,468
+5% +$21.9M
CHTR icon
218
Charter Communications
CHTR
$17.3B
$430M 0.09%
659,228
-292,294
-31% -$199M
DOW icon
219
Dow Inc
DOW
$21.6B
$429M 0.09%
7,570,475
-1,332,397
-15% -$76M
L icon
220
Loews
L
$24.1B
$424M 0.09%
7,348,069
-526,594
-7% -$29.9M
HST icon
221
Host Hotels & Resorts
HST
$17.3B
$422M 0.09%
24,280,749
– –
CNH
222
CNH Industrial
CNH
$12.8B
$422M 0.09%
24,970,561
-4,201,989
-14% -$64.4M
AZO icon
223
AutoZone
AZO
$49.4B
$420M 0.09%
200,392
-7,689
-4% -$14.3M
APD icon
224
Air Products & Chemicals
APD
$65.2B
$416M 0.09%
1,368,126
-322,048
-19% -$94.5M
SUI icon
225
Sun Communities
SUI
$15.2B
$416M 0.09%
1,981,844
+7,008
+0.4% +$1.38M
7 8
9
10 11

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Norges Bank's Q4 2021 Portfolio in Review

As of Q4 2021, Norges Bank held 2,366 positions worth $486B, up 7.6% from $452B the previous quarter. Its ten largest holdings account for 24% of the portfolio.

Norges Bank's Q4 2021 filing shows 96 new, 712 increased, 1,022 reduced and 162 closed positions. Its largest new stake was Rivian: 1,993,212 shares worth $207M. The largest sale was Alphabet (Google) Class A, an estimated $894M.

By sector, the portfolio is most concentrated in Technology at 25% of assets, up from 23% a quarter earlier, followed by Financials and Healthcare.

  • Norges Bank's largest Q4 2021 buy was Rivian: 1,993,212 shares worth $207M.
  • Norges Bank added most to Walmart Inc in Q4 2021, an estimated $629M increase.
  • Norges Bank's biggest Q4 2021 reduction was Alphabet (Google) Class A, cutting an estimated $894M.
  • Norges Bank fully exited Kansas City Southern in Q4 2021, selling an estimated $251M.
  • Norges Bank's ten largest holdings make up 24% of its $486B portfolio in Q4 2021.
  • Norges Bank opened 96 new positions and closed 162 in Q4 2021.
  • Norges Bank's portfolio value rose 7.6% quarter-over-quarter to $486B.

Based on Norges Bank's 13F filing for Q4 2021, filed 10 Feb 2022.