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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
+9.95%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$507B
AUM Growth
+$49.8B
Cap. Flow
+$12.1B
Cap. Flow %
2.38%
Top 10 Hldgs %
27.24%
Holding
2,145
New
58
Increased
905
Reduced
790
Closed
138

Top Buys

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$1.04B
2
AMZN icon
Amazon
AMZN
+$902M
3
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$877M
4
AAPL icon
Apple
AAPL
+$767M
5
NVDA icon
NVIDIA
NVDA
+$684M

Top Sells

Rank Stock Value
1
SHEL icon
Shell
SHEL
+$444M
2
GOOG icon
Alphabet (Google) Class C
GOOG
+$415M
3
QCOM icon
Qualcomm
QCOM
+$385M
4
SNPS icon
Synopsys
SNPS
+$314M
5
ACN icon
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
L icon
201
Loews
L
$24.5B
$457M 0.09%
7,689,947
+530,973
+7% +$30.7M
IDXX icon
202
Idexx Laboratories
IDXX
$44.9B
$448M 0.09%
892,506
+27,152
+3% +$13M
MNST icon
203
Monster Beverage
MNST
$95.1B
$447M 0.09%
7,773,382
+435,512
+6% +$24.8M
EXC icon
204
Exelon
EXC
$48.1B
$445M 0.09%
10,926,261
+2,381,959
+28% +$98.5M
O icon
205
Realty Income
O
$61.1B
$442M 0.09%
7,396,083
+561,358
+8% +$34.3M
NEOG icon
206
Neogen
NEOG
$2.05B
$439M 0.09%
20,199,524
-68,337
-0.3% -$1.24M
MPC icon
207
Marathon Petroleum
MPC
$90.1B
$438M 0.09%
3,759,832
-88,720
-2% -$10.3M
FTNT icon
208
Fortinet
FTNT
$112B
$438M 0.09%
5,796,529
-442,022
-7% -$30.1M
FIS icon
209
Fidelity National Information Services
FIS
$24.2B
$437M 0.09%
7,997,346
+1,337,303
+20% +$73.6M
HSY icon
210
Hershey
HSY
$37.3B
$436M 0.09%
1,747,671
+58,180
+3% +$15.3M
ADM icon
211
Archer Daniels Midland
ADM
$38.7B
$435M 0.09%
5,753,256
-117,646
-2% -$8.91M
MFC icon
212
Manulife Financial
MFC
$73B
$434M 0.09%
22,977,909
-1,031,232
-4% -$19.7M
XYZ
213
Block Inc
XYZ
$48.9B
$434M 0.09%
6,513,587
+1,061,987
+19% +$66.4M
HST icon
214
Host Hotels & Resorts
HST
$17.5B
$433M 0.09%
25,730,890
+172,600
+0.7% +$2.89M
SYY icon
215
Sysco
SYY
$40.8B
$431M 0.09%
5,804,220
+427,483
+8% +$31.6M
ADP icon
216
Automatic Data Processing
ADP
$109B
$431M 0.09%
1,959,453
-231,207
-11% -$49.9M
STZ icon
217
Constellation Brands
STZ
$22.5B
$426M 0.08%
1,731,938
+145,621
+9% +$34.1M
MSCI icon
218
MSCI
MSCI
$42.4B
$422M 0.08%
899,667
+73,748
+9% +$36M
ON icon
219
ON Semiconductor
ON
$30.7B
$422M 0.08%
4,460,228
-39,745
-0.9% -$3.29M
AMP icon
220
Ameriprise Financial
AMP
$47.8B
$421M 0.08%
1,268,196
-9,664
-0.8% -$2.97M
BKR icon
221
Baker Hughes
BKR
$58.3B
$421M 0.08%
13,315,176
+6,916,388
+108% +$202M
ANET icon
222
Arista Networks
ANET
$199B
$421M 0.08%
10,385,964
+690,768
+7% +$26.7M
A icon
223
Agilent Technologies
A
$39.6B
$421M 0.08%
3,499,012
+600,165
+21% +$76.5M
DG icon
224
Dollar General
DG
$28.4B
$420M 0.08%
2,471,462
+126,465
+5% +$25M
PDD icon
225
Pinduoduo
PDD
$126B
$417M 0.08%
6,030,110
-441,653
-7% -$30.3M
7 8
9
10 11

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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.