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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
+12.61%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$634B
AUM Growth
+$61.3B
Cap. Flow
+$6.27B
Cap. Flow %
0.99%
Top 10 Hldgs %
27.3%
Holding
1,998
New
56
Increased
971
Reduced
737
Closed
113

Top Buys

Rank Stock Value
1
GOOG icon
Alphabet (Google) Class C
GOOG
+$1.19B
2
FLUT icon
Flutter Entertainment
FLUT
+$879M
3
UNH icon
UnitedHealth
UNH
+$494M
4
MU icon
Micron Technology
MU
+$474M
5
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$426M

Top Sells

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$2.41B
2
AAPL icon
Apple
AAPL
+$1.93B
3
TMUS icon
T-Mobile US
TMUS
+$825M
4
AMZN icon
Amazon
AMZN
+$690M
5
MSFT icon
Microsoft
MSFT
+$583M

Sector Composition

Rank Sector Weight
1 Technology 28.02%
2 Financials 14.31%
3 Healthcare 12.25%
4 Consumer Discretionary 10.83%
5 Communication Services 8.53%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PINS icon
201
Pinterest
PINS
$13.4B
$626M 0.1%
18,048,068
+11,535,413
+177% +$419M
MET icon
202
MetLife
MET
$61.9B
$618M 0.1%
8,345,134
-99,748
-1% -$6.95M
BX icon
203
Blackstone
BX
$102B
$616M 0.1%
4,688,015
-726,432
-13% -$90.7M
AMP icon
204
Ameriprise Financial
AMP
$48.3B
$611M 0.1%
1,392,485
+37,830
+3% +$15.1M
ROST icon
205
Ross Stores
ROST
$80.5B
$610M 0.1%
4,153,382
+372,868
+10% +$53.4M
NSC icon
206
Norfolk Southern
NSC
$75.4B
$606M 0.1%
2,376,591
+21,074
+0.9% +$5.21M
DHI icon
207
D.R. Horton
DHI
$40B
$596M 0.09%
3,623,870
+225,196
+7% +$33.8M
EL icon
208
Estee Lauder
EL
$30.4B
$595M 0.09%
3,858,375
+309,830
+9% +$44M
HLT icon
209
Hilton Worldwide
HLT
$72.1B
$587M 0.09%
2,750,329
+141,330
+5% +$27.8M
CEG icon
210
Constellation Energy
CEG
$93.8B
$586M 0.09%
3,172,167
+542,978
+21% +$77.1M
CPRT icon
211
Copart
CPRT
$27B
$578M 0.09%
9,980,931
+526,611
+6% +$27.1M
CCI icon
212
Crown Castle
CCI
$33.3B
$572M 0.09%
5,401,639
+353,435
+7% +$38.4M
L icon
213
Loews
L
$23.9B
$570M 0.09%
7,285,402
-59,895
-0.8% -$4.43M
ODFL icon
214
Old Dominion Freight Line
ODFL
$44.1B
$567M 0.09%
2,584,986
+140,620
+6% +$29.3M
DFS
215
DELISTED
Discover Financial Services
DFS
$560M 0.09%
4,272,184
+1,405,643
+49% +$161M
COLD icon
216
Americold
COLD
$4.02B
$557M 0.09%
22,367,929
– –
GM icon
217
General Motors
GM
$80.4B
$549M 0.09%
12,097,856
-4,669,406
-28% -$181M
MRVL icon
218
Marvell Technology
MRVL
$168B
$545M 0.09%
7,682,976
-793,487
-9% -$54.3M
BKR icon
219
Baker Hughes
BKR
$60B
$541M 0.09%
16,158,735
+21,946
+0.1% +$677K
NUE icon
220
Nucor
NUE
$58.6B
$541M 0.09%
2,732,657
+562,863
+26% +$103M
MFC icon
221
Manulife Financial
MFC
$73.9B
$536M 0.08%
21,449,407
+19,338
+0.1% +$444K
MSCI icon
222
MSCI
MSCI
$41.6B
$535M 0.08%
955,114
+77,291
+9% +$43.4M
F icon
223
Ford
F
$58.5B
$533M 0.08%
40,170,684
+1,130,582
+3% +$13.7M
PPG icon
224
PPG Industries
PPG
$24.6B
$531M 0.08%
3,666,591
-42,435
-1% -$6.03M
NEM icon
225
Newmont
NEM
$98.7B
$529M 0.08%
14,768,712
+163,749
+1% +$5.64M
7 8
9
10 11

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Norges Bank's Q1 2024 Portfolio in Review

As of Q1 2024, Norges Bank held 1,998 positions worth $634B, up 11% from $572B the previous quarter. Its ten largest holdings account for 27% of the portfolio.

Norges Bank's Q1 2024 filing shows 56 new, 971 increased, 737 reduced and 113 closed positions. Its largest new stake was Flutter Entertainment: 4,117,926 shares worth $820M. The largest sale was Alphabet (Google) Class A, an estimated $2.41B.

By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 28% a quarter earlier, followed by Financials and Healthcare.

  • Norges Bank's largest Q1 2024 buy was Flutter Entertainment: 4,117,926 shares worth $820M.
  • Norges Bank added most to Alphabet (Google) Class C in Q1 2024, an estimated $1.19B increase.
  • Norges Bank's biggest Q1 2024 reduction was Alphabet (Google) Class A, cutting an estimated $2.41B.
  • Norges Bank fully exited Splunk Inc in Q1 2024, selling an estimated $379M.
  • Norges Bank's ten largest holdings make up 27% of its $634B portfolio in Q1 2024.
  • Norges Bank opened 56 new positions and closed 113 in Q1 2024.
  • Norges Bank's portfolio value rose 11% quarter-over-quarter to $634B.

Based on Norges Bank's 13F filing for Q1 2024, filed 14 May 2024.