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 |
UBS Group
UBS
|
+$1.96B |
| 2 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$358M |
| 3 |
Prudential Financial
PRU
|
+$303M |
| 4 |
Prologis
PLD
|
+$294M |
| 5 |
Hilton Worldwide
HLT
|
+$294M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Simon Property Group
SPG
|
+$186M |
| 2 |
Seagate
STX
|
+$122M |
| 3 |
Travelers Companies
TRV
|
+$113M |
| 4 |
GGP
GGP Inc.
GGP
|
+$110M |
| 5 |
Parker-Hannifin
PH
|
+$109M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 18.58% |
| 2 | Technology | 14.21% |
| 3 | Healthcare | 13.61% |
| 4 | Industrials | 9.81% |
| 5 | Consumer Discretionary | 9.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Apple
AAPL
$4.91T
| $5.06B | 2.57% |
183,420,288
+897,276
| +0.5% | +$24.4M |
2013 Q2
6 quarters
|
|
2
Blackrock
BLK
$168B
| $4.21B | 2.14% |
11,788,018
| – | – |
2013 Q2
6 quarters
|
|
3
ExxonMobil
XOM
$695B
| $3.04B | 1.54% |
32,864,994
+1,115,950
| +4% | +$104M |
2013 Q2
6 quarters
|
|
4
Microsoft
MSFT
$3.97T
| $3.01B | 1.53% |
64,889,741
+1,901,554
| +3% | +$89.3M |
2013 Q2
6 quarters
|
|
5
Wells Fargo
WFC
$253B
| $2.28B | 1.16% |
41,580,365
+793,270
| +2% | +$42M |
2013 Q2
6 quarters
|
|
6
Johnson & Johnson
JNJ
$630B
| $2.26B | 1.15% |
21,590,617
+780,650
| +4% | +$82.3M |
2013 Q2
6 quarters
|
|
7
Alphabet (Google) Class C
GOOG
$4.25T
| $2.15B | 1.09% |
81,480,292
+3,181,632
| +4% | +$85.4M |
2013 Q2
6 quarters
|
|
|
8
UBS Group
UBS
$147B
| $1.97B | 1% |
+114,662,320
| New | +$1.96B |
2014 Q4
0 quarters
|
|
9
JPMorgan Chase
JPM
$885B
| $1.95B | 0.99% |
31,200,242
+694,770
| +2% | +$41.8M |
2013 Q2
6 quarters
|
|
10
Procter & Gamble
PG
$351B
| $1.9B | 0.96% |
20,806,122
+586,925
| +3% | +$51.6M |
2013 Q2
6 quarters
|
|
11
Verizon
VZ
$173B
| $1.89B | 0.96% |
40,454,837
+1,823,274
| +5% | +$89.2M |
2013 Q2
6 quarters
|
|
12
GE Aerospace
GE
$320B
| $1.83B | 0.93% |
15,126,291
+366,734
| +2% | +$45.1M |
2013 Q2
6 quarters
|
|
13
Comcast
CMCSA
$73.3B
| $1.81B | 0.92% |
62,503,428
+1,100,504
| +2% | +$30.1M |
2013 Q2
6 quarters
|
|
14
Chevron
CVX
$416B
| $1.73B | 0.88% |
15,460,449
+193,067
| +1% | +$21.9M |
2013 Q2
6 quarters
|
|
15
Aflac
AFL
$57.4B
| $1.7B | 0.86% |
55,519,536
+2,692,008
| +5% | +$79.5M |
2013 Q2
6 quarters
|
|
16
Pfizer
PFE
$161B
| $1.69B | 0.86% |
57,304,532
+1,242,267
| +2% | +$35.6M |
2013 Q2
6 quarters
|
|
17
Oracle
ORCL
$429B
| $1.57B | 0.8% |
34,833,720
+499,537
| +1% | +$20.3M |
2013 Q2
6 quarters
|
|
18
Bank of America
BAC
$380B
| $1.54B | 0.78% |
85,913,451
+2,554,927
| +3% | +$43.7M |
2013 Q2
6 quarters
|
|
19
Intel
INTC
$553B
| $1.51B | 0.77% |
41,745,191
+1,307,628
| +3% | +$45.5M |
2013 Q2
6 quarters
|
|
20
Coca-Cola
KO
$379B
| $1.45B | 0.74% |
34,305,989
+1,126,171
| +3% | +$48.1M |
2013 Q2
6 quarters
|
|
21
Walt Disney
DIS
$187B
| $1.4B | 0.71% |
14,836,730
-1,047,913
| -7% | -$94.5M |
2013 Q2
6 quarters
|
|
22
IBM
IBM
$214B
| $1.35B | 0.68% |
8,780,330
+542,724
| +7% | +$86.3M |
2013 Q2
6 quarters
|
|
23
Merck
MRK
$359B
| $1.27B | 0.65% |
23,466,929
+231,391
| +1% | +$12.9M |
2013 Q2
6 quarters
|
|
24
Berkshire Hathaway Class A
BRK.A
$1.11T
| $1.27B | 0.65% |
5,622
+101
| +2% | +$21.9M |
2013 Q2
6 quarters
|
|
25
Citigroup
C
$217B
| $1.26B | 0.64% |
23,261,807
+1,400,495
| +6% | +$74.4M |
2013 Q2
6 quarters
|
|
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Norges Bank's Q4 2014 Portfolio in Review
As of Q4 2014, Norges Bank held 2,423 positions worth $197B, up 6.6% from $185B the previous quarter. Its ten largest holdings account for 14% of the portfolio.
Norges Bank's Q4 2014 filing shows 94 new, 966 increased, 483 reduced and 73 closed positions. Its largest new stake was UBS Group: 114,662,320 shares worth $1.97B. The largest sale was Simon Property Group, an estimated $186M.
By sector, the portfolio is most concentrated in Financials at 19% of assets, up from 17% a quarter earlier, followed by Technology and Healthcare.
- Norges Bank's largest Q4 2014 buy was UBS Group: 114,662,320 shares worth $1.97B.
- Norges Bank added most to Twenty-First Century Fox, Inc. Class A in Q4 2014, an estimated $358M increase.
- Norges Bank's biggest Q4 2014 reduction was Simon Property Group, cutting an estimated $186M.
- Norges Bank fully exited TIM HORTONS INC COM, CANADA in Q4 2014, selling an estimated $93.9M.
- Norges Bank's ten largest holdings make up 14% of its $197B portfolio in Q4 2014.
- Norges Bank opened 94 new positions and closed 73 in Q4 2014.
- Norges Bank's portfolio value rose 6.6% quarter-over-quarter to $197B.
Based on Norges Bank's 13F filing for Q4 2014, filed 11 Feb 2015.