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 |
Alphabet (Google) Class A
GOOGL
|
+$1.31B |
| 2 |
Visa
V
|
+$778M |
| 3 |
Charles Schwab
SCHW
|
+$528M |
| 4 |
Fortinet
FTNT
|
+$418M |
| 5 |
Prologis
PLD
|
+$340M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$2.06B |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$1.83B |
| 3 |
NVIDIA
NVDA
|
+$1.56B |
| 4 |
Meta Platforms (Facebook)
META
|
+$1.47B |
| 5 |
UBS Group
UBS
|
+$1.44B |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.04% |
| 2 | Financials | 15.62% |
| 3 | Healthcare | 11.22% |
| 4 | Consumer Discretionary | 10.85% |
| 5 | Communication Services | 9.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Apple
AAPL
$4.91T
| $40.4B | 5.67% |
181,852,094
-5,308,068
| -3% | -$1.23B |
2013 Q2
47 quarters
|
|
|
2
Microsoft
MSFT
$3.97T
| $37.6B | 5.28% |
100,159,196
-5,043,788
| -5% | -$2.06B |
2013 Q2
47 quarters
|
|
|
3
NVIDIA
NVDA
$5.54T
| $33.8B | 4.74% |
311,730,916
-12,310,370
| -4% | -$1.56B |
2013 Q2
47 quarters
|
|
4
Amazon
AMZN
$2.83T
| $23.3B | 3.27% |
122,333,993
-1,949,621
| -2% | -$423M |
2013 Q2
47 quarters
|
|
|
5
Alphabet (Google) Class A
GOOGL
$4.3T
| $21B | 2.95% |
136,050,536
+7,240,833
| +6% | +$1.31B |
2015 Q4
37 quarters
|
|
|
6
Meta Platforms (Facebook)
META
$1.83T
| $18.3B | 2.57% |
31,788,188
-2,283,838
| -7% | -$1.47B |
2013 Q2
47 quarters
|
|
7
Broadcom
AVGO
$1.73T
| $11.7B | 1.64% |
69,727,991
-3,136,957
| -4% | -$664M |
2013 Q2
47 quarters
|
|
8
Eli Lilly
LLY
$1.05T
| $9.08B | 1.27% |
10,995,346
+104,274
| +1% | +$86.8M |
2013 Q2
47 quarters
|
|
9
Tesla
TSLA
$1.51T
| $8.96B | 1.26% |
34,576,668
-1,131,156
| -3% | -$377M |
2013 Q2
47 quarters
|
|
10
JPMorgan Chase
JPM
$885B
| $8.57B | 1.2% |
34,922,622
+252,043
| +0.7% | +$64.3M |
2013 Q2
47 quarters
|
|
11
Berkshire Hathaway Class A
BRK.A
$1.11T
| $7.64B | 1.07% |
9,570
-81
| -0.8% | -$59.1M |
2013 Q2
47 quarters
|
|
12
ExxonMobil
XOM
$695B
| $7.25B | 1.02% |
60,981,747
-3,504,048
| -5% | -$388M |
2013 Q2
47 quarters
|
|
13
UnitedHealth
UNH
$340B
| $6.59B | 0.93% |
12,589,180
-14,591
| -0.1% | -$7.46M |
2013 Q2
47 quarters
|
|
|
14
Visa
V
$724B
| $6.54B | 0.92% |
18,662,859
+2,300,149
| +14% | +$778M |
2013 Q2
47 quarters
|
|
15
Mastercard
MA
$516B
| $6.26B | 0.88% |
11,421,757
-14,945
| -0.1% | -$8.14M |
2013 Q2
47 quarters
|
|
16
Procter & Gamble
PG
$351B
| $5.4B | 0.76% |
31,692,503
+410,292
| +1% | +$68.7M |
2013 Q2
47 quarters
|
|
17
Costco
COST
$420B
| $5.3B | 0.74% |
5,608,976
-46,907
| -0.8% | -$45.7M |
2013 Q2
47 quarters
|
|
18
Netflix
NFLX
$293B
| $5.24B | 0.74% |
56,168,210
-142,510
| -0.3% | -$13.6M |
2013 Q2
47 quarters
|
|
19
AbbVie
ABBV
$489B
| $5.13B | 0.72% |
24,495,824
-599,196
| -2% | -$116M |
2013 Q2
47 quarters
|
|
20
Johnson & Johnson
JNJ
$630B
| $5.11B | 0.72% |
30,811,322
+455,650
| +2% | +$71.3M |
2013 Q2
47 quarters
|
|
21
Home Depot
HD
$290B
| $4.91B | 0.69% |
13,404,796
+466,391
| +4% | +$182M |
2013 Q2
47 quarters
|
|
22
Welltower
WELL
$162B
| $4.8B | 0.67% |
31,301,715
+8,433
| +0% | +$1.2M |
2013 Q2
47 quarters
|
|
23
Bank of America
BAC
$380B
| $4.65B | 0.65% |
111,349,046
-7,581,312
| -6% | -$338M |
2013 Q2
47 quarters
|
|
24
Walmart Inc
WMT
$883B
| $4.64B | 0.65% |
52,848,208
-10,653,236
| -17% | -$999M |
2019 Q4
21 quarters
|
|
|
25
UBS Group
UBS
$147B
| $4.25B | 0.6% |
139,886,962
-43,224,389
| -24% | -$1.44B |
2014 Q4
41 quarters
|
|
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Norges Bank's Q1 2025 Portfolio in Review
As of Q1 2025, Norges Bank held 1,892 positions worth $712B, down 6.5% from $762B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Norges Bank's Q1 2025 filing shows 47 new, 694 increased, 865 reduced and 149 closed positions. Its largest new stake was Rocket Lab Corp: 4,017,216 shares worth $71.8M. The largest sale was Microsoft, an estimated $2.06B.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 31% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2025 buy was Rocket Lab Corp: 4,017,216 shares worth $71.8M.
- Norges Bank added most to Alphabet (Google) Class A in Q1 2025, an estimated $1.31B increase.
- Norges Bank's biggest Q1 2025 reduction was Microsoft, cutting an estimated $2.06B.
- Norges Bank fully exited HashiCorp, Inc. Class A Common Stock in Q1 2025, selling an estimated $161M.
- Norges Bank's ten largest holdings make up 30% of its $712B portfolio in Q1 2025.
- Norges Bank opened 47 new positions and closed 149 in Q1 2025.
- Norges Bank's portfolio value fell 6.5% quarter-over-quarter to $712B.
Based on Norges Bank's 13F filing for Q1 2025, filed 13 May 2025.