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 |
NVIDIA
NVDA
|
+$1.7B |
| 2 |
Apple
AAPL
|
+$1.61B |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$1.17B |
| 4 |
Capital One
COF
|
+$865M |
| 5 |
Tesla
TSLA
|
+$812M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$1.89B |
| 2 |
Sea Limited
SE
|
+$1.15B |
| 3 |
NextEra Energy
NEE
|
+$1.06B |
| 4 |
Discover Financial Services
DFS
|
+$847M |
| 5 |
Sempra
SRE
|
+$708M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.63% |
| 2 | Financials | 15.4% |
| 3 | Consumer Discretionary | 10.72% |
| 4 | Communication Services | 9.72% |
| 5 | Healthcare | 9.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
NVIDIA
NVDA
$5.54T
| $51.4B | 6.41% |
325,253,897
+13,522,981
| +4% | +$1.7B |
2013 Q2
48 quarters
|
|
2
Microsoft
MSFT
$3.97T
| $50.5B | 6.3% |
101,513,194
+1,353,998
| +1% | +$588M |
2013 Q2
48 quarters
|
|
|
3
Apple
AAPL
$4.91T
| $38.9B | 4.86% |
189,804,820
+7,952,726
| +4% | +$1.61B |
2013 Q2
48 quarters
|
|
4
Amazon
AMZN
$2.83T
| $27.4B | 3.42% |
125,065,004
+2,731,011
| +2% | +$540M |
2013 Q2
48 quarters
|
|
5
Meta Platforms (Facebook)
META
$1.83T
| $23.2B | 2.89% |
31,372,045
-416,143
| -1% | -$257M |
2013 Q2
48 quarters
|
|
|
6
Alphabet (Google) Class A
GOOGL
$4.3T
| $21.9B | 2.74% |
124,520,276
-11,530,260
| -8% | -$1.89B |
2015 Q4
38 quarters
|
|
7
Broadcom
AVGO
$1.73T
| $18.6B | 2.32% |
67,402,681
-2,325,310
| -3% | -$505M |
2013 Q2
48 quarters
|
|
|
8
Tesla
TSLA
$1.51T
| $11.8B | 1.48% |
37,272,002
+2,695,334
| +8% | +$812M |
2013 Q2
48 quarters
|
|
9
JPMorgan Chase
JPM
$885B
| $10.3B | 1.29% |
35,511,741
+589,119
| +2% | +$150M |
2013 Q2
48 quarters
|
|
10
Eli Lilly
LLY
$1.05T
| $8.83B | 1.1% |
11,324,406
+329,060
| +3% | +$256M |
2013 Q2
48 quarters
|
|
11
Netflix
NFLX
$293B
| $7.93B | 0.99% |
59,214,900
+3,046,690
| +5% | +$344M |
2013 Q2
48 quarters
|
|
12
Berkshire Hathaway Class A
BRK.A
$1.11T
| $7.32B | 0.91% |
10,048
+478
| +5% | +$364M |
2013 Q2
48 quarters
|
|
13
Visa
V
$724B
| $7.03B | 0.88% |
19,813,939
+1,151,080
| +6% | +$401M |
2013 Q2
48 quarters
|
|
14
Mastercard
MA
$516B
| $6.73B | 0.84% |
11,968,034
+546,277
| +5% | +$302M |
2013 Q2
48 quarters
|
|
15
ExxonMobil
XOM
$695B
| $6.16B | 0.77% |
57,177,358
-3,804,389
| -6% | -$407M |
2013 Q2
48 quarters
|
|
16
Costco
COST
$420B
| $5.69B | 0.71% |
5,749,879
+140,903
| +3% | +$140M |
2013 Q2
48 quarters
|
|
17
Walmart Inc
WMT
$883B
| $5.37B | 0.67% |
54,896,395
+2,048,187
| +4% | +$195M |
2019 Q4
22 quarters
|
|
18
Procter & Gamble
PG
$351B
| $5.1B | 0.64% |
32,008,815
+316,312
| +1% | +$51.6M |
2013 Q2
48 quarters
|
|
19
Bank of America
BAC
$380B
| $5.09B | 0.64% |
107,600,185
-3,748,861
| -3% | -$158M |
2013 Q2
48 quarters
|
|
20
Welltower
WELL
$162B
| $4.9B | 0.61% |
31,897,184
+595,469
| +2% | +$89M |
2013 Q2
48 quarters
|
|
21
Home Depot
HD
$290B
| $4.89B | 0.61% |
13,325,342
-79,454
| -0.6% | -$28.8M |
2013 Q2
48 quarters
|
|
22
UBS Group
UBS
$147B
| $4.88B | 0.61% |
144,091,392
+4,204,430
| +3% | +$130M |
2014 Q4
42 quarters
|
|
23
Johnson & Johnson
JNJ
$630B
| $4.88B | 0.61% |
31,929,124
+1,117,802
| +4% | +$172M |
2013 Q2
48 quarters
|
|
|
24
Alphabet (Google) Class C
GOOG
$4.25T
| $4.3B | 0.54% |
24,232,325
+7,088,530
| +41% | +$1.17B |
2013 Q2
48 quarters
|
|
25
AbbVie
ABBV
$489B
| $4.29B | 0.54% |
23,102,037
-1,393,787
| -6% | -$259M |
2013 Q2
48 quarters
|
|
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Norges Bank's Q2 2025 Portfolio in Review
As of Q2 2025, Norges Bank held 1,794 positions worth $801B, up 12% from $712B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Norges Bank's Q2 2025 filing shows 51 new, 783 increased, 711 reduced and 87 closed positions. Its largest new stake was Amrize Ltd: 13,445,492 shares worth $671M. The largest sale was Alphabet (Google) Class A, an estimated $1.89B.
By sector, the portfolio is most concentrated in Technology at 32% of assets, up from 28% a quarter earlier, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q2 2025 buy was Amrize Ltd: 13,445,492 shares worth $671M.
- Norges Bank added most to NVIDIA in Q2 2025, an estimated $1.7B increase.
- Norges Bank's biggest Q2 2025 reduction was Alphabet (Google) Class A, cutting an estimated $1.89B.
- Norges Bank fully exited Discover Financial Services in Q2 2025, selling an estimated $847M.
- Norges Bank's ten largest holdings make up 33% of its $801B portfolio in Q2 2025.
- Norges Bank opened 51 new positions and closed 87 in Q2 2025.
- Norges Bank's portfolio value rose 12% quarter-over-quarter to $801B.
Based on Norges Bank's 13F filing for Q2 2025, filed 13 Aug 2025.