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
|
+$62.1B |
| 2 |
Microsoft
MSFT
|
+$52.5B |
| 3 |
Apple
AAPL
|
+$51.6B |
| 4 |
Amazon
AMZN
|
+$32.6B |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$27.9B |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.77% |
| 2 | Financials | 14.44% |
| 3 | Consumer Discretionary | 10.81% |
| 4 | Communication Services | 10.47% |
| 5 | Healthcare | 9.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
NVIDIA
NVDA
$5.54T
| $62.2B | 6.66% |
+333,748,700
| New | +$62.1B |
2013 Q2
50 quarters
|
|
|
2
Apple
AAPL
$4.91T
| $52.3B | 5.59% |
+192,255,086
| New | +$51.6B |
2013 Q2
50 quarters
|
|
|
3
Microsoft
MSFT
$3.97T
| $50.7B | 5.42% |
+104,761,241
| New | +$52.5B |
2013 Q2
50 quarters
|
|
|
4
Amazon
AMZN
$2.83T
| $32.9B | 3.52% |
+142,399,855
| New | +$32.6B |
2013 Q2
50 quarters
|
|
|
5
Alphabet (Google) Class A
GOOGL
$4.3T
| $30.5B | 3.27% |
+97,553,478
| New | +$27.9B |
2015 Q4
40 quarters
|
|
6
Broadcom
AVGO
$1.73T
| $24.3B | 2.59% |
+70,072,800
| New | +$25.1B |
2013 Q2
50 quarters
|
|
7
Meta Platforms (Facebook)
META
$1.83T
| $22.2B | 2.37% |
+33,559,173
| New | +$22.4B |
2013 Q2
50 quarters
|
|
8
Alphabet (Google) Class C
GOOG
$4.25T
| $18.1B | 1.94% |
+57,659,864
| New | +$16.5B |
2013 Q2
50 quarters
|
|
9
Tesla
TSLA
$1.51T
| $17.1B | 1.83% |
+38,086,143
| New | +$16.9B |
2013 Q2
50 quarters
|
|
10
Eli Lilly
LLY
$1.05T
| $13B | 1.39% |
+12,074,882
| New | +$11.5B |
2013 Q2
50 quarters
|
|
11
JPMorgan Chase
JPM
$885B
| $11.4B | 1.22% |
+35,368,681
| New | +$11B |
2013 Q2
50 quarters
|
|
12
Berkshire Hathaway Class A
BRK.A
$1.11T
| $7.78B | 0.83% |
+10,308
| New | +$7.69B |
2013 Q2
50 quarters
|
|
13
ExxonMobil
XOM
$695B
| $7.63B | 0.82% |
+63,362,667
| New | +$7.35B |
2013 Q2
50 quarters
|
|
14
Johnson & Johnson
JNJ
$630B
| $6.92B | 0.74% |
+33,459,884
| New | +$6.62B |
2013 Q2
50 quarters
|
|
15
Mastercard
MA
$516B
| $6.71B | 0.72% |
+11,746,265
| New | +$6.57B |
2013 Q2
50 quarters
|
|
16
Walmart Inc
WMT
$883B
| $6.46B | 0.69% |
+57,970,822
| New | +$6.22B |
2019 Q4
24 quarters
|
|
17
Micron Technology
MU
$1.16T
| $6.43B | 0.69% |
+22,541,101
| New | +$5.17B |
2013 Q2
50 quarters
|
|
18
Visa
V
$724B
| $5.88B | 0.63% |
+16,759,538
| New | +$5.71B |
2013 Q2
50 quarters
|
|
19
AbbVie
ABBV
$489B
| $5.87B | 0.63% |
+25,668,761
| New | +$5.85B |
2013 Q2
50 quarters
|
|
20
Netflix
NFLX
$293B
| $5.8B | 0.62% |
+61,894,705
| New | +$6.67B |
2013 Q2
50 quarters
|
|
21
Welltower
WELL
$162B
| $5.47B | 0.58% |
+29,450,268
| New | +$5.5B |
2013 Q2
50 quarters
|
|
22
Costco
COST
$420B
| $5.2B | 0.56% |
+6,024,787
| New | +$5.46B |
2013 Q2
50 quarters
|
|
23
Palantir
PLTR
$502B
| $5.15B | 0.55% |
+28,971,257
| New | +$5.24B |
2021 Q3
17 quarters
|
|
24
Advanced Micro Devices
AMD
$993B
| $4.93B | 0.53% |
+23,016,960
| New | +$5.17B |
2016 Q1
39 quarters
|
|
25
UBS Group
UBS
$147B
| $4.89B | 0.52% |
+104,982,026
| New | +$4.24B |
2014 Q4
44 quarters
|
|
Similar funds
Norges Bank's Q4 2025 Portfolio in Review
As of Q4 2025, Norges Bank held 1,577 positions worth $935B. Its ten largest holdings account for 35% of the portfolio.
Norges Bank deployed $925B of net new capital in Q4 2025, opening 1,577 new positions. Its largest new stake was NVIDIA: 333,748,700 shares worth $62.2B.
By sector, the portfolio is most concentrated in Technology at 33% of assets, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q4 2025 buy was NVIDIA: 333,748,700 shares worth $62.2B.
- Norges Bank's ten largest holdings make up 35% of its $935B portfolio in Q4 2025.
- Norges Bank opened 1,577 new positions and closed 0 in Q4 2025.
Based on Norges Bank's 13F filing for Q4 2025, filed 10 Feb 2026.