SEC 13F Intelligence

Managers / Q2 2025 · view latest →

NORGES BANK

CIK 0001374170 · BANKPLASSEN 2, P.O BOX 1179 SENTRUM, OSLO, 0107 · 47-24073000

Reported Value
$801.1B
Q2 2025
Positions
1,707
Filings on Record
58
2019–present window
Filed
Aug 13, 2025
original filing

Summary

Norges Bank reported $801.1B in U.S.-listed holdings across 1,707 positions for Q2 2025.

Its largest position, NVDA, represents 6.4% of the portfolio.

Compared with Q1 2025, the fund opened 166 new positions and exited 343.

Portfolio Metrics

Turnover
+9.1%
vs prior filed quarter
Top-10 Concentration
+33.6%
share of reported value
Largest Position
+6.4%
Nvidia Corporation
New / Exited
166 / 343
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $0Q4 ’18Q1 ’19: $276.4BQ2 ’19: $291.3BQ3 ’19: $307.9BQ4 ’19: $0Q4 ’19Q1 ’20: $309.5BQ2 ’20: $323.6BQ3 ’20: $326.5BQ4 ’20: $0Q4 ’20Q1 ’21: $280.6BQ2 ’21: $347.3BQ3 ’21: $376.4BQ4 ’21: $0Q4 ’21Q1 ’22: $436.8BQ2 ’22: $461.3BQ3 ’22: $452.0BQ4 ’22: $414.9BQ4 ’22Q1 ’23: $0Q2 ’23: $386.8BQ3 ’23: $376.1BQ4 ’23: $572.3BQ4 ’23Q1 ’24: $456.9BQ2 ’24: $1.18TQ3 ’24: $492.8BQ4 ’24: $762.1BQ4 ’24Q1 ’25: $633.6BQ2 ’25: $801.1BQ3 ’25: $0Q4 ’25: $934.8BQ4 ’25Q1 ’26: $0filingsflow.com

Portfolio Composition

By security type
Common Stock: 89.8%REIT: 4.9%Other: 4.7%ADR: 0.5%Tracking Stk: 0.0%PUBLIC: 0.0%
  • Common Stock · 89.8% · $719.5B
  • REIT · 4.9% · $39.3B
  • Other · 4.7% · $37.9B
  • ADR · 0.5% · $4.0B
  • Tracking Stk · 0.0% · $373M
  • PUBLIC · 0.0% · $59M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BLKBLACKROCK INCNEW+2.52M2.52M+$2.6B$2.6B
LRCXLAM RESEARCH CORPNEW+19.46M19.46M+$1.9B$1.9B
GEVGE VERNOVA INCNEW+3.42M3.42M+$1.8B$1.8B
ANETARISTA NETWORKS INCNEW+12.00M12.00M+$1.2B$1.2B
SMURFIT WESTROCK PLCNEW+17.38M17.38M+$750M$750M
AMRIZE LTDNEW+13.45M13.45M+$671M$671M
TE CONNECTIVITY PLCNEW+3.61M3.61M+$609M$609M
LINELINEAGE INCNEW+13.94M13.94M+$607M$607M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2025

498 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPORATIONhistory →COM6.41%$51.4B325.25M
2MSFTMICROSOFT CORPhistory →COM6.30%$50.5B101.51M
3AAPLAPPLE INChistory →COM4.86%$38.9B189.80M
4AMZNAMAZON COM INChistory →COM3.42%$27.4B125.07M
5GOOGLALPHABET INCCAP STK CL A · CAP STK CL C3.28%$26.2B148.75M
6METAMETA PLATFORMS INChistory →CL A2.89%$23.2B31.37M
7AVGOBROADCOM INChistory →COM2.32%$18.6B67.40M
8TSLATESLA INChistory →COM1.48%$11.8B37.27M
9BRK/ABERKSHIRE HATHAWAY INC DELCL A · CL B NEW1.36%$10.9B7.39M
10JPMJPMORGAN CHASE & CO.history →COM1.29%$10.3B35.51M
11LLYELI LILLY & COhistory →COM1.10%$8.8B11.32M
12NFLXNETFLIX INChistory →COM0.99%$7.9B5.92M
13VVISA INChistory →COM CL A0.88%$7.0B19.81M
14MAMASTERCARD INCORPORATEDhistory →CL A0.84%$6.7B11.97M
15EXMOCEXXON MOBIL CORPhistory →COM0.77%$6.2B57.18M
16COSTCOSTCO WHSL CORP NEWhistory →COM0.71%$5.7B5.75M
17WMTWALMART INChistory →COM0.67%$5.4B54.90M
18PGPROCTER AND GAMBLE COhistory →COM0.64%$5.1B32.01M
19BACBANK AMERICA CORPhistory →COM0.64%$5.1B107.60M
20WELLWELLTOWER INChistory →COM0.61%$4.9B31.90M
21HDHOME DEPOT INChistory →COM0.61%$4.9B13.33M
22UBS GROUP AGSHS0.61%$4.9B144.09M
23JNJJOHNSON & JOHNSONhistory →COM0.61%$4.9B31.93M
24ABBVABBVIE INChistory →COM0.54%$4.3B23.10M
25ORCLORACLE CORPhistory →COM0.53%$4.3B19.56M
26WFCWELLS FARGO CO NEWhistory →COM0.50%$4.0B49.81M
27KOCOCA COLA COhistory →COM0.48%$3.8B54.36M
28UNHUNITEDHEALTH GROUP INChistory →COM0.48%$3.8B12.30M
29CSCOCISCO SYS INChistory →COM0.48%$3.8B55.01M
30FQIDIGITAL RLTY TR INChistory →COM0.48%$3.8B21.85M
31CMCSACOMCAST CORP NEWhistory →CL A0.44%$3.5B98.86M
32GE AEROSPACECOM NEW0.43%$3.4B13.24M
33PLTRPALANTIR TECHNOLOGIES INChistory →CL A0.41%$3.3B24.26M
34INTUINTUIThistory →COM0.41%$3.3B4.15M
35LINDE PLCSHS0.39%$3.1B6.60M
36AMDADVANCED MICRO DEVICES INChistory →COM0.39%$3.1B21.81M
37ABTABBOTT LABShistory →COM0.38%$3.0B22.25M
38MRKMERCK & CO INChistory →COM0.36%$2.9B36.11M
39TXNTEXAS INSTRS INChistory →COM0.35%$2.8B13.66M
40CRMSALESFORCE INChistory →COM0.35%$2.8B10.36M
41MCDMCDONALDS CORPhistory →COM0.35%$2.8B9.52M
42CHVCHEVRON CORP NEWhistory →COM0.34%$2.7B19.01M
43QCOMQUALCOMM INChistory →COM0.34%$2.7B17.04M
44BLKBLACKROCK INChistory →COM0.33%$2.6B2.52M
45DISDISNEY WALT COhistory →COM0.33%$2.6B21.11M
46RYROYAL BK CDAhistory →COM0.32%$2.6B19.71M
47NOWSERVICENOW INChistory →COM0.32%$2.6B2.52M
48ISRGINTUITIVE SURGICAL INChistory →COM NEW0.32%$2.6B4.73M
49BACVERIZON COMMUNICATIONS INChistory →COM0.31%$2.5B57.87M
50TRVCCITIGROUP INChistory →COM NEW0.31%$2.5B28.85M
51NEENEXTERA ENERGY INChistory →COM0.30%$2.4B34.22M
52RTXRTX CORPORATIONhistory →COM0.29%$2.4B16.16M
53EQREQUITY RESIDENTIALhistory →SH BEN INT0.29%$2.4B34.84M
54UBERUBER TECHNOLOGIES INChistory →COM0.29%$2.3B25.17M
55PEPPEPSICO INChistory →COM0.29%$2.3B17.65M
56PFEPFIZER INChistory →COM0.28%$2.3B93.65M
57TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.28%$2.3B5.59M
58DWDMORGAN STANLEYhistory →COM NEW0.28%$2.2B15.87M
59TAT&T INChistory →COM0.28%$2.2B77.01M
60ACCENTURE PLC IRELANDSHS CLASS A0.28%$2.2B7.42M
61BKNGBOOKING HOLDINGS INChistory →COM0.28%$2.2B381.9K
62SPGIS&P GLOBAL INChistory →COM0.27%$2.2B4.15M
63CATCATERPILLAR INChistory →COM0.27%$2.2B5.58M
64PGRPROGRESSIVE CORPhistory →COM0.27%$2.2B8.08M
65GILDGILEAD SCIENCES INChistory →COM0.27%$2.2B19.39M
66GSGOLDMAN SACHS GROUP INChistory →COM0.27%$2.1B3.02M
67APHAMPHENOL CORP NEWhistory →CL A0.26%$2.1B21.31M
68BSXBOSTON SCIENTIFIC CORPhistory →COM0.26%$2.1B19.46M
69ADBEADOBE INChistory →COM0.25%$2.0B5.25M
70IBMINTERNATIONAL BUSINESS MACHShistory →COM0.25%$2.0B6.82M
71MUMICRON TECHNOLOGY INChistory →COM0.25%$2.0B16.07M
72DHRDANAHER CORPORATIONhistory →COM0.25%$2.0B10.02M
73AXPAMERICAN EXPRESS COhistory →COM0.24%$1.9B5.95M
74LRCXLAM RESEARCH CORPhistory →COM NEW0.24%$1.9B19.46M
75SCHWSCHWAB CHARLES CORPhistory →COM0.24%$1.9B20.71M
76SYKSTRYKER CORPORATIONhistory →COM0.23%$1.9B4.76M
77UNPUNION PAC CORPhistory →COM0.23%$1.9B8.07M
78GEVGE VERNOVA INChistory →COM0.23%$1.8B3.42M
79TJXTJX COS INC NEWhistory →COM0.23%$1.8B14.65M
80ADIANALOG DEVICES INChistory →COM0.23%$1.8B7.58M
81SHOPSHOPIFY INChistory →CL A SUB VTG SHS0.22%$1.8B15.56M
82LOWLOWES COS INChistory →COM0.22%$1.8B7.99M
83COFCAPITAL ONE FINL CORPhistory →COM0.21%$1.7B8.00M
84INVHINVITATION HOMES INChistory →COM0.21%$1.7B51.65M
85EATON CORP PLCSHS0.21%$1.7B4.66M
86AMGNAMGEN INChistory →COM0.21%$1.7B5.96M
87FTNTFORTINET INChistory →COM0.20%$1.6B15.52M
88CRWDCROWDSTRIKE HLDGS INChistory →CL A0.20%$1.6B3.22M
89HWMHOWMET AEROSPACE INChistory →COM0.20%$1.6B8.77M
90AMATAPPLIED MATLS INChistory →COM0.20%$1.6B8.76M
91KLACKLA CORPhistory →COM NEW0.20%$1.6B1.78M
92VRTXVERTEX PHARMACEUTICALS INChistory →COM0.20%$1.6B3.58M
93INTCINTEL CORPhistory →COM0.20%$1.6B70.51M
94DEDEERE & COhistory →COM0.20%$1.6B3.10M
95CMECME GROUP INChistory →COM0.20%$1.6B5.70M
96BMYBRISTOL-MYERS SQUIBB COhistory →COM0.19%$1.6B33.57M
97TDTORONTO DOMINION BK ONThistory →COM NEW0.19%$1.5B20.97M
98ICEINTERCONTINENTAL EXCHANGE INhistory →COM0.19%$1.5B8.41M
99AJGGALLAGHER ARTHUR J & COhistory →COM0.19%$1.5B4.80M
100KKRKKR & CO INChistory →COM0.19%$1.5B11.50M

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$01May 11, 202613F-HRchanges · EDGAR ↗
Q4 2025$934.8B1,577Feb 10, 202613F-HRchanges · EDGAR ↗
Q3 2025$01Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$801.1B1,707Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025REVEALED$633.6B1,886May 13, 202513F-HRchanges · EDGAR ↗
Q4 2024$762.1B1,845Feb 12, 202513F-HRchanges · EDGAR ↗
Q3 2024REVEALED$492.8B1,967Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024REVEALED$1.18T3,937Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024REVEALED$456.9B2,088May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$572.3B1,942Feb 9, 202413F-HRchanges · EDGAR ↗
Q3 2023REVEALED$376.1B2,090Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023REVEALED$386.8B2,053Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$01May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$414.9B2,130Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022REVEALED$452.0B2,271Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022REVEALED$461.3B2,207Aug 11, 202213F-HRchanges · EDGAR ↗
Q1 2022REVEALED$436.8B2,128May 9, 202213F-HRchanges · EDGAR ↗
Q4 2021$01Feb 10, 202213F-HRchanges · EDGAR ↗
Q3 2021REVEALED$376.4B2,129Nov 5, 202113F-HRchanges · EDGAR ↗
Q2 2021REVEALED$347.3B2,077Aug 10, 202113F-HRchanges · EDGAR ↗
Q1 2021REVEALED$280.6B2,047May 7, 202113F-HRchanges · EDGAR ↗
Q4 2020$01Feb 10, 202113F-HRchanges · EDGAR ↗
Q3 2020REVEALED$326.5B2,093Nov 10, 202013F-HRchanges · EDGAR ↗
Q2 2020REVEALED$323.6B2,106Aug 7, 202013F-HRchanges · EDGAR ↗
Q1 2020REVEALED$309.5B2,127May 8, 202013F-HRchanges · EDGAR ↗
Q4 2019$01Feb 12, 202013F-HRchanges · EDGAR ↗
Q3 2019REVEALED$307.9B2,143Nov 8, 201913F-HRchanges · EDGAR ↗
Q2 2019REVEALED$291.3B2,135Aug 9, 201913F-HRchanges · EDGAR ↗
Q1 2019REVEALED$276.4B2,145May 9, 2019RESTATEMENTchanges · EDGAR ↗
Q4 2018$01Feb 8, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.