SEC 13F Intelligence

Managers / Q4 2025 · view latest →

NORGES BANK

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

Reported Value
$934.8B
Q4 2025
Positions
1,577
Filings on Record
58
2019–present window
Filed
Feb 10, 2026
original filing

Summary

Norges Bank reported $934.8B in U.S.-listed holdings across 1,577 positions for Q4 2025.

Its largest position, NVDA, represents 6.7% of the portfolio.

Compared with Q3 2025, the fund opened 1578 new positions and exited 0.

Portfolio Metrics

Turnover
0.0%
vs prior filed quarter
Top-10 Concentration
+34.6%
share of reported value
Largest Position
+6.7%
Nvidia Corporation

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. 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: 90.7%Other: 4.5%REIT: 4.2%ADR: 0.5%Tracking Stk: 0.0%Other: 0.0%
  • Common Stock · 90.7% · $847.8B
  • Other · 4.5% · $42.4B
  • REIT · 4.2% · $39.1B
  • ADR · 0.5% · $5.1B
  • Tracking Stk · 0.0% · $286M
  • Other · 0.0% · $46M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
NVDANVIDIA CORPORATIONNEW+333.75M333.75M+$62.2B$62.2B
AAPLAPPLE INCNEW+192.26M192.26M+$52.3B$52.3B
MSFTMICROSOFT CORPNEW+104.76M104.76M+$50.7B$50.7B
AMZNAMAZON COM INCNEW+142.40M142.40M+$32.9B$32.9B
GOOGLALPHABET INCNEW+97.55M97.55M+$30.5B$30.5B
AVGOBROADCOM INCNEW+70.07M70.07M+$24.3B$24.3B
METAMETA PLATFORMS INCNEW+33.56M33.56M+$22.2B$22.2B
GOOGALPHABET INCNEW+57.66M57.66M+$18.1B$18.1B

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

Holdings — Q4 2025

48 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPORATIONhistory →COM6.66%$62.2B333.75M
2AAPLAPPLE INChistory →COM5.59%$52.3B192.26M
3MSFTMICROSOFT CORPhistory →COM5.42%$50.7B104.76M
4GOOGLALPHABET INCCAP STK CL A · CAP STK CL C5.20%$48.6B155.21M
5AMZNAMAZON COM INChistory →COM3.52%$32.9B142.40M
6AVGOBROADCOM INChistory →COM2.59%$24.3B70.07M
7METAMETA PLATFORMS INChistory →CL A2.37%$22.2B33.56M
8TSLATESLA INChistory →COM1.83%$17.1B38.09M
9LLYELI LILLY & COhistory →COM1.39%$13.0B12.07M
10BRK/ABERKSHIRE HATHAWAY INC DELCL A · CL B NEW1.29%$12.0B8.47M
11JPMJPMORGAN CHASE & CO.history →COM1.22%$11.4B35.37M
12EXMOCEXXON MOBIL CORPhistory →COM0.82%$7.6B63.36M
13JNJJOHNSON & JOHNSONhistory →COM0.74%$6.9B33.46M
14MAMASTERCARD INCORPORATEDhistory →CL A0.72%$6.7B11.75M
15WMTWALMART INChistory →COM0.69%$6.5B57.97M
16MUMICRON TECHNOLOGY INChistory →COM0.69%$6.4B22.54M
17VVISA INChistory →COM CL A0.63%$5.9B16.76M
18ABBVABBVIE INChistory →COM0.63%$5.9B25.67M
19NFLXNETFLIX INChistory →COM0.62%$5.8B61.89M
20WELLWELLTOWER INChistory →COM0.58%$5.5B29.45M
21COSTCOSTCO WHSL CORP NEWhistory →COM0.56%$5.2B6.02M
22PLTRPALANTIR TECHNOLOGIES INChistory →CL A0.55%$5.1B28.97M
23AMDADVANCED MICRO DEVICES INChistory →COM0.53%$4.9B23.02M
24UBS GROUP AGSHS0.52%$4.9B104.98M
25HDHOME DEPOT INChistory →COM0.52%$4.9B14.10M
26BACBANK AMERICA CORPhistory →COM0.51%$4.8B86.80M
27PGPROCTER AND GAMBLE COhistory →COM0.50%$4.7B32.55M
28WFCWELLS FARGO CO NEWhistory →COM0.48%$4.5B48.42M
29CSCOCISCO SYS INChistory →COM0.48%$4.5B58.07M
30GE AEROSPACECOM NEW0.48%$4.4B14.43M
31UNHUNITEDHEALTH GROUP INChistory →COM0.47%$4.4B13.26M
32ORCLORACLE CORPhistory →COM0.46%$4.3B22.25M
33MRKMERCK & CO INChistory →COM0.43%$4.0B37.98M
34KOCOCA COLA COhistory →COM0.41%$3.9B55.30M
35CHVCHEVRON CORP NEWhistory →COM0.40%$3.7B24.46M
36LRCXLAM RESEARCH CORPhistory →COM NEW0.39%$3.6B21.30M
37RYROYAL BK CDAhistory →COM0.37%$3.5B20.37M
38FQIDIGITAL RLTY TR INChistory →COM0.36%$3.4B22.00M
39BKNGBOOKING HOLDINGS INChistory →COM0.35%$3.3B610.8K
40LINDE PLCSHS0.35%$3.2B7.61M
41CRMSALESFORCE INChistory →COM0.34%$3.2B12.02M
42RTXRTX CORPORATIONhistory →COM0.34%$3.2B17.27M
43TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.33%$3.1B5.30M
44INTUINTUIThistory →COM0.33%$3.1B4.62M
45APHAMPHENOL CORP NEWhistory →CL A0.33%$3.1B22.59M
46PEPPEPSICO INChistory →COM0.32%$3.0B21.03M
47KLACKLA CORPhistory →COM NEW0.32%$3.0B2.46M
48ABTABBOTT LABShistory →COM0.31%$2.9B23.46M

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 ↗.