NORGES BANKNORGES BANK

Institutional investor · Portfolio as of Q4 2025

SEC EDGAR SourceSEC Filings

Top Holdings1,577 positions

Activity:
Stock
Shares
Value
Weight
Avg Buy
Est. P&L
Held
Conviction

NVIDIA CORPORATION

333.7M$62.2B6.7%$187.54+12.49%
1 qtr
Increased
64

APPLE INC

192.3M$52.3B5.6%$272.82+15.58%
1 qtr
Increased
63

MICROSOFT CORP

104.8M$50.7B5.4%$487.48-21.00%
1 qtr
Increased
64

AMAZON COM INC

142.4M$32.9B3.5%$232.53+5.51%
1 qtr
Increased
67

ALPHABET INC

97.6M$30.5B3.3%$313.85+13.81%
1 qtr
Decreased
0

BROADCOM INC

70.1M$24.3B2.6%$349.85+14.33%
1 qtr
Increased
57

META PLATFORMS INC

33.6M$22.2B2.4%$665.95+0.49%
1 qtr
Increased
59

ALPHABET INC

57.7M$18.1B1.9%$314.55+12.87%
1 qtr
Increased
81

TESLA INC

38.1M$17.1B1.8%$454.43-10.27%
1 qtr
Increased
51

ELI LILLY & CO

12.1M$13B1.4%$1,077.95+10.26%
1 qtr
Increased
54

JPMORGAN CHASE & CO

35.4M$11.4B1.2%$321.97+4.50%
1 qtr
Decreased
0

BERKSHIRE HATHAWAY INC DEL

10,308$7.8B0.8%$755,400.00-5.18%
1 qtr
Increased
46

EXXON MOBIL CORP

63.4M$7.6B0.8%$120.19+15.55%
1 qtr
Increased
50

JOHNSON & JOHNSON

33.5M$6.9B0.7%$206.91+24.20%
1 qtr
Increased
47

MASTERCARD INCORPORATED

11.7M$6.7B0.7%$576.55-8.64%
1 qtr
Decreased
0

WALMART INC

58M$6.5B0.7%$111.92+1.77%
1 qtr
Increased
48

MICRON TECHNOLOGY INC

22.5M$6.4B0.7%$292.63+234.65%
1 qtr
Increased
60

VISA INC

16.8M$5.9B0.6%$352.89-1.11%
1 qtr
Decreased
0

ABBVIE INC

25.7M$5.9B0.6%$227.91+8.85%
1 qtr
Increased
50

NETFLIX INC.

61.9M$5.8B0.6%$93.78-21.76%
1 qtr
Increased
73
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$934.8B
AUM
1,577
Positions
Q4 2025
Filing
Rating · 1.5
Quarterly Portfolio Change
+6%Q2'24$669.4B+7%Q3'24$715.9B+6%Q4'24$762.1B-7%Q1'25$712.5B+12%Q2'25$801.1B+17%Q4'25$934.8B
Activity profile
$ moved · Q4'25
New3%Increased76%Decreased18%Exited3%
Composition
Equity vs derivatives
Equity100%Puts0%Calls0%
Holding period
Avg 5.7 years
<1Q5%1-4Q2%1-2Y4%2Y+89%

NORGES BANK manages $934.8B across 1577 positions as of Q4 2025. Top holdings: NVDA (6.7%), AAPL (5.6%), MSFT (5.4%). Fund DNA: Diversified Scout. HoldingsIntel Rating: 1.5/5.0.

Q4 2025 Summary

Active quarter - 150 new positions, 278 exits, 896 increased. Top move: GOOG (INCREASED, conviction 81). Portfolio: $934.8B across 1577 positions.

Top holdings by portfolio weight

Total AUM$935B
NVDA6.66%
AAPL5.59%
MSFT5.42%
AMZN3.52%
GOOGL3.27%
AVGO2.59%
META2.37%
GOOG1.94%
TSLA1.83%
LLY1.39%
Other1.22%

Portfolio allocation by GICS sector

Sectors11
Technology32.72%
Financial Services14.42%
Consumer Cyclical10.80%
Communication Services10.47%
Healthcare9.79%
Industrials6.84%
Real Estate4.37%
Consumer Defensive3.88%
Energy2.69%
Basic Materials2.32%
Other1.70%

Behavioral investing profile

7-dimension quality assessment
Below Average(1.5 / 5.0)
Track Record47
Conviction42
Concentration0
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Position Outcomes

Best and worst performing positions by estimated return

Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.

Accumulation Streaks

Positions with 2+ consecutive quarters of increases - persistent directional conviction.

No active accumulation streaks detected for this filer.

Streaks require 2+ consecutive quarters of increased positions in the most recent period.

Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer

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