DNB Asset Management AS
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), DNB Asset Management AS reported 731 stock positions worth $26.7 billion. Its top holding was Microsoft (MSFT) at 9.2% of the portfolio, followed by Nvidia (NVDA, 6.7%) and Alphabet Class A (GOOGL, 5.6%). Compared with Q2 2025, it opened 49 new positions, sold out of 34, added to 490 and reduced 168. The biggest buy was Apple (AAPL, shares +17%) and the biggest sale Sandisk (SNDK, shares −88%).
- Most Recent 13F
- Q2 2026
- Location
- Oslo, Q8
- CIK
- 0001456670
- Portfolio Value
- $26.7B (Q3 2025)
- SEC Filing
- 0000912282-25-001221 ↗ filed Nov 12, 2025
Holdings Value
Holdings 731 stocks · $26.7B
| MSFT Microsoft Corp. | 9.25% | 4,776,034 | $2.5B | Add +3.1% |
| NVDA Nvidia Corp. | 6.71% | 9,617,279 | $1.8B | Reduce -2.6% |
| GOOGL Alphabet Inc. Class A | 5.63% | 6,188,646 | $1.5B | Reduce -4.7% |
| AAPL Apple Inc. | 5.29% | 5,561,135 | $1.4B | Add +16.8% |
| AMZN Amazon.com Inc. | 4.96% | 6,045,255 | $1.3B | Add +16.2% |
| META Meta Platforms Inc. Class A | 3.28% | 1,194,302 | $877.1M | Reduce -11.8% |
| MA Mastercard Inc. Class A | 1.90% | 891,905 | $507.3M | Reduce -7.2% |
| AVGO Broadcom Inc. | 1.70% | 1,380,209 | $455.3M | Reduce -6.5% |
| TEAM Atlassian Corp. Class A | 1.68% | 2,806,888 | $448.3M | Add +266.6% |
| CRM Salesforce Inc. | 1.47% | 1,658,085 | $393.0M | Add +118.5% |
| V Visa Inc. Class A | 1.47% | 1,150,314 | $392.7M | Reduce -5.4% |
| TSLA Tesla Inc. | 1.34% | 807,978 | $359.3M | Add +26.0% |
| LRCX Lam Research Corp. | 1.30% | 2,600,095 | $348.2M | Reduce -17.2% |
| TSM Taiwan Semiconductor-SP ADR | 1.29% | 1,235,324 | $345.0M | Reduce -24.2% |
| ORCL Oracle Corp. | 1.28% | 1,213,046 | $341.2M | Reduce -44.6% |
| LLY Eli Lilly & Co. | 0.95% | 333,993 | $254.8M | Reduce -5.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.90% | 4,640,303 | $239.4M | Add +4.3% |
| GOOG Alphabet Inc. Class C | 0.88% | 969,535 | $236.1M | Add +2.0% |
| AMD Advanced Micro Devices | 0.88% | 1,459,145 | $236.1M | Add +53.7% |
| BKNG Booking Holdings Inc. | 0.85% | 41,999 | $226.8M | Add +23.3% |
| JPM JPMorgan Chase & Co. | 0.84% | 708,547 | $223.5M | Add +2.6% |
| JNJ Johnson & Johnson | 0.81% | 1,161,215 | $215.3M | Reduce -7.6% |
| CHKP Check Point Software Tech | 0.69% | 887,854 | $183.7M | Add +47.3% |
| MRVL Marvell Technology Inc. | 0.68% | 2,156,786 | $181.3M | Add +100.6% |
| WMT Walmart Inc. | 0.67% | 1,739,021 | $179.2M | Reduce -9.5% |
| CB Chubb Ltd. | 0.67% | 633,865 | $178.9M | Add +1.2% |
| C Citigroup Inc. | 0.65% | 1,714,144 | $174.0M | Add +1.5% |
| TMUS T-Mobile US Inc. | 0.64% | 715,202 | $171.2M | Add +27.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.54% | 286,039 | $143.8M | Add +4.7% |
| DDOG Datadog Inc. Class A | 0.54% | 1,007,552 | $143.5M | Reduce -38.1% |
| UNH Unitedhealth Group Inc. | 0.50% | 389,238 | $134.4M | Add +2.5% |
| MS Morgan Stanley | 0.47% | 790,153 | $125.6M | Add +0.8% |
| SPGI S&P Global Inc. | 0.46% | 250,576 | $122.0M | Add +0.3% |
| NFLX Netflix Inc. | 0.43% | 96,992 | $116.3M | Reduce -4.6% |
| XOM Exxon Mobil Corp. | 0.43% | 1,019,910 | $115.0M | Add +0.2% |
| ABBV Abbvie Inc. | 0.43% | 493,795 | $114.3M | Reduce -1.8% |
| EMR Emerson Electric Co. | 0.42% | 859,507 | $112.8M | Reduce -7.0% |
| ISRG Intuitive Surgical Inc. | 0.42% | 249,861 | $111.7M | Add +25.6% |
| WDC Western Digital Corp. | 0.41% | 918,463 | $110.3M | Reduce -81.0% |
| GS Goldman Sachs Group Inc. | 0.40% | 135,418 | $107.8M | Reduce -0.3% |
| NOW ServiceNow Inc. | 0.40% | 116,108 | $106.9M | Reduce -2.7% |
| QCOM Qualcomm Inc. | 0.40% | 637,540 | $106.1M | Add +150.9% |
| PEP Pepsico Inc. | 0.40% | 754,955 | $106.0M | Reduce -5.2% |
| GE General Electric filed as GE AEROSPACE | 0.40% | 351,669 | $105.8M | Add +0.9% |
| NEE Nextera Energy Inc. | 0.39% | 1,396,906 | $105.5M | Add +1.6% |
| CSCO Cisco Systems Inc. | 0.38% | 1,475,231 | $100.9M | Add +0.8% |
| MELI MercadoLibre Inc. | 0.37% | 42,602 | $99.6M | Reduce -2.1% |
| SNDK Sandisk Corp. | 0.35% | 842,604 | $94.5M | Reduce -88.2% |
| CRTO Criteo SA-Spon | 0.35% | 4,136,684 | $93.5M | No change |
| MTCH Match Group Inc. | 0.34% | 2,581,589 | $91.2M | Add +69.7% |
| INTC Intel Corp. | 0.32% | 2,566,748 | $86.1M | Reduce -55.9% |
| HPQ HP Inc. | 0.32% | 3,096,428 | $84.3M | Add +0.0% |
| ANET Arista Networks Inc. | 0.31% | 562,210 | $81.9M | Add +2.0% |
| ECL Ecolab Inc. | 0.31% | 298,584 | $81.8M | Add +8.3% |
| HD Home Depot Inc. | 0.30% | 200,986 | $81.4M | Reduce -15.3% |
| COST Costco Wholesale Corp. | 0.30% | 85,512 | $79.2M | Reduce -14.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.29% | 278,996 | $78.7M | Add +6.5% |
| FLUT Flutter Entertainment PLC-Di | 0.29% | 306,300 | $77.8M | Add +852.4% |
| CVX Chevron Corp. | 0.29% | 495,232 | $76.9M | Add +28.0% |
| DXCM Dexcom Inc. | 0.28% | 1,098,544 | $73.9M | Add +271.8% |
| CCEP Coca-Cola Europacific Partne | 0.27% | 1,083,398 | $71.9M | Reduce -19.7% |
| PG The Procter & Gamble Co. | 0.27% | 464,339 | $71.3M | Reduce -15.6% |
| BMRN Biomarin Pharmaceutical Inc. | 0.26% | 1,274,284 | $69.0M | Add +13.8% |
| SWKS Skyworks Solutions Inc. | 0.26% | 889,273 | $68.5M | Add +53.8% |
| CRUS Cirrus Logic Inc. | 0.25% | 532,180 | $66.7M | Add +5.5% |
| SNPS Synopsys Inc. | 0.24% | 128,881 | $63.6M | Add +220.4% |
| MRK Merck & Co. Inc. | 0.23% | 748,427 | $62.8M | Reduce -0.8% |
| ABT Abbott Laboratories | 0.23% | 464,128 | $62.2M | Reduce -6.9% |
| UBER Uber Technologies Inc. | 0.23% | 633,016 | $62.0M | Add +32.8% |
| TMO Thermo Fisher Scientific Inc. | 0.23% | 126,849 | $61.5M | Reduce -8.9% |
| T AT&T Inc. | 0.23% | 2,162,125 | $61.1M | Add +6.7% |
| CL Colgate-Palmolive Co. | 0.23% | 755,338 | $60.4M | Reduce -17.9% |
| MTZ Mastec Inc. | 0.22% | 280,566 | $59.7M | Reduce -23.0% |
| NIQ Niq Global Intelligence PLC | 0.22% | 3,742,451 | $58.7M | New |
| APP AppLovin Corp. Class A | 0.22% | 80,911 | $58.1M | Add +82.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.22% | 504,137 | $57.7M | Add +5.5% |
| ARW Arrow Electronics Inc. | 0.21% | 471,813 | $57.1M | No change |
| GEV GE Vernova Inc. | 0.21% | 91,425 | $56.2M | Add +8.4% |
| VZ Verizon Communications Inc. | 0.21% | 1,255,341 | $55.2M | Add +5.1% |
| MU Micron Technology Inc. | 0.20% | 314,601 | $52.6M | Add +3.7% |
| CCK Crown Holdings Inc. | 0.20% | 543,667 | $52.5M | Reduce -0.6% |
| WFC Wells Fargo & Co. | 0.20% | 625,733 | $52.4M | Add +2.6% |
| MCD McDonald's Corp. | 0.19% | 170,572 | $51.8M | Reduce -4.2% |
| APH Amphenol Corp. Class A | 0.19% | 418,148 | $51.7M | Reduce -18.8% |
| DECK Deckers Outdoor Corp. | 0.19% | 492,227 | $49.9M | Add +0.2% |
| APO Apollo Global Management Inc. | 0.18% | 363,131 | $48.4M | Add +12.0% |
| CEG Constellation Energy | 0.18% | 145,027 | $47.7M | Add +45.8% |
| LIN Linde PLC | 0.18% | 100,174 | $47.6M | Add +2.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.18% | 325,264 | $47.0M | Add +3.1% |
| TXN Texas Instruments Inc. | 0.17% | 253,974 | $46.7M | Add +4.2% |
| DE Deere & Co. | 0.17% | 100,608 | $46.0M | Add +2.7% |
| STT State Street Corp. | 0.17% | 395,501 | $45.9M | Add +3.6% |
| BX Blackstone Inc. | 0.17% | 267,773 | $45.7M | Add +16.1% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.17% | 2,832,135 | $45.3M | Add +145.1% |
| UNP Union Pacific Corp. | 0.16% | 185,087 | $43.7M | Add +3.7% |
| ICE Intercontinental Exchange Inc. | 0.16% | 257,370 | $43.4M | Reduce -8.2% |
| SO The Southern Co. | 0.16% | 453,922 | $43.0M | Add +4.1% |
| ETN Eaton Corp. PLC | 0.16% | 113,392 | $42.4M | Add +3.9% |
| INTU Intuit Inc. | 0.15% | 60,153 | $41.1M | Add +8.4% |
| ADP Automatic Data Processing | 0.15% | 137,410 | $40.3M | Add +3.8% |
Portfolio Sells Q2 2025 → Q3 2025
| SNDK Sandisk Corp. | Reduce -88.2% | 0.35% | −0.98 |
| WDC Western Digital Corp. | Reduce -81.0% | 0.41% | −0.87 |
| META Meta Platforms Inc. Class A | Reduce -11.8% | 3.28% | −0.86 |
| ORCL Oracle Corp. | Reduce -44.6% | 1.28% | −0.71 |
| DDOG Datadog Inc. Class A | Reduce -38.1% | 0.54% | −0.37 |
| MA Mastercard Inc. Class A | Reduce -7.2% | 1.90% | −0.34 |
| V Visa Inc. Class A | Reduce -5.4% | 1.47% | −0.32 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -24.2% | 1.29% | −0.24 |
| YUM Yum! Brands Inc. | Reduce -87.7% | 0.03% | −0.24 |
| PLTR Palantir Technologies Inc. Class A | Reduce -99.7% | 0.00% | −0.23 |
| ADBE Adobe Inc. | Reduce -53.7% | 0.14% | −0.22 |
| INTC Intel Corp. | Reduce -55.9% | 0.32% | −0.22 |
| LLY Eli Lilly & Co. | Reduce -5.9% | 0.95% | −0.19 |
| MDT Medtronic PLC | Reduce -58.6% | 0.13% | −0.19 |
| NFLX Netflix Inc. | Reduce -4.6% | 0.43% | −0.13 |
| CCEP Coca-Cola Europacific Partne | Reduce -19.7% | 0.27% | −0.13 |
| CL Colgate-Palmolive Co. | Reduce -17.9% | 0.23% | −0.12 |
| COST Costco Wholesale Corp. | Reduce -14.0% | 0.30% | −0.11 |
| NOW ServiceNow Inc. | Reduce -2.7% | 0.40% | −0.11 |
| WMT Walmart Inc. | Reduce -9.5% | 0.67% | −0.11 |
| MELI MercadoLibre Inc. | Reduce -2.1% | 0.37% | −0.10 |
| PG The Procter & Gamble Co. | Reduce -15.6% | 0.27% | −0.10 |
| FANG Diamondback Energy Inc. | Reduce -80.6% | 0.02% | −0.09 |
| EMR Emerson Electric Co. | Reduce -7.0% | 0.42% | −0.09 |
| VIK Viking Holdings Ltd. | Sold out | 0.00% | −0.09 |
| BBWI Bath & Body Works Inc. | Reduce -10.8% | 0.13% | −0.06 |
| RSG Republic Services Inc. | Reduce -49.1% | 0.04% | −0.06 |
| HD Home Depot Inc. | Reduce -15.3% | 0.30% | −0.06 |
| ITW Illinois Tool Works | Reduce -36.6% | 0.08% | −0.05 |
| CI The Cigna Group | Reduce -35.7% | 0.05% | −0.05 |
| ICE Intercontinental Exchange Inc. | Reduce -8.2% | 0.16% | −0.05 |
| BSX Boston Scientific Corp. | Reduce -9.6% | 0.15% | −0.05 |
| ABT Abbott Laboratories | Reduce -6.9% | 0.23% | −0.05 |
| SLB SLB Ltd. | Reduce -20.3% | 0.13% | −0.05 |
| HES Hess Corp. | Sold out | 0.00% | −0.05 |
| VST Vistra Corp. | Reduce -27.9% | 0.08% | −0.04 |
| PEP Pepsico Inc. | Reduce -5.2% | 0.40% | −0.04 |
| CTAS Cintas Corp. | Reduce -18.9% | 0.08% | −0.04 |
| CCK Crown Holdings Inc. | Reduce -0.6% | 0.20% | −0.04 |
| MTZ Mastec Inc. | Reduce -23.0% | 0.22% | −0.03 |
| AMGN Amgen Inc. | Reduce -10.4% | 0.15% | −0.03 |
| VIST Vista Energy Sab DE CV | Sold out | 0.00% | −0.03 |
| GILD Gilead Sciences Inc. | Reduce -15.3% | 0.10% | −0.03 |
| CME Cme Group Inc. | Reduce -19.5% | 0.08% | −0.03 |
| CDNS Cadence Design SYS Inc. | Reduce -31.6% | 0.07% | −0.03 |
| SYK Stryker Corp. | Reduce -10.2% | 0.09% | −0.03 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.02 |
| EMBJ Embraer SA-Spon ADR | Reduce -14.7% | 0.10% | −0.02 |
| PH Parker Hannifin Corp. | Reduce -12.7% | 0.14% | −0.02 |
| ZTS Zoetis Inc. | Reduce -20.1% | 0.05% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| AAPL Apple Inc. | Add +16.8% | 5.29% | +1.24 |
| TEAM Atlassian Corp. Class A | Add +266.6% | 1.68% | +1.03 |
| CRM Salesforce Inc. | Add +118.5% | 1.47% | +0.61 |
| TSLA Tesla Inc. | Add +26.0% | 1.34% | +0.50 |
| MRVL Marvell Technology Inc. | Add +100.6% | 0.68% | +0.33 |
| AMD Advanced Micro Devices | Add +53.7% | 0.88% | +0.32 |
| FLUT Flutter Entertainment PLC-Di | Add +852.4% | 0.29% | +0.25 |
| AMZN Amazon.com Inc. | Add +16.2% | 4.96% | +0.23 |
| QCOM Qualcomm Inc. | Add +150.9% | 0.40% | +0.23 |
| NIQ Niq Global Intelligence PLC | New | 0.22% | +0.22 |
| GOOG Alphabet Inc. Class C | Add +2.0% | 0.88% | +0.18 |
| DXCM Dexcom Inc. | Add +271.8% | 0.28% | +0.17 |
| APP AppLovin Corp. Class A | Add +82.3% | 0.22% | +0.15 |
| SNPS Synopsys Inc. | Add +220.4% | 0.24% | +0.15 |
| MBLY Mobileye Global Inc. Class A | New | 0.15% | +0.15 |
| MTCH Match Group Inc. | Add +69.7% | 0.34% | +0.15 |
| CHKP Check Point Software Tech | Add +47.3% | 0.69% | +0.13 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +145.1% | 0.17% | +0.10 |
| HOOD Robinhood Markets Inc. Class A | Add +94.5% | 0.14% | +0.09 |
| TMUS T-Mobile US Inc. | Add +27.7% | 0.64% | +0.09 |
| SWKS Skyworks Solutions Inc. | Add +53.8% | 0.26% | +0.08 |
| ANET Arista Networks Inc. | Add +2.0% | 0.31% | +0.07 |
| WBD Warner Bros Discovery Inc. | Add +192.5% | 0.09% | +0.07 |
| KLAR Klarna Group PLC | New | 0.07% | +0.07 |
| RBLX Roblox Corp. Class A | Add +114.0% | 0.11% | +0.07 |
| OKTA Okta Inc. | Add +134.4% | 0.13% | +0.06 |
| STNG Scorpio Tankers Inc. | Add +828.3% | 0.06% | +0.06 |
| CVX Chevron Corp. | Add +28.0% | 0.29% | +0.06 |
| SNOW Snowflake Inc. | Add +121.5% | 0.11% | +0.05 |
| C Citigroup Inc. | Add +1.5% | 0.65% | +0.05 |
| CRH CRH PLC | Add +46.3% | 0.12% | +0.05 |
| UBER Uber Technologies Inc. | Add +32.8% | 0.23% | +0.05 |
| CEG Constellation Energy | Add +45.8% | 0.18% | +0.05 |
| PTON Peloton Interactive Inc. Class A | Add +19.8% | 0.15% | +0.04 |
| CVS CVS Health Corp. | Add +66.7% | 0.11% | +0.04 |
| MU Micron Technology Inc. | Add +3.7% | 0.20% | +0.04 |
| COIN Coinbase Global Inc. Class A | Add +100.7% | 0.09% | +0.04 |
| F Ford Motor Co. | Add +127.7% | 0.07% | +0.04 |
| SOFI Sofi Technologies Inc. | Add +72.9% | 0.07% | +0.04 |
| LAUR Laureate Education Inc. | Add +276.9% | 0.05% | +0.04 |
| BORR Borr Drilling Ltd. | Add +22394.8% | 0.04% | +0.04 |
| WCN Waste Connections Inc. | Add +99.3% | 0.09% | +0.04 |
| COP Conocophillips | Add +41.7% | 0.13% | +0.03 |
| MSTR Strategy Inc. | Add +99.5% | 0.11% | +0.03 |
| DOW Dow Inc. | Add +290.6% | 0.05% | +0.03 |
| CRUS Cirrus Logic Inc. | Add +5.5% | 0.25% | +0.03 |
| KHC The Kraft Heinz Co. | Add +152.3% | 0.06% | +0.03 |
| PCG P G & E Corp. | Add +55.2% | 0.09% | +0.03 |
| RKLB Rocket Lab Corp. | Add +226.2% | 0.04% | +0.03 |
| BKNG Booking Holdings Inc. | Add +23.3% | 0.85% | +0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,276 | $35.7B | MSFT, NVDA, GOOGL, AMZN, AVGO |
| Q1 2026 | 1,235 | $28.0B | MSFT, NVDA, AMZN, GOOGL, AAPL |
| Q4 2025 | 731 | $28.7B | MSFT, NVDA, GOOGL, AMZN, AAPL |
| Q3 2025 | 731 | $26.7B | MSFT, NVDA, GOOGL, AAPL, AMZN |
| Q2 2025 | 716 | $24.1B | MSFT, NVDA, GOOGL, AMZN, META |
| Q1 2025 | 738 | $21.7B | MSFT, NVDA, AMZN, GOOGL, AAPL |
| Q4 2024 | 732 | $23.1B | MSFT, GOOGL, AMZN, NVDA, AAPL |
| Q3 2024 | 715 | $22.1B | MSFT, GOOGL, NVDA, AMZN, META |
| Q2 2024 | 708 | $21.0B | MSFT, GOOGL, NVDA, AMZN, AAPL |
| Q1 2024 | 705 | $19.2B | MSFT, META, GOOGL, NVDA, AAPL |