DNB Asset Management AS
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 5, 2026), DNB Asset Management AS reported 731 stock positions worth $28.7 billion. Its top holding was Microsoft (MSFT) at 8.6% of the portfolio, followed by Nvidia (NVDA, 6.6%) and Alphabet Class A (GOOGL, 5.4%). Compared with Q3 2025, it opened 50 new positions, sold out of 51, added to 435 and reduced 191. The biggest buy was Meta Platforms Class A (META, shares +59%) and the biggest sale Lam Research (LRCX, shares −60%).
- Most Recent 13F
- Q2 2026
- Location
- Oslo, Q8
- CIK
- 0001456670
- Portfolio Value
- $28.7B (Q4 2025)
- SEC Filing
- 0000912282-26-000250 ↗ filed Feb 5, 2026
Holdings Value
Holdings 731 stocks · $28.7B
| MSFT Microsoft Corp. | 8.60% | 5,096,428 | $2.5B | Add +6.7% |
| NVDA Nvidia Corp. | 6.58% | 10,116,692 | $1.9B | Add +5.2% |
| GOOGL Alphabet Inc. Class A | 5.40% | 4,941,049 | $1.5B | Reduce -20.2% |
| AMZN Amazon.com Inc. | 5.32% | 6,600,867 | $1.5B | Add +9.2% |
| AAPL Apple Inc. | 4.87% | 5,137,260 | $1.4B | Reduce -7.6% |
| META Meta Platforms Inc. Class A | 4.36% | 1,893,140 | $1.2B | Add +58.5% |
| MA Mastercard Inc. Class A | 2.51% | 1,261,054 | $719.9M | Add +41.4% |
| V Visa Inc. Class A | 2.34% | 1,910,461 | $670.0M | Add +66.1% |
| TEAM Atlassian Corp. Class A | 2.26% | 3,990,216 | $647.0M | Add +42.2% |
| AVGO Broadcom Inc. | 2.00% | 1,658,559 | $574.0M | Add +20.2% |
| CRM Salesforce Inc. | 1.92% | 2,075,596 | $549.8M | Add +25.2% |
| TSLA Tesla Inc. | 1.30% | 828,629 | $372.7M | Add +2.6% |
| LLY Eli Lilly & Co. | 1.21% | 321,484 | $345.5M | Reduce -3.8% |
| CHKP Check Point Software Tech | 1.18% | 1,820,339 | $337.8M | Add +105.0% |
| GOOG Alphabet Inc. Class C | 1.08% | 988,337 | $310.1M | Add +1.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.93% | 4,832,975 | $265.8M | Add +4.2% |
| ORCL Oracle Corp. | 0.90% | 1,329,788 | $259.2M | Add +9.6% |
| JPM JPMorgan Chase & Co. | 0.83% | 737,362 | $237.6M | Add +4.1% |
| HPQ HP Inc. | 0.82% | 10,594,630 | $236.0M | Add +242.2% |
| BKNG Booking Holdings Inc. | 0.81% | 43,286 | $231.8M | Add +3.1% |
| GS Goldman Sachs Group Inc. | 0.78% | 253,467 | $222.8M | Add +87.2% |
| TMUS T-Mobile US Inc. | 0.75% | 1,065,238 | $216.3M | Add +48.9% |
| TSM Taiwan Semiconductor-SP ADR | 0.73% | 691,064 | $210.0M | Reduce -44.1% |
| C Citigroup Inc. | 0.73% | 1,793,006 | $209.2M | Add +4.6% |
| WMT Walmart Inc. | 0.65% | 1,684,275 | $187.6M | Reduce -3.1% |
| AMD Advanced Micro Devices | 0.65% | 866,532 | $185.6M | Reduce -40.6% |
| LRCX Lam Research Corp. | 0.62% | 1,033,784 | $177.0M | Reduce -60.2% |
| QCOM Qualcomm Inc. | 0.61% | 1,014,250 | $173.5M | Add +59.1% |
| SPGI S&P Global Inc. | 0.57% | 313,444 | $163.8M | Add +25.1% |
| CB Chubb Ltd. | 0.57% | 519,712 | $162.2M | Reduce -18.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.54% | 305,778 | $153.7M | Add +6.9% |
| UNH Unitedhealth Group Inc. | 0.50% | 437,929 | $144.6M | Add +12.5% |
| ISRG Intuitive Surgical Inc. | 0.48% | 244,742 | $138.6M | Reduce -2.0% |
| JNJ Johnson & Johnson | 0.47% | 653,850 | $135.3M | Reduce -43.7% |
| ABBV Abbvie Inc. | 0.46% | 575,107 | $131.4M | Add +16.5% |
| XOM Exxon Mobil Corp. | 0.45% | 1,075,263 | $129.4M | Add +5.4% |
| NFLX Netflix Inc. | 0.44% | 1,346,425 | $126.2M | Add +38.8% |
| CSCO Cisco Systems Inc. | 0.41% | 1,534,364 | $118.2M | Add +4.0% |
| WM Waste Management Inc. | 0.41% | 528,562 | $116.1M | Add +245.2% |
| EMR Emerson Electric Co. | 0.40% | 873,898 | $116.0M | Add +1.7% |
| NEE Nextera Energy Inc. | 0.40% | 1,438,894 | $115.5M | Add +3.0% |
| PEP Pepsico Inc. | 0.39% | 786,442 | $112.9M | Add +4.2% |
| MTCH Match Group Inc. | 0.39% | 3,431,061 | $110.8M | Add +32.9% |
| GE General Electric filed as GE AEROSPACE | 0.39% | 358,857 | $110.5M | Add +2.0% |
| NOW ServiceNow Inc. | 0.36% | 668,321 | $102.4M | Add +15.1% |
| MRK Merck & Co. Inc. | 0.35% | 950,334 | $100.0M | Add +27.0% |
| CRTO Criteo SA-Spon | 0.31% | 4,258,161 | $87.8M | Add +2.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.30% | 290,284 | $86.0M | Add +4.0% |
| MRVL Marvell Technology Inc. | 0.29% | 993,351 | $84.4M | Reduce -53.9% |
| PG The Procter & Gamble Co. | 0.29% | 588,052 | $84.3M | Add +26.6% |
| DXCM Dexcom Inc. | 0.29% | 1,269,391 | $84.2M | Add +15.6% |
| MELI MercadoLibre Inc. | 0.29% | 41,161 | $82.9M | Reduce -3.4% |
| BMRN Biomarin Pharmaceutical Inc. | 0.28% | 1,359,549 | $80.8M | Add +6.7% |
| MU Micron Technology Inc. | 0.28% | 276,765 | $79.0M | Reduce -12.0% |
| ECL Ecolab Inc. | 0.27% | 299,125 | $78.5M | Add +0.2% |
| CVX Chevron Corp. | 0.27% | 512,875 | $78.2M | Add +3.6% |
| ARW Arrow Electronics Inc. | 0.27% | 706,687 | $77.9M | Add +49.8% |
| CCEP Coca-Cola Europacific Partne | 0.27% | 1,103,612 | $77.2M | Add +1.9% |
| COST Costco Wholesale Corp. | 0.26% | 88,026 | $75.9M | Add +2.9% |
| CL Colgate-Palmolive Co. | 0.25% | 918,682 | $72.6M | Add +21.6% |
| ANET Arista Networks Inc. | 0.25% | 552,579 | $72.4M | Reduce -1.7% |
| SWKS Skyworks Solutions Inc. | 0.25% | 1,141,649 | $72.4M | Add +28.4% |
| AMAT Applied Materials Inc. | 0.25% | 280,792 | $72.2M | Add +51.0% |
| HD Home Depot Inc. | 0.25% | 205,394 | $70.7M | Add +2.2% |
| INTC Intel Corp. | 0.25% | 1,909,463 | $70.5M | Reduce -25.6% |
| GEV GE Vernova Inc. | 0.24% | 103,956 | $67.9M | Add +13.7% |
| PTON Peloton Interactive Inc. Class A | 0.23% | 10,776,627 | $66.4M | Add +142.4% |
| TMO Thermo Fisher Scientific Inc. | 0.23% | 114,507 | $66.4M | Reduce -9.7% |
| CRUS Cirrus Logic Inc. | 0.22% | 532,180 | $63.1M | No change |
| NIQ Niq Global Intelligence PLC | 0.21% | 3,703,718 | $61.1M | Reduce -1.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.21% | 535,794 | $61.0M | Add +6.3% |
| ABT Abbott Laboratories | 0.21% | 479,706 | $60.1M | Add +3.4% |
| WFC Wells Fargo & Co. | 0.21% | 635,524 | $59.2M | Add +1.6% |
| BIDU Baidu Inc. - Spon ADR | 0.21% | 452,579 | $59.1M | Add +6832.9% |
| VZ Verizon Communications Inc. | 0.20% | 1,432,652 | $58.4M | Add +14.1% |
| T AT&T Inc. | 0.20% | 2,332,004 | $57.9M | Add +7.9% |
| DECK Deckers Outdoor Corp. | 0.20% | 544,695 | $56.5M | Add +10.7% |
| DE Deere & Co. | 0.19% | 119,298 | $55.5M | Add +18.6% |
| VRTX Vertex Pharmaceuticals Inc. | 0.19% | 119,685 | $54.3M | Add +25.4% |
| APO Apollo Global Management Inc. | 0.19% | 370,083 | $53.6M | Add +1.9% |
| CCK Crown Holdings Inc. | 0.19% | 519,059 | $53.4M | Reduce -4.5% |
| UBER Uber Technologies Inc. | 0.18% | 643,558 | $52.6M | Add +1.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.18% | 337,518 | $51.8M | Add +3.8% |
| MS Morgan Stanley | 0.18% | 289,358 | $51.4M | Reduce -63.4% |
| STT State Street Corp. | 0.17% | 376,836 | $48.6M | Reduce -4.7% |
| APH Amphenol Corp. Class A | 0.17% | 357,586 | $48.3M | Reduce -14.5% |
| TXN Texas Instruments Inc. | 0.17% | 273,836 | $47.5M | Add +7.8% |
| COF Capital One Financial Corp. | 0.16% | 193,237 | $46.8M | Add +20.7% |
| AMGN Amgen Inc. | 0.16% | 142,001 | $46.5M | Add +1.8% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.16% | 2,767,567 | $46.3M | Reduce -2.3% |
| MCD McDonald's Corp. | 0.16% | 146,795 | $44.9M | Reduce -13.9% |
| DAR Darling Ingredients Inc. | 0.16% | 1,245,217 | $44.8M | Add +7.5% |
| ON On Semiconductor | 0.16% | 822,902 | $44.6M | Add +13.7% |
| LIN Linde PLC | 0.15% | 104,014 | $44.4M | Add +3.8% |
| PFE Pfizer Inc. | 0.15% | 1,753,086 | $43.7M | Add +38.5% |
| PH Parker Hannifin Corp. | 0.15% | 48,866 | $43.0M | Add +1.3% |
| DDOG Datadog Inc. Class A | 0.15% | 312,891 | $42.6M | Reduce -69.0% |
| CEG Constellation Energy | 0.15% | 120,217 | $42.5M | Reduce -17.1% |
| SO The Southern Co. | 0.15% | 486,143 | $42.4M | Add +7.1% |
| AXP American Express Co. | 0.15% | 113,883 | $42.1M | Add +1.2% |
Portfolio Sells Q3 2025 → Q4 2025
| LRCX Lam Research Corp. | Reduce -60.2% | 0.62% | −0.68 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -44.1% | 0.73% | −0.56 |
| AAPL Apple Inc. | Reduce -7.6% | 4.87% | −0.42 |
| DDOG Datadog Inc. Class A | Reduce -69.0% | 0.15% | −0.39 |
| MRVL Marvell Technology Inc. | Reduce -53.9% | 0.29% | −0.38 |
| WDC Western Digital Corp. | Reduce -92.8% | 0.04% | −0.37 |
| SNDK Sandisk Corp. | Reduce -97.7% | 0.02% | −0.34 |
| JNJ Johnson & Johnson | Reduce -43.7% | 0.47% | −0.33 |
| MS Morgan Stanley | Reduce -63.4% | 0.18% | −0.29 |
| FLUT Flutter Entertainment PLC-Di | Reduce -79.7% | 0.05% | −0.24 |
| AMD Advanced Micro Devices | Reduce -40.6% | 0.65% | −0.24 |
| GOOGL Alphabet Inc. Class A | Reduce -20.2% | 5.40% | −0.23 |
| MTZ Mastec Inc. | Sold out | 0.00% | −0.22 |
| BBWI Bath & Body Works Inc. | Sold out | 0.00% | −0.13 |
| SNPS Synopsys Inc. | Reduce -44.8% | 0.12% | −0.12 |
| CB Chubb Ltd. | Reduce -18.0% | 0.57% | −0.10 |
| APP AppLovin Corp. Class A | Reduce -37.6% | 0.12% | −0.10 |
| SLB SLB Ltd. | Reduce -69.6% | 0.04% | −0.09 |
| FISV Fiserv Inc. | Reduce -42.8% | 0.03% | −0.09 |
| ICE Intercontinental Exchange Inc. | Reduce -47.7% | 0.08% | −0.09 |
| MELI MercadoLibre Inc. | Reduce -3.4% | 0.29% | −0.08 |
| HOOD Robinhood Markets Inc. Class A | Reduce -44.7% | 0.06% | −0.08 |
| INTC Intel Corp. | Reduce -25.6% | 0.25% | −0.08 |
| RBLX Roblox Corp. Class A | Reduce -45.9% | 0.03% | −0.08 |
| COIN Coinbase Global Inc. Class A | Reduce -33.8% | 0.04% | −0.06 |
| HOLX Hologic Inc. | Reduce -83.7% | 0.01% | −0.06 |
| ANET Arista Networks Inc. | Reduce -1.7% | 0.25% | −0.05 |
| MTB M & T Bank Corp. | Reduce -68.2% | 0.02% | −0.05 |
| WCN Waste Connections Inc. | Reduce -54.0% | 0.04% | −0.05 |
| AMRC Ameresco Inc. Class A | Reduce -24.1% | 0.08% | −0.05 |
| EXAS Exact Sciences Corp. | Reduce -99.2% | 0.00% | −0.05 |
| WBD Warner Bros Discovery Inc. | Reduce -63.7% | 0.05% | −0.05 |
| KLAR Klarna Group PLC | Reduce -55.6% | 0.02% | −0.05 |
| CMCSA Comcast Corp. Class A | Reduce -25.6% | 0.08% | −0.04 |
| MCD McDonald's Corp. | Reduce -13.9% | 0.16% | −0.04 |
| EQH Equitable Holdings Inc. | Reduce -23.4% | 0.07% | −0.04 |
| ETN Eaton Corp. PLC | Reduce -0.6% | 0.13% | −0.03 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -19.1% | 0.08% | −0.03 |
| MMM 3M Co. | Reduce -20.1% | 0.11% | −0.03 |
| SOFI Sofi Technologies Inc. | Reduce -38.5% | 0.04% | −0.03 |
| CEG Constellation Energy | Reduce -17.1% | 0.15% | −0.03 |
| CMI Cummins Inc. | Reduce -37.7% | 0.07% | −0.03 |
| UNP Union Pacific Corp. | Reduce -10.7% | 0.13% | −0.03 |
| BX Blackstone Inc. | Reduce -1.6% | 0.14% | −0.03 |
| BAX Baxter International Inc. | Reduce -77.9% | 0.01% | −0.03 |
| CNH CNH Industrial NV | Reduce -74.5% | 0.01% | −0.03 |
| AXON Axon Enterprise Inc. | Reduce -15.2% | 0.05% | −0.03 |
| ADBE Adobe Inc. | Reduce -13.6% | 0.11% | −0.03 |
| PLD Prologis Inc. | Reduce -27.0% | 0.09% | −0.03 |
| SPOT Spotify Technology SA | Reduce -2.9% | 0.08% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| META Meta Platforms Inc. Class A | Add +58.5% | 4.36% | +1.08 |
| V Visa Inc. Class A | Add +66.1% | 2.34% | +0.87 |
| MA Mastercard Inc. Class A | Add +41.4% | 2.51% | +0.61 |
| TEAM Atlassian Corp. Class A | Add +42.2% | 2.26% | +0.58 |
| HPQ HP Inc. | Add +242.2% | 0.82% | +0.51 |
| CHKP Check Point Software Tech | Add +105.0% | 1.18% | +0.49 |
| CRM Salesforce Inc. | Add +25.2% | 1.92% | +0.45 |
| GS Goldman Sachs Group Inc. | Add +87.2% | 0.78% | +0.37 |
| AMZN Amazon.com Inc. | Add +9.2% | 5.32% | +0.35 |
| AVGO Broadcom Inc. | Add +20.2% | 2.00% | +0.30 |
| WM Waste Management Inc. | Add +245.2% | 0.41% | +0.28 |
| QCOM Qualcomm Inc. | Add +59.1% | 0.61% | +0.21 |
| BIDU Baidu Inc. - Spon ADR | Add +6832.9% | 0.21% | +0.20 |
| GOOG Alphabet Inc. Class C | Add +1.9% | 1.08% | +0.20 |
| SPGI S&P Global Inc. | Add +25.1% | 0.57% | +0.12 |
| TMUS T-Mobile US Inc. | Add +48.9% | 0.75% | +0.11 |
| MRK Merck & Co. Inc. | Add +27.0% | 0.35% | +0.11 |
| AMAT Applied Materials Inc. | Add +51.0% | 0.25% | +0.11 |
| BORR Borr Drilling Ltd. | Add +126.4% | 0.12% | +0.08 |
| PTON Peloton Interactive Inc. Class A | Add +142.4% | 0.23% | +0.08 |
| C Citigroup Inc. | Add +4.6% | 0.73% | +0.08 |
| PBR Petroleo Brasileiro-Spon ADR | New | 0.08% | +0.08 |
| ARW Arrow Electronics Inc. | Add +49.8% | 0.27% | +0.06 |
| VRTX Vertex Pharmaceuticals Inc. | Add +25.4% | 0.19% | +0.05 |
| OMC Omnicom Group | Add +479.7% | 0.06% | +0.05 |
| MTCH Match Group Inc. | Add +32.9% | 0.39% | +0.05 |
| ITRI Itron Inc. | New | 0.04% | +0.04 |
| ELV Elevance Health Inc. | Add +75.8% | 0.09% | +0.04 |
| BDX Becton Dickinson and Co. | Add +107.3% | 0.08% | +0.04 |
| COF Capital One Financial Corp. | Add +20.7% | 0.16% | +0.04 |
| AIG American International Group | Add +109.0% | 0.07% | +0.04 |
| CSCO Cisco Systems Inc. | Add +4.0% | 0.41% | +0.04 |
| VIST Vista Energy Sab DE CV | New | 0.03% | +0.03 |
| CFG Citizens Financial Group | Add +192.4% | 0.05% | +0.03 |
| BAC Bank of America Corp. | Add +4.2% | 0.93% | +0.03 |
| PFE Pfizer Inc. | Add +38.5% | 0.15% | +0.03 |
| ABBV Abbvie Inc. | Add +16.5% | 0.46% | +0.03 |
| CI The Cigna Group | Add +74.1% | 0.08% | +0.03 |
| TGT Target Corp. | Add +99.5% | 0.06% | +0.03 |
| GM General Motors Co. | Add +37.0% | 0.07% | +0.03 |
| CME Cme Group Inc. | Add +45.1% | 0.11% | +0.03 |
| CL Colgate-Palmolive Co. | Add +21.6% | 0.25% | +0.03 |
| PG The Procter & Gamble Co. | Add +26.6% | 0.29% | +0.03 |
| GEV GE Vernova Inc. | Add +13.7% | 0.24% | +0.03 |
| FAST Fastenal Co. | Add +85.9% | 0.09% | +0.03 |
| PCAR Paccar Inc. | Add +29.3% | 0.10% | +0.03 |
| O Realty Income Corp. | Add +91.7% | 0.06% | +0.03 |
| PATH Uipath Inc. Class A | Add +266.4% | 0.03% | +0.02 |
| UPS United Parcel Service Class B | Add +14.7% | 0.12% | +0.02 |
| BMRN Biomarin Pharmaceutical Inc. | Add +6.7% | 0.28% | +0.02 |
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 |