Folketrygdfondet
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 3, 2025), Folketrygdfondet reported 10 stock positions worth $4.3 billion. Its top holding was Equinor ASA-Spon ADR (EQNR) at 60.1% of the portfolio, followed by Novo-Nordisk A/S-Spons ADR (NVO, 13.3%) and Cadeler - ISIN DK0061412772 (9.5%). Compared with Q2 2025, it opened 1 new position, sold out of 1, added to 7 and reduced 2. The biggest buy was Frontline (shares +1%) and the biggest sale Equinor ASA-Spon ADR (EQNR, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- OSLO, Q8
- CIK
- 0001269094
- Portfolio Value
- $4.3B (Q3 2025)
- SEC Filing
- 0001104659-25-105687 ↗ filed Nov 3, 2025
Holdings Value
Holdings 10 stocks · $4.3B
| EQNR Equinor ASA-Spon ADR | 60.12% | 105,446,508 | $2.6B | Reduce -6.1% |
| NVO Novo-Nordisk A/S-Spons ADR | 13.25% | 10,211,913 | $566.7M | Add +1.2% |
| Cadeler - ISIN DK0061412772 | 9.45% | 19,573,277 | $404.2M | Add +0.7% |
| FRONTLINE LTD | 6.77% | 12,710,574 | $289.7M | Add +0.7% |
| Hafnia - ISIN BMG4233B1090 | 4.49% | 32,068,802 | $192.1M | Add +0.7% |
| BW LPG - ISIN SGXZ69436764 | 2.58% | 7,719,341 | $110.2M | Add +0.7% |
| NOK Nokia Corp.-Spon ADR | 1.96% | 17,380,530 | $83.6M | Add +66.6% |
| CMBT CMB Tech NV | 1.21% | 5,500,684 | $51.7M | Reduce -22.1% |
| GMAB Genmab A/S -SP ADR | 0.13% | 174,805 | $5.4M | Add +1.2% |
| TRMD Torm PLC-A | 0.04% | 87,099 | $1.8M | New |
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
| FRONTLINE LTD | Add +0.7% | 6.77% | +2.15 |
| Hafnia - ISIN BMG4233B1090 | Add +0.7% | 4.49% | +0.95 |
| Cadeler - ISIN DK0061412772 | Add +0.7% | 9.45% | +0.84 |
| NOK Nokia Corp.-Spon ADR | Add +66.6% | 1.96% | +0.76 |
| BW LPG - ISIN SGXZ69436764 | Add +0.7% | 2.58% | +0.56 |
| GMAB Genmab A/S -SP ADR | Add +1.2% | 0.13% | +0.05 |
| TRMD Torm PLC-A | New | 0.04% | +0.04 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +1.2% | 13.25% | −2.28 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 11 | $4.6B | EQNR, NVO, Cadeler - ISIN DK0061412772, FRONTLINE LTD, Hafnia - ISIN BMG4233B1090 |
| Q1 2026 | 11 | $5.6B | EQNR, Cadeler - ISIN DK0061412772, FRONTLINE LTD, NVO, Hafnia - ISIN BMG4233B1090 |
| Q4 2025 | 11 | $4.3B | EQNR, NVO, Cadeler - ISIN DK0061412772, FRONTLINE LTD, Hafnia - ISIN BMG4233B1090 |
| Q3 2025 | 10 | $4.3B | EQNR, NVO, Cadeler - ISIN DK0061412772, FRONTLINE LTD, Hafnia - ISIN BMG4233B1090 |
| Q2 2025 | 10 | $4.5B | EQNR, NVO, Cadeler - ISIN DK0061412772, FRONTLINE LTD, Hafnia - ISIN BMG4233B1090 |
| Q1 2025 | 10 | $4.5B | EQNR, NVO, Cadeler - ISIN DK0061412772, FRONTLINE LTD, Hafnia - ISIN BMG4233B1090 |
| Q4 2024 | 11 | $4.5B | EQNR, NVO, Cadeler - ISIN DK0061412772, FRONTLINE LTD, Hafnia - ISIN BMG4233B1090 |
| Q3 2024 | 12 | $5.1B | EQNR, NVO, Cadeler - ISIN DK0061412772, FRONTLINE LTD, Hafnia - ISIN BMG4233B1090 |
| Q2 2024 | 13 | $5.7B | EQNR, NVO, FRONTLINE LTD, Hafnia - ISIN BMG4233B1090, Cadeler - ISIN DK0061412772 |
| Q1 2024 | 11 | $4.6B | EQNR, NVO, FRONTLINE LTD, GOLDEN OCEAN GROUP LTD, BORR |