Folketrygdfondet

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Folketrygdfondet reported 11 stock positions worth $4.3 billion. Its top holding was Equinor ASA-Spon ADR (EQNR) at 63.9% of the portfolio, followed by Novo-Nordisk A/S-Spons ADR (NVO, 12.0%) and Cadeler - ISIN DK0061412772 (8.5%). Compared with Q3 2025, it opened 1 new position, added to 3 and reduced 6. The biggest buy was a new position in Oculis (OCS) and the biggest sale Novo-Nordisk A/S-Spons ADR (NVO, shares −0%).

Most Recent 13F
Q2 2026
Location
OSLO, Q8
CIK
0001269094
Portfolio Value
$4.3B (Q4 2025)
SEC Filing
0001104659-26-013932 ↗ filed Feb 12, 2026

Holdings Value

0$2.0B$4.0B$6.0B Q1 2024: $4.6B Q1 2024 Q2 2024: $5.7B Q2 2024 Q3 2024: $5.1B Q3 2024 Q4 2024: $4.5B Q4 2024 Q1 2025: $4.5B Q1 2025 Q2 2025: $4.5B Q2 2025 Q3 2025: $4.3B Q3 2025 Q4 2025: $4.3B $4.3B Q4 2025 Q1 2026: $5.6B Q1 2026 Q2 2026: $4.6B Q2 2026

Holdings 11 stocks · $4.3B
EQNR Equinor ASA-Spon ADR 63.88% 104,239,574 $2.7B Reduce -1.1%
NVO Novo-Nordisk A/S-Spons ADR 12.04% 10,164,137 $517.2M Reduce -0.5%
Cadeler - ISIN DK0061412772 8.48% 19,603,430 $364.4M Add +0.1%
FRONTLINE LTD 6.12% 12,053,141 $263.0M Reduce -5.2%
Hafnia - ISIN BMG4233B1090 3.97% 31,998,390 $170.6M Reduce -0.2%
BW LPG - ISIN SGXZ69436764 2.36% 7,731,233 $101.3M Add +0.1%
NOK Nokia Corp.-Spon ADR 2.21% 14,652,619 $94.8M Reduce -15.7%
CMBT CMB Tech NV 0.64% 2,829,165 $27.3M Reduce -48.6%
GMAB Genmab A/S -SP ADR 0.13% 174,805 $5.4M No change
TRMD Torm PLC-A 0.11% 238,662 $4.7M Add +174.0%
OCS Oculis Holding AG 0.09% 182,800 $3.7M New

Portfolio Sells Q3 2025 → Q4 2025
NVO Novo-Nordisk A/S-Spons ADR Reduce -0.5% 12.04% −1.22
FRONTLINE LTD Reduce -5.2% 6.12% −0.65
CMBT CMB Tech NV Reduce -48.6% 0.64% −0.57
Hafnia - ISIN BMG4233B1090 Reduce -0.2% 3.97% −0.52
NOK Nokia Corp.-Spon ADR Reduce -15.7% 2.21% +0.25
EQNR Equinor ASA-Spon ADR Reduce -1.1% 63.88% +3.75

Portfolio Buys Q3 2025 → Q4 2025
OCS Oculis Holding AG New 0.09% +0.09
TRMD Torm PLC-A Add +174.0% 0.11% +0.07
BW LPG - ISIN SGXZ69436764 Add +0.1% 2.36% −0.22
Cadeler - ISIN DK0061412772 Add +0.1% 8.48% −0.97

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 11$4.6BEQNR, NVO, Cadeler - ISIN DK0061412772, FRONTLINE LTD, Hafnia - ISIN BMG4233B1090
Q1 2026 11$5.6BEQNR, Cadeler - ISIN DK0061412772, FRONTLINE LTD, NVO, Hafnia - ISIN BMG4233B1090
Q4 2025 11$4.3BEQNR, NVO, Cadeler - ISIN DK0061412772, FRONTLINE LTD, Hafnia - ISIN BMG4233B1090
Q3 2025 10$4.3BEQNR, NVO, Cadeler - ISIN DK0061412772, FRONTLINE LTD, Hafnia - ISIN BMG4233B1090
Q2 2025 10$4.5BEQNR, NVO, Cadeler - ISIN DK0061412772, FRONTLINE LTD, Hafnia - ISIN BMG4233B1090
Q1 2025 10$4.5BEQNR, NVO, Cadeler - ISIN DK0061412772, FRONTLINE LTD, Hafnia - ISIN BMG4233B1090
Q4 2024 11$4.5BEQNR, NVO, Cadeler - ISIN DK0061412772, FRONTLINE LTD, Hafnia - ISIN BMG4233B1090
Q3 2024 12$5.1BEQNR, NVO, Cadeler - ISIN DK0061412772, FRONTLINE LTD, Hafnia - ISIN BMG4233B1090
Q2 2024 13$5.7BEQNR, NVO, FRONTLINE LTD, Hafnia - ISIN BMG4233B1090, Cadeler - ISIN DK0061412772
Q1 2024 11$4.6BEQNR, NVO, FRONTLINE LTD, GOLDEN OCEAN GROUP LTD, BORR