Norges Bank
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Norges Bank reported 1,740 stock positions worth $712.4 billion. Its top holding was Apple (AAPL) at 5.7% of the portfolio, followed by Microsoft (MSFT, 5.3%) and Nvidia (NVDA, 4.7%). Compared with Q4 2024, it opened 45 new positions, sold out of 149, added to 694 and reduced 864. The biggest buy was Visa Class A (V, shares +14%) and the biggest sale Nvidia (NVDA, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- OSLO, Q8
- CIK
- 0001374170
- Portfolio Value
- $712.4B (Q1 2025)
- SEC Filing
- 0001374170-25-000049 ↗ filed May 13, 2025
Holdings Value
Holdings 1,740 stocks · $712.4B
| AAPL Apple Inc. | 5.67% | 181,852,094 | $40.4B | Reduce -2.8% |
| MSFT Microsoft Corp. | 5.28% | 100,159,196 | $37.6B | Reduce -4.8% |
| NVDA Nvidia Corp. | 4.74% | 311,730,916 | $33.8B | Reduce -3.8% |
| AMZN Amazon.com Inc. | 3.27% | 122,333,993 | $23.3B | Reduce -1.6% |
| GOOGL Alphabet Inc. Class A | 2.95% | 136,050,536 | $21.0B | Add +5.6% |
| META Meta Platforms Inc. Class A | 2.57% | 31,788,188 | $18.3B | Reduce -6.7% |
| AVGO Broadcom Inc. | 1.64% | 69,727,991 | $11.7B | Reduce -4.3% |
| LLY Eli Lilly & Co. | 1.27% | 10,995,346 | $9.1B | Add +1.0% |
| TSLA Tesla Inc. | 1.26% | 34,576,668 | $9.0B | Reduce -3.2% |
| JPM JPMorgan Chase & Co. | 1.20% | 34,922,622 | $8.6B | Add +0.7% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.07% | 9,570 | $7.6B | Reduce -0.8% |
| XOM Exxon Mobil Corp. | 1.02% | 60,981,747 | $7.3B | Reduce -5.4% |
| UNH Unitedhealth Group Inc. | 0.93% | 12,589,180 | $6.6B | Reduce -0.1% |
| V Visa Inc. Class A | 0.92% | 18,662,859 | $6.5B | Add +14.1% |
| MA Mastercard Inc. Class A | 0.88% | 11,421,757 | $6.3B | Reduce -0.1% |
| PG The Procter & Gamble Co. | 0.76% | 31,692,503 | $5.4B | Add +1.3% |
| COST Costco Wholesale Corp. | 0.74% | 5,608,976 | $5.3B | Reduce -0.8% |
| NFLX Netflix Inc. | 0.74% | 5,616,821 | $5.2B | Reduce -0.3% |
| ABBV Abbvie Inc. | 0.72% | 24,495,824 | $5.1B | Reduce -2.4% |
| JNJ Johnson & Johnson | 0.72% | 30,811,322 | $5.1B | Add +1.5% |
| HD Home Depot Inc. | 0.69% | 13,404,796 | $4.9B | Add +3.6% |
| WELL Welltower Inc. | 0.67% | 31,301,715 | $4.8B | Add +0.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.65% | 111,349,046 | $4.6B | Reduce -6.4% |
| WMT Walmart Inc. | 0.65% | 52,848,208 | $4.6B | Reduce -16.8% |
| UBS UBS Group AG-Reg | 0.60% | 139,886,962 | $4.3B | Reduce -23.6% |
| CMCSA Comcast Corp. Class A | 0.57% | 110,002,313 | $4.1B | Add +7.6% |
| KO The Coca-Cola Co. | 0.55% | 55,115,478 | $3.9B | Add +0.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.54% | 7,233,724 | $3.9B | Add +6.4% |
| WFC Wells Fargo & Co. | 0.50% | 49,903,155 | $3.6B | Add +4.2% |
| NEE Nextera Energy Inc. | 0.49% | 49,461,507 | $3.5B | Add +1.8% |
| MRK Merck & Co. Inc. | 0.48% | 38,227,690 | $3.4B | Add +9.3% |
| CSCO Cisco Systems Inc. | 0.46% | 53,147,493 | $3.3B | Reduce -4.6% |
| CVX Chevron Corp. | 0.46% | 19,409,144 | $3.2B | Reduce -6.8% |
| DLR Digital Realty Trust Inc. | 0.44% | 21,777,185 | $3.1B | Add +0.1% |
| TMO Thermo Fisher Scientific Inc. | 0.43% | 6,187,594 | $3.1B | Add +2.2% |
| CRM Salesforce Inc. | 0.43% | 11,295,227 | $3.0B | Add +4.9% |
| LIN Linde PLC | 0.42% | 6,454,592 | $3.0B | Reduce -6.9% |
| ABT Abbott Laboratories | 0.41% | 21,760,762 | $2.9B | Add +3.7% |
| MCD McDonald's Corp. | 0.39% | 8,996,068 | $2.8B | Reduce -4.3% |
| GE General Electric filed as GE AEROSPACE | 0.39% | 13,837,441 | $2.8B | Reduce -2.8% |
| GOOG Alphabet Inc. Class C | 0.38% | 17,143,795 | $2.7B | Reduce -36.8% |
| PEP Pepsico Inc. | 0.37% | 17,647,128 | $2.6B | Reduce -1.7% |
| QCOM Qualcomm Inc. | 0.37% | 17,113,241 | $2.6B | Reduce -3.4% |
| VZ Verizon Communications Inc. | 0.36% | 56,626,468 | $2.6B | Reduce -1.6% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.35% | 34,754,305 | $2.5B | Add +0.0% |
| INTU Intuit Inc. | 0.34% | 3,988,328 | $2.4B | Add +9.4% |
| ISRG Intuitive Surgical Inc. | 0.33% | 4,744,596 | $2.3B | Add +3.1% |
| TXN Texas Instruments Inc. | 0.32% | 12,695,291 | $2.3B | Reduce -7.9% |
| ACN Accenture PLC Class A | 0.32% | 7,238,020 | $2.3B | Add +8.3% |
| T AT&T Inc. | 0.32% | 79,728,615 | $2.3B | Reduce -2.3% |
| RY Royal Bank of Canada | 0.31% | 19,777,457 | $2.2B | Reduce -1.8% |
| GILD Gilead Sciences Inc. | 0.31% | 19,855,810 | $2.2B | Add +2.5% |
| BLK BlackRock Inc. | 0.31% | 2,340,893 | $2.2B | Add +1.8% |
| PGR Progressive Corp. | 0.31% | 7,791,263 | $2.2B | Add +1.3% |
| PFE Pfizer Inc. | 0.31% | 86,053,802 | $2.2B | Reduce -2.0% |
| AMD Advanced Micro Devices | 0.30% | 20,934,887 | $2.2B | Reduce -11.8% |
| ORCL Oracle Corp. | 0.30% | 15,281,348 | $2.1B | Add +14.9% |
| ADBE Adobe Inc. | 0.30% | 5,536,197 | $2.1B | Reduce -3.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.30% | 21,448,890 | $2.1B | Reduce -1.1% |
| RTX RTX Corp. | 0.29% | 15,748,167 | $2.1B | Add +4.4% |
| SPGI S&P Global Inc. | 0.29% | 4,013,951 | $2.0B | Add +15.9% |
| BMY Bristol-Myers Squibb Co. | 0.29% | 33,382,505 | $2.0B | Reduce -5.1% |
| BSX Boston Scientific Corp. | 0.28% | 19,969,664 | $2.0B | Add +1.2% |
| DHR Danaher Corp. | 0.28% | 9,671,943 | $2.0B | Add +4.2% |
| SE Sea Ltd.-ADR | 0.27% | 14,837,212 | $1.9B | Add +5.4% |
| SCHW Schwab (charles) Corp. | 0.27% | 24,150,274 | $1.9B | Add +38.6% |
| SYK Stryker Corp. | 0.27% | 5,075,354 | $1.9B | Add +6.8% |
| NOW ServiceNow Inc. | 0.26% | 2,370,089 | $1.9B | Reduce -3.5% |
| C Citigroup Inc. | 0.26% | 26,546,923 | $1.9B | Reduce -3.5% |
| CAT Caterpillar Inc. | 0.26% | 5,659,372 | $1.9B | Reduce -6.0% |
| INVH Invitation Homes Inc. | 0.25% | 51,521,354 | $1.8B | Add +0.0% |
| MS Morgan Stanley | 0.25% | 15,315,459 | $1.8B | Add +0.8% |
| UNP Union Pacific Corp. | 0.25% | 7,540,891 | $1.8B | Reduce -10.8% |
| LOW Lowe's Cos Inc. | 0.25% | 7,551,751 | $1.8B | Add +1.1% |
| AMGN Amgen Inc. | 0.25% | 5,652,383 | $1.8B | Reduce -4.5% |
| BKNG Booking Holdings Inc. | 0.25% | 379,568 | $1.7B | Reduce -3.7% |
| PLTR Palantir Technologies Inc. Class A | 0.24% | 20,544,686 | $1.7B | Add +14.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.24% | 13,971,636 | $1.7B | Add +1.0% |
| TMUS T-Mobile US Inc. | 0.24% | 6,318,504 | $1.7B | Reduce -22.6% |
| UBER Uber Technologies Inc. | 0.24% | 23,046,686 | $1.7B | Reduce -5.3% |
| ADI Analog Devices Inc. | 0.23% | 8,235,585 | $1.7B | Reduce -0.3% |
| VRTX Vertex Pharmaceuticals Inc. | 0.23% | 3,364,150 | $1.6B | Reduce -1.5% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.23% | 4,708,379 | $1.6B | Reduce -6.0% |
| AXP American Express Co. | 0.22% | 5,926,176 | $1.6B | Reduce -1.5% |
| GS Goldman Sachs Group Inc. | 0.22% | 2,912,677 | $1.6B | Add +4.0% |
| CNC Centene Corp. | 0.22% | 25,596,774 | $1.6B | Add +0.9% |
| ARE Alexandria Real Estate Equit | 0.21% | 16,457,471 | $1.5B | No change |
| AMAT Applied Materials Inc. | 0.21% | 10,459,658 | $1.5B | Add +7.1% |
| AVB Avalonbay Communities Inc. | 0.21% | 6,817,480 | $1.5B | Add +0.0% |
| SPG Simon Property Group Inc. | 0.20% | 8,789,804 | $1.5B | Reduce -26.5% |
| INTC Intel Corp. | 0.20% | 63,308,917 | $1.4B | Add +1.8% |
| LRCX Lam Research Corp. | 0.20% | 19,769,161 | $1.4B | Reduce -14.1% |
| DE Deere & Co. | 0.20% | 3,025,611 | $1.4B | Add +3.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.20% | 5,639,101 | $1.4B | Add +0.3% |
| SHW The Sherwin-Williams Co. | 0.20% | 4,013,886 | $1.4B | Add +0.3% |
| FISV Fiserv Inc. | 0.20% | 6,328,670 | $1.4B | Reduce -7.6% |
| MRSH Marsh & McLennan Cos | 0.20% | 5,717,471 | $1.4B | Reduce -1.8% |
| SHOP Shopify Inc. Class A | 0.20% | 14,553,802 | $1.4B | Add +0.3% |
| ICE Intercontinental Exchange Inc. | 0.19% | 8,024,598 | $1.4B | Reduce -0.0% |
| PNC PNC Financial Services Group | 0.19% | 7,710,292 | $1.4B | Add +10.0% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $105.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 950,000 | $69.4M | Reduce -9.5% |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 475,000 | $22.9M | Reduce -20.8% |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 | 200,290 | $13.0M | No change |
Total filed on the 13F, all lines: $712.5B.
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -3.8% | 4.74% | −0.97 |
| TSLA Tesla Inc. | Reduce -3.2% | 1.26% | −0.63 |
| AVGO Broadcom Inc. | Reduce -4.3% | 1.64% | −0.58 |
| MSFT Microsoft Corp. | Reduce -4.8% | 5.28% | −0.54 |
| AAPL Apple Inc. | Reduce -2.8% | 5.67% | −0.48 |
| AMZN Amazon.com Inc. | Reduce -1.6% | 3.27% | −0.31 |
| GOOG Alphabet Inc. Class C | Reduce -36.8% | 0.38% | −0.30 |
| UBS UBS Group AG-Reg | Reduce -23.6% | 0.60% | −0.14 |
| WMT Walmart Inc. | Reduce -16.8% | 0.65% | −0.10 |
| NOW ServiceNow Inc. | Reduce -3.5% | 0.26% | −0.08 |
| AMD Advanced Micro Devices | Reduce -11.8% | 0.30% | −0.07 |
| SPG Simon Property Group Inc. | Reduce -26.5% | 0.20% | −0.07 |
| ANET Arista Networks Inc. | Reduce -13.6% | 0.12% | −0.06 |
| META Meta Platforms Inc. Class A | Reduce -6.7% | 2.57% | −0.05 |
| SNOW Snowflake Inc. | Reduce -36.1% | 0.08% | −0.05 |
| NKE Nike Inc. Class B | Reduce -20.9% | 0.10% | −0.04 |
| CRH CRH PLC | Reduce -23.4% | 0.14% | −0.04 |
| TTD Trade Desk Inc./the Class A | Reduce -15.1% | 0.03% | −0.04 |
| ADBE Adobe Inc. | Reduce -3.6% | 0.30% | −0.04 |
| HST Host Hotels & Resorts Inc. | Reduce -22.3% | 0.07% | −0.03 |
| ZM Zoom Communications Inc. | Reduce -32.6% | 0.06% | −0.03 |
| FLUT Flutter Entertainment PLC-Di | Reduce -20.6% | 0.09% | −0.03 |
| SW Smurfit Westrock PLC | Reduce -10.4% | 0.14% | −0.03 |
| BAC Bank of America Corp. | Reduce -6.4% | 0.65% | −0.03 |
| IDXX Idexx Laboratories Inc. | Reduce -65.1% | 0.02% | −0.03 |
| NXPI NXP Semiconductors NV | Reduce -33.4% | 0.06% | −0.03 |
| ILMN Illumina Inc. | Reduce -95.6% | 0.00% | −0.03 |
| APP AppLovin Corp. Class A | Reduce -15.1% | 0.08% | −0.03 |
| KR Kroger Co. | Reduce -45.7% | 0.05% | −0.03 |
| BXP BXP Inc. | Reduce -19.8% | 0.10% | −0.03 |
| ON On Semiconductor | Reduce -33.7% | 0.02% | −0.03 |
| PYPL PayPal Holdings Inc. | Reduce -0.6% | 0.12% | −0.03 |
| ETN Eaton Corp. PLC | Reduce -1.1% | 0.17% | −0.03 |
| ESS Essex Property Trust Inc. | Reduce -49.5% | 0.04% | −0.03 |
| COLD Americold Realty Trust Inc. | Reduce -44.9% | 0.04% | −0.03 |
| CAT Caterpillar Inc. | Reduce -6.0% | 0.26% | −0.02 |
| ALAB Astera Labs Inc. | Reduce -98.9% | 0.00% | −0.02 |
| HUBB Hubbell Inc. | Reduce -84.8% | 0.00% | −0.02 |
| AA Alcoa Corp. | Reduce -57.0% | 0.01% | −0.02 |
| FERG Ferguson Enterprises Inc. | Reduce -33.9% | 0.04% | −0.02 |
| HCP Hashicorp Inc. Class A | Sold out | 0.00% | −0.02 |
| IFF Intl Flavors & Fragrances | Reduce -32.9% | 0.04% | −0.02 |
| CMG Chipotle Mexican Grill Inc. | Reduce -3.3% | 0.12% | −0.02 |
| DIS The Walt Disney Co. | Reduce -1.1% | 0.30% | −0.02 |
| FSLR First Solar Inc. | Reduce -30.4% | 0.02% | −0.02 |
| TXN Texas Instruments Inc. | Reduce -7.9% | 0.32% | −0.02 |
| EQIX Equinix Inc. | Reduce -6.3% | 0.12% | −0.02 |
| AKAM Akamai Technologies Inc. | Reduce -21.5% | 0.04% | −0.02 |
| WDC Western Digital Corp. | Reduce -14.8% | 0.03% | −0.02 |
| MAR Marriott International Class A | Reduce -15.8% | 0.06% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| V Visa Inc. Class A | Add +14.1% | 0.92% | +0.24 |
| LLY Eli Lilly & Co. | Add +1.0% | 1.27% | +0.17 |
| WELL Welltower Inc. | Add +0.0% | 0.67% | +0.16 |
| JNJ Johnson & Johnson | Add +1.5% | 0.72% | +0.14 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +6.4% | 0.54% | +0.14 |
| JPM JPMorgan Chase & Co. | Add +0.7% | 1.20% | +0.11 |
| KO The Coca-Cola Co. | Add +0.9% | 0.55% | +0.11 |
| SCHW Schwab (charles) Corp. | Add +38.6% | 0.27% | +0.10 |
| ABT Abbott Laboratories | Add +3.7% | 0.41% | +0.09 |
| GILD Gilead Sciences Inc. | Add +2.5% | 0.31% | +0.08 |
| SE Sea Ltd.-ADR | Add +5.4% | 0.27% | +0.08 |
| PG The Procter & Gamble Co. | Add +1.3% | 0.76% | +0.07 |
| PGR Progressive Corp. | Add +1.3% | 0.31% | +0.07 |
| CMCSA Comcast Corp. Class A | Add +7.6% | 0.57% | +0.07 |
| PLTR Palantir Technologies Inc. Class A | Add +14.2% | 0.24% | +0.06 |
| FTNT Fortinet Inc. | Add +53.8% | 0.16% | +0.06 |
| RTX RTX Corp. | Add +4.4% | 0.29% | +0.06 |
| MMM 3M Co. | Add +43.7% | 0.15% | +0.06 |
| PLD Prologis Inc. | Add +32.7% | 0.19% | +0.06 |
| WFC Wells Fargo & Co. | Add +4.2% | 0.50% | +0.06 |
| SPGI S&P Global Inc. | Add +15.9% | 0.29% | +0.06 |
| BABA Alibaba Group Holding-SP ADR | Add +1.6% | 0.13% | +0.05 |
| BSX Boston Scientific Corp. | Add +1.2% | 0.28% | +0.05 |
| KDP Keurig Dr Pepper Inc. | Add +157.5% | 0.08% | +0.05 |
| ECL Ecolab Inc. | Add +47.9% | 0.12% | +0.05 |
| INTU Intuit Inc. | Add +9.4% | 0.34% | +0.04 |
| IP International Paper Co. | Add +269.9% | 0.06% | +0.04 |
| CME Cme Group Inc. | Add +5.3% | 0.19% | +0.04 |
| NEM Newmont Corp. | Add +8.5% | 0.12% | +0.04 |
| SYK Stryker Corp. | Add +6.8% | 0.27% | +0.04 |
| TD Toronto-Dominion Bank | Add +8.4% | 0.17% | +0.04 |
| MSTR Strategy Inc. | Add +46.8% | 0.11% | +0.04 |
| INTC Intel Corp. | Add +1.8% | 0.20% | +0.04 |
| HWM Howmet Aerospace Inc. | Add +0.6% | 0.17% | +0.04 |
| DE Deere & Co. | Add +3.0% | 0.20% | +0.04 |
| INVH Invitation Homes Inc. | Add +0.0% | 0.25% | +0.04 |
| NEE Nextera Energy Inc. | Add +1.8% | 0.49% | +0.03 |
| CB Chubb Ltd. | Add +4.9% | 0.19% | +0.03 |
| IBM Intl Business Machines Corp. | Add +0.3% | 0.20% | +0.03 |
| HSY The Hershey Co. | Add +4071.6% | 0.03% | +0.03 |
| HCA HCA Healthcare Inc. | Add +4.8% | 0.14% | +0.03 |
| MDT Medtronic PLC | Add +0.5% | 0.18% | +0.03 |
| AZO AutoZone Inc. | Add +1.3% | 0.14% | +0.03 |
| ITCI Intra-Cellular Therapies Inc. | Add +11.4% | 0.07% | +0.03 |
| CHKP Check Point Software Tech | Add +18.8% | 0.09% | +0.03 |
| CE Celanese Corp. | Add +134.5% | 0.06% | +0.03 |
| MELI MercadoLibre Inc. | Add +30.7% | 0.08% | +0.03 |
| COR Cencora Inc. | Add +11.3% | 0.09% | +0.03 |
| BDX Becton Dickinson and Co. | Add +20.8% | 0.13% | +0.03 |
| HD Home Depot Inc. | Add +3.6% | 0.69% | +0.03 |
Notes & Other Activity Q4 2024 → Q1 2025
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Reduce -9.5% | 950,000 | $69.4M |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | Reduce -20.8% | 475,000 | $22.9M |
| 0 | 0 | New | 0 | $0 |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,615 | $1.00T | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q1 2026 | 0 | $0 | |
| Q4 2025 | 1,572 | $934.7B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q3 2025 | 0 | $0 | |
| Q2 2025 | 1,705 | $801.1B | NVDA, MSFT, AAPL, AMZN, META |
| Q1 2025Amended | 1,740 | $712.4B | AAPL, MSFT, NVDA, AMZN, GOOGL |
| Q4 2024 | 1,842 | $761.9B | AAPL, MSFT, NVDA, AMZN, GOOGL |
| Q3 2024Amended | 1,835 | $715.8B | MSFT, AAPL, NVDA, AMZN, GOOGL |
| Q2 2024 | 1,927 | $669.2B | MSFT, AAPL, NVDA, AMZN, GOOGL |
| Q1 2024Amended | 1,882 | $633.5B | MSFT, AAPL, NVDA, AMZN, META |