Norges Bank
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Norges Bank reported 1,705 stock positions worth $801.1 billion. Its top holding was Nvidia (NVDA) at 6.4% of the portfolio, followed by Microsoft (MSFT, 6.3%) and Apple (AAPL, 4.9%). Compared with Q1 2025, it opened 50 new positions, sold out of 86, added to 786 and reduced 707. The biggest buy was Nvidia (NVDA, shares +4%) and the biggest sale Unitedhealth (UNH, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- OSLO, Q8
- CIK
- 0001374170
- Portfolio Value
- $801.1B (Q2 2025)
- SEC Filing
- 0001374170-25-000079 ↗ filed Aug 13, 2025
Holdings Value
Holdings 1,705 stocks · $801.1B
| NVDA Nvidia Corp. | 6.41% | 325,253,897 | $51.4B | Add +4.3% |
| MSFT Microsoft Corp. | 6.30% | 101,513,194 | $50.5B | Add +1.4% |
| AAPL Apple Inc. | 4.86% | 189,804,820 | $38.9B | Add +4.4% |
| AMZN Amazon.com Inc. | 3.43% | 125,065,004 | $27.4B | Add +2.2% |
| META Meta Platforms Inc. Class A | 2.89% | 31,372,045 | $23.2B | Reduce -1.3% |
| GOOGL Alphabet Inc. Class A | 2.74% | 124,520,276 | $21.9B | Reduce -8.5% |
| AVGO Broadcom Inc. | 2.32% | 67,402,681 | $18.6B | Reduce -3.3% |
| TSLA Tesla Inc. | 1.48% | 37,272,002 | $11.8B | Add +7.8% |
| JPM JPMorgan Chase & Co. | 1.29% | 35,511,741 | $10.3B | Add +1.7% |
| LLY Eli Lilly & Co. | 1.10% | 11,324,406 | $8.8B | Add +3.0% |
| NFLX Netflix Inc. | 0.99% | 5,921,490 | $7.9B | Add +5.4% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.91% | 10,048 | $7.3B | Add +5.0% |
| V Visa Inc. Class A | 0.88% | 19,813,939 | $7.0B | Add +6.2% |
| MA Mastercard Inc. Class A | 0.84% | 11,968,034 | $6.7B | Add +4.8% |
| XOM Exxon Mobil Corp. | 0.77% | 57,177,358 | $6.2B | Reduce -6.2% |
| COST Costco Wholesale Corp. | 0.71% | 5,749,879 | $5.7B | Add +2.5% |
| WMT Walmart Inc. | 0.67% | 54,896,395 | $5.4B | Add +3.9% |
| PG The Procter & Gamble Co. | 0.64% | 32,008,815 | $5.1B | Add +1.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.64% | 107,600,185 | $5.1B | Reduce -3.4% |
| WELL Welltower Inc. | 0.61% | 31,897,184 | $4.9B | Add +1.9% |
| HD Home Depot Inc. | 0.61% | 13,325,342 | $4.9B | Reduce -0.6% |
| UBS UBS Group AG-Reg | 0.61% | 144,091,392 | $4.9B | Add +3.0% |
| JNJ Johnson & Johnson | 0.61% | 31,929,124 | $4.9B | Add +3.6% |
| GOOG Alphabet Inc. Class C | 0.54% | 24,232,325 | $4.3B | Add +41.4% |
| ABBV Abbvie Inc. | 0.54% | 23,102,037 | $4.3B | Reduce -5.7% |
| ORCL Oracle Corp. | 0.53% | 19,555,311 | $4.3B | Add +28.0% |
| WFC Wells Fargo & Co. | 0.50% | 49,807,178 | $4.0B | Reduce -0.2% |
| KO The Coca-Cola Co. | 0.48% | 54,364,243 | $3.8B | Reduce -1.4% |
| UNH Unitedhealth Group Inc. | 0.48% | 12,299,923 | $3.8B | Reduce -2.3% |
| CSCO Cisco Systems Inc. | 0.48% | 55,013,326 | $3.8B | Add +3.5% |
| DLR Digital Realty Trust Inc. | 0.48% | 21,845,181 | $3.8B | Add +0.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.45% | 7,379,154 | $3.6B | Add +2.0% |
| CMCSA Comcast Corp. Class A | 0.44% | 98,861,342 | $3.5B | Reduce -10.1% |
| GE General Electric filed as GE AEROSPACE | 0.43% | 13,243,823 | $3.4B | Reduce -4.3% |
| PLTR Palantir Technologies Inc. Class A | 0.41% | 24,262,451 | $3.3B | Add +18.1% |
| INTU Intuit Inc. | 0.41% | 4,150,210 | $3.3B | Add +4.1% |
| LIN Linde PLC | 0.39% | 6,604,654 | $3.1B | Add +2.3% |
| AMD Advanced Micro Devices | 0.39% | 21,808,756 | $3.1B | Add +4.2% |
| ABT Abbott Laboratories | 0.38% | 22,249,689 | $3.0B | Add +2.3% |
| MRK Merck & Co. Inc. | 0.36% | 36,111,289 | $2.9B | Reduce -5.5% |
| TXN Texas Instruments Inc. | 0.35% | 13,661,065 | $2.8B | Add +7.6% |
| CRM Salesforce Inc. | 0.35% | 10,363,597 | $2.8B | Reduce -8.3% |
| MCD McDonald's Corp. | 0.35% | 9,517,444 | $2.8B | Add +5.8% |
| CVX Chevron Corp. | 0.34% | 19,006,054 | $2.7B | Reduce -2.1% |
| QCOM Qualcomm Inc. | 0.34% | 17,038,822 | $2.7B | Reduce -0.4% |
| BLK BlackRock Inc. | 0.33% | 2,519,902 | $2.6B | Add +7.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.33% | 21,113,580 | $2.6B | Reduce -1.6% |
| RY Royal Bank of Canada | 0.32% | 19,709,742 | $2.6B | Reduce -0.3% |
| NOW ServiceNow Inc. | 0.32% | 2,518,515 | $2.6B | Add +6.3% |
| ISRG Intuitive Surgical Inc. | 0.32% | 4,728,033 | $2.6B | Reduce -0.3% |
| VZ Verizon Communications Inc. | 0.31% | 57,872,667 | $2.5B | Add +2.2% |
| C Citigroup Inc. | 0.31% | 28,852,555 | $2.5B | Add +8.7% |
| NEE Nextera Energy Inc. | 0.30% | 34,219,900 | $2.4B | Reduce -30.8% |
| RTX RTX Corp. | 0.29% | 16,159,444 | $2.4B | Add +2.6% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.29% | 34,844,994 | $2.4B | Add +0.3% |
| UBER Uber Technologies Inc. | 0.29% | 25,169,555 | $2.3B | Add +9.2% |
| PEP Pepsico Inc. | 0.29% | 17,650,663 | $2.3B | Add +0.0% |
| PFE Pfizer Inc. | 0.28% | 93,653,338 | $2.3B | Add +8.8% |
| TMO Thermo Fisher Scientific Inc. | 0.28% | 5,585,297 | $2.3B | Reduce -9.7% |
| MS Morgan Stanley | 0.28% | 15,865,987 | $2.2B | Add +3.6% |
| T AT&T Inc. | 0.28% | 77,009,510 | $2.2B | Reduce -3.4% |
| ACN Accenture PLC Class A | 0.28% | 7,416,943 | $2.2B | Add +2.5% |
| BKNG Booking Holdings Inc. | 0.28% | 381,901 | $2.2B | Add +0.6% |
| SPGI S&P Global Inc. | 0.27% | 4,151,311 | $2.2B | Add +3.4% |
| CAT Caterpillar Inc. | 0.27% | 5,579,193 | $2.2B | Reduce -1.4% |
| PGR Progressive Corp. | 0.27% | 8,082,660 | $2.2B | Add +3.7% |
| GILD Gilead Sciences Inc. | 0.27% | 19,394,502 | $2.2B | Reduce -2.3% |
| GS Goldman Sachs Group Inc. | 0.27% | 3,020,884 | $2.1B | Add +3.7% |
| APH Amphenol Corp. Class A | 0.26% | 21,308,798 | $2.1B | Add +7.0% |
| BSX Boston Scientific Corp. | 0.26% | 19,457,562 | $2.1B | Reduce -2.6% |
| ADBE Adobe Inc. | 0.25% | 5,246,977 | $2.0B | Reduce -5.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.25% | 6,822,452 | $2.0B | Add +21.0% |
| MU Micron Technology Inc. | 0.25% | 16,070,590 | $2.0B | Add +11.6% |
| DHR Danaher Corp. | 0.25% | 10,020,770 | $2.0B | Add +3.6% |
| AXP American Express Co. | 0.24% | 5,948,131 | $1.9B | Add +0.4% |
| LRCX Lam Research Corp. | 0.24% | 19,463,578 | $1.9B | Reduce -1.6% |
| SCHW Schwab (charles) Corp. | 0.24% | 20,713,047 | $1.9B | Reduce -14.2% |
| SYK Stryker Corp. | 0.23% | 4,757,408 | $1.9B | Reduce -6.3% |
| UNP Union Pacific Corp. | 0.23% | 8,068,237 | $1.9B | Add +7.0% |
| GEV GE Vernova Inc. | 0.23% | 3,419,106 | $1.8B | Add +6.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.23% | 14,647,129 | $1.8B | Add +4.8% |
| ADI Analog Devices Inc. | 0.23% | 7,576,579 | $1.8B | Reduce -8.0% |
| SHOP Shopify Inc. Class A | 0.22% | 15,559,887 | $1.8B | Add +6.9% |
| LOW Lowe's Cos Inc. | 0.22% | 7,993,980 | $1.8B | Add +5.9% |
| COF Capital One Financial Corp. | 0.21% | 7,997,325 | $1.7B | Add +138.0% |
| INVH Invitation Homes Inc. | 0.21% | 51,646,088 | $1.7B | Add +0.2% |
| ETN Eaton Corp. PLC | 0.21% | 4,663,697 | $1.7B | Add +4.6% |
| AMGN Amgen Inc. | 0.21% | 5,958,689 | $1.7B | Add +5.4% |
| FTNT Fortinet Inc. | 0.20% | 15,521,190 | $1.6B | Add +31.7% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.20% | 3,216,833 | $1.6B | Add +10.4% |
| HWM Howmet Aerospace Inc. | 0.20% | 8,774,281 | $1.6B | Reduce -4.8% |
| AMAT Applied Materials Inc. | 0.20% | 8,761,686 | $1.6B | Reduce -16.2% |
| KLAC KLA Corp. | 0.20% | 1,784,622 | $1.6B | Add +4.1% |
| VRTX Vertex Pharmaceuticals Inc. | 0.20% | 3,580,356 | $1.6B | Add +6.4% |
| INTC Intel Corp. | 0.20% | 70,507,949 | $1.6B | Add +11.4% |
| DE Deere & Co. | 0.20% | 3,103,784 | $1.6B | Add +2.6% |
| CME Cme Group Inc. | 0.20% | 5,701,497 | $1.6B | Add +13.6% |
| BMY Bristol-Myers Squibb Co. | 0.19% | 33,574,290 | $1.6B | Add +0.6% |
| TD Toronto-Dominion Bank | 0.19% | 20,973,483 | $1.5B | Add +3.7% |
| ICE Intercontinental Exchange Inc. | 0.19% | 8,408,897 | $1.5B | Add +4.8% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $59.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 715,500 | $53.6M | Reduce -24.7% |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 | 70,020 | $5.8M | Reduce -65.0% |
Total filed on the 13F, all lines: $801.1B.
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Reduce -2.3% | 0.48% | −0.45 |
| XOM Exxon Mobil Corp. | Reduce -6.2% | 0.77% | −0.25 |
| GOOGL Alphabet Inc. Class A | Reduce -8.5% | 2.74% | −0.21 |
| NEE Nextera Energy Inc. | Reduce -30.8% | 0.30% | −0.20 |
| ABBV Abbvie Inc. | Reduce -5.7% | 0.54% | −0.19 |
| TMO Thermo Fisher Scientific Inc. | Reduce -9.7% | 0.28% | −0.15 |
| SE Sea Ltd.-ADR | Reduce -53.5% | 0.14% | −0.13 |
| CMCSA Comcast Corp. Class A | Reduce -10.1% | 0.44% | −0.13 |
| MRK Merck & Co. Inc. | Reduce -5.5% | 0.36% | −0.12 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.12 |
| CVX Chevron Corp. | Reduce -2.1% | 0.34% | −0.12 |
| SRE Sempra | Reduce -50.7% | 0.09% | −0.10 |
| HD Home Depot Inc. | Reduce -0.6% | 0.61% | −0.08 |
| KO The Coca-Cola Co. | Reduce -1.4% | 0.48% | −0.07 |
| SPG Simon Property Group Inc. | Reduce -25.6% | 0.13% | −0.07 |
| CRM Salesforce Inc. | Reduce -8.3% | 0.35% | −0.07 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −0.07 |
| BABA Alibaba Group Holding-SP ADR | Reduce -33.7% | 0.07% | −0.06 |
| TMUS T-Mobile US Inc. | Reduce -1.8% | 0.18% | −0.05 |
| CE Celanese Corp. | Reduce -72.5% | 0.01% | −0.05 |
| ADBE Adobe Inc. | Reduce -5.2% | 0.25% | −0.04 |
| BDX Becton Dickinson and Co. | Reduce -3.2% | 0.08% | −0.04 |
| GILD Gilead Sciences Inc. | Reduce -2.3% | 0.27% | −0.04 |
| SW Smurfit Westrock PLC | Reduce -19.6% | 0.09% | −0.04 |
| ALC Alcon Inc. | Reduce -10.3% | 0.13% | −0.04 |
| BP BP PLC-Spons ADR | Reduce -41.9% | 0.04% | −0.04 |
| ELV Elevance Health Inc. | Reduce -1.2% | 0.14% | −0.04 |
| CB Chubb Ltd. | Reduce -7.1% | 0.15% | −0.04 |
| T AT&T Inc. | Reduce -3.4% | 0.28% | −0.04 |
| APO Apollo Global Management Inc. | Reduce -17.4% | 0.12% | −0.04 |
| KMX Carmax Inc. | Reduce -44.8% | 0.03% | −0.04 |
| SHW The Sherwin-Williams Co. | Reduce -5.9% | 0.16% | −0.03 |
| MSI Motorola Solutions Inc. | Reduce -9.6% | 0.11% | −0.03 |
| QCOM Qualcomm Inc. | Reduce -0.4% | 0.34% | −0.03 |
| SYK Stryker Corp. | Reduce -6.3% | 0.23% | −0.03 |
| SCHW Schwab (charles) Corp. | Reduce -14.2% | 0.24% | −0.03 |
| STLA Stellantis NV | Reduce -22.0% | 0.05% | −0.03 |
| ENTG Entegris Inc. | Reduce -41.0% | 0.03% | −0.03 |
| PANW Palo Alto Networks Inc. | Reduce -28.1% | 0.08% | −0.03 |
| WM Waste Management Inc. | Reduce -4.3% | 0.13% | −0.03 |
| COO The Cooper Cos Inc. | Reduce -79.3% | 0.00% | −0.02 |
| STZ Constellation Brands Inc. Class A | Reduce -27.1% | 0.03% | −0.02 |
| DB Deutsche Bank AG-Registered | Reduce -28.2% | 0.09% | −0.02 |
| BSX Boston Scientific Corp. | Reduce -2.6% | 0.26% | −0.02 |
| IP International Paper Co. | Reduce -19.8% | 0.04% | −0.02 |
| AZEK The Azek Co. Inc. | Reduce -99.7% | 0.00% | −0.02 |
| GEHC GE Healthcare Technology | Reduce -9.0% | 0.06% | −0.02 |
| IFF Intl Flavors & Fragrances | Reduce -42.2% | 0.02% | −0.02 |
| GTLB Gitlab Inc. Class A | Reduce -56.1% | 0.01% | −0.02 |
| BECN Beacon Roofing Supply Inc. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +4.3% | 6.41% | +1.67 |
| MSFT Microsoft Corp. | Add +1.4% | 6.30% | +1.03 |
| NFLX Netflix Inc. | Add +5.4% | 0.99% | +0.25 |
| ORCL Oracle Corp. | Add +28.0% | 0.53% | +0.23 |
| TSLA Tesla Inc. | Add +7.8% | 1.48% | +0.22 |
| PLTR Palantir Technologies Inc. Class A | Add +18.1% | 0.41% | +0.17 |
| GOOG Alphabet Inc. Class C | Add +41.4% | 0.54% | +0.16 |
| AMZN Amazon.com Inc. | Add +2.2% | 3.43% | +0.16 |
| COF Capital One Financial Corp. | Add +138.0% | 0.21% | +0.13 |
| CEG Constellation Energy | Add +55.5% | 0.17% | +0.09 |
| GEV GE Vernova Inc. | Add +6.1% | 0.23% | +0.09 |
| AMD Advanced Micro Devices | Add +4.2% | 0.39% | +0.08 |
| AMRZ Amrize Ltd. | New | 0.08% | +0.08 |
| JPM JPMorgan Chase & Co. | Add +1.7% | 1.29% | +0.08 |
| APH Amphenol Corp. Class A | Add +7.0% | 0.26% | +0.08 |
| COIN Coinbase Global Inc. Class A | Add +30.6% | 0.13% | +0.08 |
| MU Micron Technology Inc. | Add +11.6% | 0.25% | +0.07 |
| INTU Intuit Inc. | Add +4.1% | 0.41% | +0.06 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +10.4% | 0.20% | +0.06 |
| NOW ServiceNow Inc. | Add +6.3% | 0.32% | +0.06 |
| UBER Uber Technologies Inc. | Add +9.2% | 0.29% | +0.06 |
| DASH DoorDash Inc. Class A | Add +34.4% | 0.15% | +0.06 |
| VST Vistra Corp. | Add +28.9% | 0.12% | +0.05 |
| IBM Intl Business Machines Corp. | Add +21.0% | 0.25% | +0.05 |
| FTNT Fortinet Inc. | Add +31.7% | 0.20% | +0.05 |
| RCL Royal Caribbean Cruises Ltd. | Add +13.6% | 0.13% | +0.04 |
| GS Goldman Sachs Group Inc. | Add +3.7% | 0.27% | +0.04 |
| MSTR Strategy Inc. | Add +12.0% | 0.15% | +0.04 |
| C Citigroup Inc. | Add +8.7% | 0.31% | +0.04 |
| APP AppLovin Corp. Class A | Add +25.3% | 0.12% | +0.04 |
| ETN Eaton Corp. PLC | Add +4.6% | 0.21% | +0.04 |
| DLR Digital Realty Trust Inc. | Add +0.3% | 0.48% | +0.04 |
| KLAC KLA Corp. | Add +4.1% | 0.20% | +0.04 |
| PAYX Paychex Inc. | Add +1857.4% | 0.04% | +0.04 |
| ANET Arista Networks Inc. | Add +9.9% | 0.15% | +0.03 |
| SNOW Snowflake Inc. | Add +3.2% | 0.12% | +0.03 |
| TXN Texas Instruments Inc. | Add +7.6% | 0.35% | +0.03 |
| SPOT Spotify Technology SA | Add +23.1% | 0.10% | +0.03 |
| CAH Cardinal Health Inc. | Add +68.1% | 0.07% | +0.03 |
| NET Cloudflare Inc. Class A | Add +22.6% | 0.07% | +0.03 |
| BKNG Booking Holdings Inc. | Add +0.6% | 0.28% | +0.03 |
| SHOP Shopify Inc. Class A | Add +6.9% | 0.22% | +0.03 |
| PH Parker Hannifin Corp. | Add +18.1% | 0.17% | +0.03 |
| VRT Vertiv Holdings Co. Class A | Add +9.5% | 0.07% | +0.03 |
| MS Morgan Stanley | Add +3.6% | 0.28% | +0.03 |
| FLUT Flutter Entertainment PLC-Di | Add +12.3% | 0.12% | +0.03 |
| TT Trane Technologies PLC | Add +2.3% | 0.17% | +0.03 |
| AXON Axon Enterprise Inc. | Add +4.5% | 0.08% | +0.03 |
| CYBR Cyberark Software Ltd./Israel | Add +68.5% | 0.06% | +0.02 |
| PWR Quanta Services Inc. | Add +6.7% | 0.08% | +0.02 |
Notes & Other Activity Q1 2025 → Q2 2025
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Reduce -24.7% | 715,500 | $53.6M |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | Sold out | 475,000 | $22.9Mbefore exit |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 | Reduce -65.0% | 70,020 | $5.8M |
| 0 | 0 | Sold out | 0 | $0before exit |
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 |