NORGES BANK

Bank

CIK

1374170

Location

OSLO, Q8

Portfolio Value

Mega $903,224,785,959

Diversification

Diversified

Filing Date

Global Rank

#8 / 8,663 ▲ 3 · as of Dec 2025

Top Industry

Semiconductors 12.4%

3Y Alpha vs SPY

-2.5%

Period ended 6 months ago

Filed Feb 10, 2026 · 5mo

23 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+66.8%

SPY

+76.5%

Annualised alpha

-2.3%

Max drawdown

−19.4%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

1,539 positions · as of Dec 31, 2025 · Δ vs Jun 30, 2025

Top Position

6.9%

+0.2 pts

Top 5

25.3%

+0.5 pts

Top 10

35.0%

+1.0 pts

HHI

173

Diversified+4

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Technology	33.6%	$303,678,436,905	271
Financial Services	14.0%	$126,477,912,677	218
Consumer Cyclical	11.1%	$100,637,954,842	195
Healthcare	10.0%	$90,436,741,577	202
Communication Services	8.7%	$78,726,175,362	60
Industrials	7.0%	$63,629,935,492	228
Real Estate	4.5%	$40,642,322,394	110
Consumer Defensive	4.0%	$36,182,127,586	76
Energy	2.8%	$25,123,481,930	46
Basic Materials	2.4%	$21,469,067,271	80
Utilities	1.7%	$15,179,935,629	48
Unclassified	0.1%	$1,040,694,294	5

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
NFLX	Netflix Inc	+55,973,215	61,894,705	$5,803,247,540
TEVA	Teva Pharmaceutical Industries Ltd	+33,318,265	35,182,949	$1,098,059,838
ICL	ICL Group Ltd.	+20,160,453	21,297,802	$121,610,449
KVUE	Kenvue Inc.	+18,199,105	43,876,034	$756,861,586
AMZN	Amazon Com Inc	+17,334,851	142,399,855	$32,868,734,531
CRBG	Corebridge Financial, Inc.	+16,167,835	20,270,137	$611,550,033
HLN	Haleon plc	+15,900,000	16,175,000	$163,529,250
F	Ford Motor Co	+14,047,866	51,405,295	$674,437,470
USB	US Bancorp De	+13,908,021	35,372,885	$1,887,497,143
WBD	Warner Bros. Discovery, Inc.	+12,218,460	38,994,003	$1,123,807,166
STLA	Stellantis N.V.	+11,508,141	49,885,233	$543,250,187
T	At&T Inc.	+10,831,745	87,841,255	$2,181,976,774
NOW	ServiceNow, Inc.	+10,674,201	13,192,716	$2,020,992,164
BN	BROOKFIELD Corp /ON/	+9,937,571	26,740,100	$1,227,103,189
RNW	ReNew Energy Global plc	+9,854,860	10,307,658	$58,238,267
EQX	Equinox Gold Corp.	+9,687,963	10,060,510	$141,249,560
NVDA	Nvidia Corp	+8,494,803	333,748,700	$62,244,132,550
ACI	Albertsons Companies, Inc.	+7,697,422	22,602,710	$388,088,530
SAIL	SailPoint, Inc.	+6,688,304	11,600,666	$234,681,473
CDE	Coeur Mining, Inc.	+6,680,393	7,200,721	$128,388,855
MU	Micron Technology Inc	+6,470,511	22,541,101	$6,433,455,636
XOM	Exxon Mobil Corp	+6,185,309	63,362,667	$7,625,063,346
UBER	Uber Technologies, Inc	+5,611,187	30,780,742	$2,515,094,428
APTV	Aptiv PLC	+5,594,183	8,344,872	$634,961,310
BMRN	Biomarin Pharmaceutical Inc	+5,487,201	7,531,080	$447,572,084
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
UBS	UBS Group AG	−39,109,366	104,982,026	$4,861,717,624
GOOGL	Alphabet Inc.	−26,966,798	97,553,478	$30,534,238,614
BAC	Bank Of America Corp /De/	−20,796,369	86,803,816	$4,774,209,880
PFE	Pfizer Inc	−20,119,761	73,533,577	$1,830,986,067
CNC	Centene Corp	−18,386,240	8,069,121	$332,044,329
CMCSA	Comcast Corp	−15,267,310	83,594,032	$2,341,727,977
DB	Deutsche Bank Aktiengesellschaft	−10,554,488	13,705,195	$528,472,319
INTC	Intel Corp	−9,988,735	60,519,214	$2,233,158,996
NEOG	Neogen Corp	−8,932,328	144,502	$1,010,068
KGC	Kinross Gold Corp	−6,465,696	18,414,288	$518,546,350
UEC	Uranium Energy Corp	−5,345,375	10,104,378	$118,019,135
VTRS	Viatris Inc	−5,111,779	6,432,841	$80,088,870
C	Citigroup Inc	−4,849,264	24,003,291	$2,800,944,026
VSH	Vishay Intertechnology Inc	−4,833,185	487,705	$7,066,845
IQ	iQIYI, Inc.	−4,578,692	5,900,154	$11,328,295
SW	Smurfit Westrock plc	−4,562,627	12,813,255	$495,488,570
PTEN	Patterson Uti Energy Inc	−4,183,544	198,800	$1,214,668
LYB	LyondellBasell Industries N.V.	−3,633,490	1,205,771	$52,209,884
BP	Bp PLC	−3,244,022	6,189,755	$214,970,191
PPL	PPL Corp	−3,182,697	6,101,122	$213,661,292
V	Visa Inc.	−3,054,401	16,759,538	$5,877,737,571
YMM	Full Truck Alliance Co. Ltd.	−2,776,231	8,622,839	$92,523,062
BMO	Bank Of Montreal /Can/	−2,522,922	8,156,958	$1,058,691,578
GT	Goodyear Tire & Rubber Co /Oh/	−2,488,265	319,097	$2,795,289
GRAB	Grab Holdings Ltd	−2,467,986	32,361,499	$161,483,880
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
TTE	TotalEnergies SE	29,401,947	$1,923,475,372
MDLN	Medline Inc.	5,000,000	$210,000,000
ASTS	AST SpaceMobile, Inc.	2,729,868	$198,270,312
Q	Qnity Electronics, Inc.	2,298,838	$187,700,122
ECHO	EchoStar CORP	1,675,354	$182,110,979
MICC	Magnum Ice Cream Co N.V.	10,906,091	$172,861,542
CHWY	Chewy, Inc.	4,679,171	$154,646,601
RKT	Rocket Companies, Inc.	7,448,727	$144,207,354
QXO	QXO, Inc.	7,279,467	$140,420,918
UL	Unilever PLC	2,018,759	$132,026,838
SOLS	Solstice Advanced Materials Inc.	2,642,400	$128,367,792
SSB	SouthState Bank Corp	1,338,219	$125,939,790
SAP	Sap SE	336,683	$81,783,667
SUNC	SunocoCorp LLC	1,515,745	$74,695,913
OKLO	Oklo Inc.	1,028,227	$73,785,569
NXE	NexGen Energy Ltd.	7,857,282	$72,286,994
LXP	LXP Industrial Trust	1,209,227	$59,953,474
SSRM	Ssr Mining Inc.	2,708,336	$59,366,725
ACHR	Archer Aviation Inc.	7,778,447	$58,493,921
BGSI	Boyd Group Services Inc.	354,710	$56,505,303
ALH	Alliance Laundry Holdings Inc.	2,750,000	$55,962,500
NGD	New Gold Inc. /FI	6,419,767	$55,916,170
FOUR	Shift4 Payments, Inc.	820,000	$51,635,400
KLAR	Klarna Group plc	1,777,365	$51,383,622
TAC	Transalta Corp	3,581,371	$45,268,529
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
CAT	Caterpillar Inc	5,579,193	$2,165,898,514
ALIT	Alight, Inc. / Delaware	5,052,251	$571,914,813
AGL	agilon health, inc.	1,434,200	$82,466,500
VKTX	Viking Therapeutics, Inc.	1,767,777	$46,846,090
SII	Sprott Inc.	581,282	$40,160,773
FIVN	Five9, Inc.	1,474,939	$39,056,384
AWR	American States Water Co	493,688	$37,846,122
UNF	Unifirst Corp	189,588	$35,684,253
EDU	New Oriental Education & Technology Group Inc.	623,886	$33,658,649
POWI	Power Integrations Inc	588,489	$32,896,535
PPLI	People Inc	830,883	$31,025,171
BOH	Bank Of Hawaii Corp	452,673	$30,569,007
WD	Walker & Dunlop, Inc.	431,641	$30,422,057
CVBF	Cvb Financial Corp	1,431,021	$28,319,905
VAC	MARRIOTT VACATIONS WORLDWIDE Corp	386,821	$27,971,026
OLN	OLIN Corp	1,385,917	$27,843,072
MRX	Marex Group plc	687,000	$27,115,890
NSP	Insperity, Inc.	448,432	$26,959,731
EFOR	Everforth Inc	523,679	$26,147,292
BRZE	Braze, Inc.	870,696	$24,466,557
DV	DoubleVerify Holdings, Inc.	1,579,187	$23,640,429
DOCN	DigitalOcean Holdings, Inc.	792,480	$22,633,228
CLVT	Clarivate PLC	4,481,984	$19,272,531
WEN	Wendy's Co	1,657,531	$18,929,004
GDS	GDS Holdings Ltd	600,000	$18,342,000
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

1,539 positions · $903,224,785,959 total · as of Dec 31, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 1,539 positions by value · page 1 of 31

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVDA	Nvidia Corp Technology	Added	333,748,700	+8,494,803	$62,244,132,550	+21.1%	6.89%
AAPL	Apple Inc. Technology	Added	192,255,086	+2,450,266	$52,266,467,679	+34.2%	5.79%
MSFT	Microsoft Corp Technology	Added	104,761,241	+3,248,047	$50,664,631,372	+0.3%	5.61%
AMZN	Amazon Com Inc Consumer Cyclical	Added	142,399,855	+17,334,851	$32,868,734,531	+19.8%	3.64%
GOOGL	Alphabet Inc. Communication Services	Reduced	97,553,478	-26,966,798	$30,534,238,614	+39.1%	3.38%
AVGO	Broadcom Inc. Technology	Added	70,072,800	+2,670,119	$24,252,196,080	+30.5%	2.69%
META	Meta Platforms, Inc. Communication Services	Added	33,559,173	+2,187,128	$22,152,074,505	−4.3%	2.45%
TSLA	Tesla, Inc. Consumer Cyclical	Added	38,086,143	+814,141	$17,128,100,229	+44.7%	1.90%
LLY	ELI LILLY & Co Healthcare	Added	12,074,882	+750,476	$12,976,635,395	+47.0%	1.44%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	35,368,681	-143,060	$11,396,496,391	+10.7%	1.26%
XOM	Exxon Mobil Corp Energy	Added	63,362,667	+6,185,309	$7,625,063,346	+23.7%	0.84%
JNJ	Johnson & Johnson Healthcare	Added	33,459,884	+1,530,760	$6,924,522,993	+42.0%	0.77%
MA	Mastercard Inc Financial Services	Reduced	11,746,265	-221,769	$6,705,707,763	−0.3%	0.74%
WMT	Walmart Inc. Consumer Defensive	Added	57,970,822	+3,074,427	$6,458,529,279	+20.3%	0.72%
MU	Micron Technology Inc Technology	Added	22,541,101	+6,470,511	$6,433,455,636	+224.8%	0.71%
V	Visa Inc. Financial Services	Reduced	16,759,538	-3,054,401	$5,877,737,571	−16.4%	0.65%
ABBV	AbbVie Inc. Healthcare	Added	25,668,761	+2,566,724	$5,865,055,200	+36.8%	0.65%
NFLX	Netflix Inc Communication Services	Added	61,894,705	+55,973,215	$5,803,247,540	+631.8%	0.64%
WELL	Welltower Inc. Real Estate	Reduced	29,450,268	-2,446,916	$5,466,264,243	+11.5%	0.61%
COST	Costco Wholesale Corp /New Consumer Defensive	Added	6,024,787	+274,908	$5,195,414,821	−8.7%	0.58%
PLTR	Palantir Technologies Inc. Technology	Added	28,971,257	+4,708,806	$5,149,640,931	+55.7%	0.57%
AMD	Advanced Micro Devices Inc Technology	Added	23,016,960	+1,208,204	$4,929,312,153	+59.3%	0.55%
UBS	UBS Group AG Financial Services	Reduced	104,982,026	-39,109,366	$4,861,717,624	−0.2%	0.54%
HD	Home Depot, Inc. Consumer Cyclical	Added	14,095,697	+770,355	$4,850,329,337	−0.7%	0.54%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	86,803,816	-20,796,369	$4,774,209,880	−6.2%	0.53%
PG	PROCTER & GAMBLE Co Consumer Defensive	Added	32,550,300	+541,485	$4,664,783,493	−8.5%	0.52%
WFC	Wells Fargo & Company/Mn Financial Services	Reduced	48,418,055	-1,389,123	$4,512,562,726	+13.1%	0.50%
CSCO	Cisco Systems, Inc. Technology	Added	58,071,810	+3,058,484	$4,473,271,524	+17.2%	0.50%
GE	General Electric Co Industrials	Added	14,429,555	+1,185,732	$4,444,735,826	+30.4%	0.49%
UNH	Unitedhealth Group Inc Healthcare	Added	13,256,692	+956,769	$4,376,166,596	+14.0%	0.48%
ORCL	Oracle Corp Technology	Added	22,246,323	+2,691,012	$4,336,030,815	+1.4%	0.48%
BRK-B	Berkshire Hathaway Inc Financial Services	Added	8,464,122	+1,084,968	$4,254,490,923	+18.7%	0.47%
MRK	Merck & Co., Inc. Healthcare	Added	37,981,502	+1,870,213	$3,997,932,900	+39.9%	0.44%
KO	Coca Cola Co Consumer Defensive	Added	55,296,911	+932,668	$3,865,807,048	+0.5%	0.43%
CVX	Chevron Corp Energy	Added	24,457,623	+5,451,569	$3,727,586,321	+37.0%	0.41%
LRCX	Lam Research Corp Technology	Added	21,295,871	+1,832,293	$3,645,427,197	+92.4%	0.40%
RY	Royal Bank Of Canada Financial Services	Added	20,368,046	+658,304	$3,472,548,162	+33.9%	0.38%
DLR	Digital Realty Trust, Inc. Real Estate	Added	21,995,957	+150,776	$3,402,994,507	−10.6%	0.38%
BKNG	Booking Holdings Inc. Consumer Cyclical	Added	610,801	+228,900	$3,271,040,980	+47.9%	0.36%
LIN	Linde PLC Basic Materials	Added	7,614,508	+1,009,854	$3,246,750,066	+4.8%	0.36%
CRM	Salesforce, Inc. Technology	Added	12,015,218	+1,651,621	$3,182,951,400	+12.6%	0.35%
RTX	RTX Corp Industrials	Added	17,271,681	+1,112,237	$3,167,626,295	+34.2%	0.35%
TMO	Thermo Fisher Scientific Inc. Healthcare	Reduced	5,302,863	-282,434	$3,072,743,965	+35.7%	0.34%
INTU	Intuit Inc. Technology	Added	4,617,021	+466,811	$3,058,407,050	−6.4%	0.34%
APH	Amphenol Corp /De/ Technology	Added	22,585,063	+1,276,265	$3,052,145,413	+45.0%	0.34%
PEP	Pepsico Inc Consumer Defensive	Added	21,034,095	+3,383,432	$3,018,813,314	+29.5%	0.33%
KLAC	Kla Corp Technology	Added	2,457,794	+673,172	$2,986,416,333	+86.8%	0.33%
ABT	Abbott Laboratories Healthcare	Added	23,456,714	+1,207,025	$2,938,891,697	−2.9%	0.33%
MCD	Mcdonalds Corp Consumer Cyclical	Reduced	9,457,311	-60,133	$2,890,437,960	+3.9%	0.32%
AMAT	Applied Materials Inc /De Technology	Added	11,123,168	+2,361,482	$2,858,542,944	+78.2%	0.32%