Norges Bank
Norges Bank Investment Management (NBIM) is the division of the Norwegian central bank (Norges Bank) responsible for managing the Government Pension Fund Global, often referred to as the Norwegian Oil Fund. The fund is overseen by Nicolai Tangen, who brings a background in investment banking and hedge fund management. NBIM focuses on a long-term, sustainable investment strategy, with a significant emphasis on integrating environmental, social, and governance (ESG) factors into its investment decisions.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 1 positions
| Ticker | Issuer | Notional | Port % | Allocation |
|---|---|---|---|---|
| $0.0M | — | — |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (1)
| Ticker | Issuer | Notional |
|---|---|---|
| $0.0M |
Exited Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| NVDA | $62.24B | |
| AAPL | $52.27B | |
| MSFT | $50.66B | |
| AMZN | $32.87B | |
| GOOGL | $30.53B | |
| AVGO | $24.25B | |
| META | $22.15B | |
| GOOG | $18.09B |
Increased
None this quarter
Trimmed
None this quarter
Quarter Activity
During the quarter, Norges Bank initiated a new position but did not disclose the specific name of the asset. The fund exited significant positions in major technology companies, including NVIDIA, Apple, Microsoft, Amazon, and Alphabet. There were no increases or decreases reported in other holdings.
AI Commentary
<p>The current portfolio of Norges Bank, as of the latest reporting period ending March 31, 2026, reveals a significant shift, with the fund holding no positions. Previously, the fund had substantial investments in major technology and consumer companies, but all these positions, including notable stakes in NVIDIA Corporation (NVDA), Apple Inc. (AAPL), Microsoft Corporation (MSFT), Amazon.com Inc. (AMZN), and Alphabet Inc. (GOOGL), have been closed. This leaves the fund with an asset under management (AUM) of $0.00 billion and no active positions or sector concentration to report.</p> <p>The recent portfolio adjustments, where Norges Bank has exited all its positions, including high-value stakes in NVDA ($62,244M), AAPL ($52,266M), MSFT ($50,665M), AMZN ($32,869M), and GOOGL ($30,534M), indicate a significant strategic pivot. The closure of these major positions, particularly in leading technology and consumer sectors, could suggest a macroeconomic or sector-specific reassessment, possibly due to risk aversion or a shift towards a different investment strategy or asset class. This drastic change signals a move away from equity exposure, at least temporarily.</p>