Why does Norges Bank only hold 1,577 US positions with nearly a trillion dollars?

NBIM applies active stock selection within a broad market mandate. Unlike index funds that hold every constituent, Norges Bank selects specific companies, resulting in a concentrated portfolio that still spans most major US sectors.

What is the Government Pension Fund Global?

It is Norway sovereign wealth fund, funded by petroleum revenues. Despite the name, it has no pension obligations. NBIM manages the fund with a multi-generational time horizon, investing in equities, bonds, and real estate globally.

Why does Norges Bank hold Berkshire Hathaway Class A shares instead of Class B?

Class A shares carry full voting rights and are designed for permanent, large-scale holders. At approximately $750,000 per share, holding Class A signals long-term conviction and the fund immense scale.

Does Norges Bank 13F show its complete US exposure?

The 13F captures Section 13(f) equity securities. It may not include certain fixed income, real estate, or derivative positions. NBIM also publishes its own annual report with complete global holdings data.

Norges Bank Q4 2025: $935B Sovereign Fund Holds Just 1,577 Positions

Norges Bank Investment Management reported $934.76 billion in US equity holdings for Q4 2025 across just 1,577 positions. As the manager of Norway's Government Pension Fund Global, the world's largest sovereign wealth fund with over $1.7 trillion in total global assets, NBIM's 13F filing offers a window into how sovereign capital allocates to US markets.

TL;DR

Norges Bank reported $934.76 billion in Q4 2025 13F value with a WhaleScore of 71.75, among the highest for mega-filers.
Only 1,577 positions — the most concentrated portfolio relative to AUM among the top 20 institutional filers.
Top holdings: NVIDIA 7.16%, Apple 6.02%, Microsoft 5.83%, Amazon 3.78%, Alphabet 3.51%.
Holds Berkshire Hathaway Class A shares (BRK/A at approximately $750,000 per share) in the top 12, a distinctive signal of long-term conviction and scale.

Filing Snapshot

Metric	Value
Filer	Norges Bank (NBIM)
CIK	0001374170
Quarter	Q4 2025
Reported 13F Value	$934.76 billion
WhaleScore	71.75
Positions	1,577
Top-5 Concentration	26.30%
Global AUM (GPFG)	Approximately $1.7 trillion

1,577 Positions: Sovereign Selectivity

For a fund managing nearly a trillion dollars in US equities, 1,577 positions is remarkably concentrated. Vanguard holds 17,398 positions across $6.9 trillion. BNY Mellon holds 33,186 positions across $568 billion. Norges Bank holds $935 billion in fewer positions than most filers one-tenth its size.

This concentration reflects NBIM's mandate: invest broadly across developed markets but apply active selection within that universe. The fund does not passively replicate any index. Each position represents a deliberate inclusion that has passed NBIM's internal research and governance processes.

Top 10 Holdings

#	Ticker	Value ($B)	Weight
1	NVDA	62.24	7.16%
2	AAPL	52.27	6.02%
3	MSFT	50.66	5.83%
4	AMZN	32.87	3.78%
5	GOOGL	30.53	3.51%
6	AVGO	24.25	2.79%
7	META	22.15	2.55%
8	GOOG	18.09	2.08%
9	TSLA	17.13	1.97%
10	LLY	12.98	1.49%

The BRK/A Signal

Norges Bank holds Berkshire Hathaway Class A shares in its top 12 holdings. At approximately $750,000 per share, BRK/A is the most expensive publicly traded stock in the US. Most institutional investors hold Class B shares (BRK/B) at around $500. Holding Class A signals both the fund's enormous scale and its preference for long-term, low-turnover positions. Warren Buffett has specifically stated that Class A shares are designed for permanent holders.

Ethical Exclusions and Mandate Constraints

Unlike purely return-focused asset managers, NBIM operates under ethical guidelines set by Norway's Ministry of Finance. The fund maintains a public exclusion list, removing companies involved in certain weapons, tobacco, coal production, and severe environmental damage. When a stock disappears from Norges Bank's 13F, investors should check the exclusion list before concluding the position was sold for investment reasons.