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

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

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.

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