Norway's Sovereign Wealth Fund Stocks & Portfolio

Changes since Q4 2025

By sector

• Technology35.6%
• Financial Services13.0%
• Consumer Cyclical9.6%
• Healthcare9.6%
• Communication Services9.4%
• Industrials7.8%
• Consumer Defensive3.7%
• Real Estate3.5%
• Energy2.6%
• Basic Materials2.3%
• Utilities1.6%
• Other1.3%

Stocks in the portfolio (1,617)

Stock	Weight	Shares	Value	Change	Price at quarter end	Price now	Since
NVDANVIDIA	6.50%	325,951,734	$65.2B	-2.3%Reduced	200.09	162.83	-18.6%
AAPLApple	5.50%	190,726,866	$55.2B	-0.8%Reduced	289.36	356.41	+23.2%
MSFTMicrosoft	3.82%	102,732,956	$38.3B	-1.9%Reduced	373.02	524.32	+40.6%
AMZNAmazon.com	3.34%	140,565,601	$33.5B	-1.3%Reduced	238.34	266.64	+11.9%
GOOGLAlphabet	2.88%	80,931,418	$28.9B	-17.0%Reduced	357.37	295.82	-17.2%
GOOGAlphabet	2.63%	74,788,768	$26.4B	+29.7%Added	353.33	292.56	-17.2%
AVGOBroadcom	2.48%	65,970,988	$24.9B	-5.9%Reduced	377.75	346.62	-8.2%
METAMeta Platforms	1.84%	32,726,903	$18.4B	-2.5%Reduced	563.29	641.86	+13.9%
MUMicron Technology	1.75%	15,180,843	$17.5B	-32.7%Reduced	1,154.29	778.06	-32.6%
TSLATesla	1.63%	38,812,422	$16.3B	+1.9%Added	420.60	390.24	-7.2%
LLYEli Lilly & Co	1.37%	11,471,413	$13.8B	-5.0%Reduced	1,199.43	1,444.80	+20.5%
AMDAdvanced Micro Devices	1.35%	23,361,170	$13.6B	+1.5%Added	580.91	534.17	-8.0%
JPMJPMorgan Chase & Co	1.18%	36,122,327	$11.8B	+2.1%Added	327.33	346.32	+5.8%
INTCIntel	0.86%	61,714,672	$8.6B	+2.0%Added	139.63	59.66	-57.3%
XOMExxon Mobil	0.83%	60,999,693	$8.3B	-3.7%Reduced	136.72	170.59	+24.8%
AMATApplied Materials	0.81%	11,305,788	$8.2B	+1.6%Added	723.00	370.28	-48.8%
JNJJohnson & Johnson	0.81%	31,825,084	$8.1B	-4.9%Reduced	253.97	286.01	+12.6%
LRCXLam Research	0.78%	18,123,399	$7.9B	-14.9%Reduced	433.33	225.92	-47.9%
BRK/ABerkshire Hathaway	0.77%	10,371	$7.8B	+0.6%Added	748,850.00	889,195.20	+18.7%
WMTWalmart	0.65%	57,423,929	$6.5B	-0.9%Reduced	113.26	128.14	+13.1%
CSCOCisco Systems	0.64%	54,835,694	$6.4B	-5.6%Reduced	117.46	95.64	-18.6%
ABBVABBVIE	0.64%	25,554,538	$6.4B	-0.4%Reduced	251.64	295.02	+17.2%
AZNAstraZeneca	0.63%	33,864,172	$6.3B	New	187.06	184.45	-1.4%
COSTCostco Wholesale	0.60%	6,474,767	$6.1B	+7.5%Added	935.47	1,106.46	+18.3%
MAMastercard	0.60%	11,753,770	$6.0B	+0.1%Added	513.60	661.31	+28.8%
KLACKLA	0.59%	19,565,355	$5.9B	-20.4%Reduced	301.71	152.31	-49.5%
VVISA	0.55%	16,215,161	$5.6B	-3.2%Reduced	343.09	425.92	+24.1%
UNHUnitedhealth Group	0.53%	12,736,973	$5.3B	-3.9%Reduced	415.63	407.55	-1.9%
GEGeneral Electric Company	0.51%	13,691,596	$5.1B	-5.1%Reduced	373.73	331.79	-11.2%
BACBank of America	0.48%	83,794,863	$4.8B	-3.5%Reduced	56.98	51.01	-10.5%
MRKMerck & Co	0.47%	36,983,784	$4.8B	-2.6%Reduced	128.50	147.75	+15.0%
UBSUBS Group	0.47%	95,849,980	$4.8B	-8.7%Reduced	49.56	48.31	-2.5%
HDHome Depot	0.47%	13,383,376	$4.7B	-5.1%Reduced	352.68	348.75	-1.1%
SNDKSanDisk	0.47%	2,055,094	$4.7B	-6.0%Reduced	2,273.73	884.75	-61.1%
PGProcter & Gamble Company	0.47%	31,831,692	$4.7B	-2.2%Reduced	146.64	169.85	+15.8%
WFCWells Fargo & Co	0.46%	55,487,578	$4.6B	+14.6%Added	82.64	86.04	+4.1%
BRK/BBerkshire Hathaway	0.44%	8,785,259	$4.4B	+3.8%Added	500.39	593.13	+18.5%
MRVLMarvell Technology	0.42%	14,201,483	$4.2B	+34.8%Added	297.89	156.80	-47.4%
KOCoca-Cola Company	0.42%	52,025,304	$4.2B	-5.9%Reduced	81.27	99.26	+22.1%
NFLXNetflix	0.41%	57,951,405	$4.1B	-6.4%Reduced	71.40	62.14	-13.0%
WELLWelltower	0.41%	18,146,984	$4.1B	-38.4%Reduced	226.97	244.49	+7.7%
RYRoyal Bank of Canada	0.41%	19,905,354	$4.1B	-2.3%Reduced	206.87	202.33	-2.2%
GEVGE Vernova	0.40%	3,419,249	$4.0B	-2.1%Reduced	1,174.86	802.62	-31.7%
TXNTexas Instruments	0.39%	13,220,004	$3.9B	-8.9%Reduced	298.07	303.56	+1.8%
CVXChevron	0.38%	22,964,061	$3.8B	-6.1%Reduced	165.76	219.84	+32.6%
RTXRaytheon Technologies	0.38%	19,952,281	$3.8B	+15.5%Added	189.73	198.58	+4.7%
MSMorgan Stanley	0.37%	17,984,532	$3.8B	+16.7%Added	209.04	190.65	-8.8%
ORCLOracle	0.37%	25,002,553	$3.7B	+12.4%Added	146.55	125.40	-14.4%
PLTRPalantir Technologies	0.36%	31,076,211	$3.6B	+7.3%Added	116.67	168.01	+44.0%
DLRDigital Realty Trust	0.35%	19,290,135	$3.5B	-12.3%Reduced	179.58	180.00	+0.2%
LINLinde	0.34%	6,640,227	$3.4B	-12.8%Reduced	518.94	526.07	+1.4%
APHAmphenol	0.34%	19,193,869	$3.4B	-15.0%Reduced	176.32	78.22	-55.6%
PANWPalo Alto Networks	0.33%	9,750,674	$3.3B	+26.9%Added	341.02	322.01	-5.6%
ADIAnalog Devices	0.32%	8,169,137	$3.2B	-0.0%Reduced	397.17	397.93	+0.2%
T TOTB.DETotalenergies Se	0.31%	40,546,835	$3.2B	+37.9%Added	77.70	—	—
QCOMQUALCOMM	0.30%	16,209,022	$3.0B	+7.0%Added	184.79	172.39	-6.7%
STXSeagate Technology Holdings	0.30%	3,095,723	$3.0B	+71.1%Added	965.00	528.38	-45.2%
WDCWestern Digital	0.29%	4,629,232	$3.0B	+1.1%Added	638.72	295.63	-53.7%
NEENextera Energy	0.28%	32,117,624	$2.8B	-8.4%Reduced	87.77	85.15	-3.0%
CRWDCrowdStrike Holdings	0.28%	3,669,761	$2.8B	+1.2%Added	763.14	226.60	-70.3%
GILDGilead Sciences	0.28%	21,965,555	$2.8B	+3.0%Added	126.34	168.07	+33.0%
BLKBlackrock	0.27%	2,831,565	$2.7B	+10.5%Added	961.56	1,222.90	+27.2%
AXPAmerican Express Company	0.27%	7,985,867	$2.7B	+19.9%Added	338.25	320.60	-5.2%
CCitigroup	0.27%	19,279,995	$2.7B	-19.7%Reduced	139.96	123.98	-11.4%
MCDMcDonald's	0.27%	9,878,380	$2.7B	+4.5%Added	270.31	271.97	+0.6%
PEPPepsiCo	0.26%	19,416,811	$2.6B	-7.7%Reduced	135.40	145.44	+7.4%
GSGoldman Sachs Group	0.26%	2,595,205	$2.6B	-9.3%Reduced	1,011.37	916.07	-9.4%
GLWCorning	0.26%	10,238,257	$2.6B	-2.7%Reduced	255.43	114.06	-55.3%
TMOThermo Fisher Scientific	0.25%	5,087,903	$2.6B	-4.1%Reduced	501.36	700.02	+39.6%
PNCPNC Financial Services Group	0.25%	10,145,985	$2.5B	+7.7%Added	246.22	232.25	-5.7%
TDToronto Dominion Bank	0.24%	20,021,693	$2.4B	-11.2%Reduced	121.46	123.84	+2.0%
IBMInternational Business Machines	0.24%	8,416,339	$2.4B	+1.9%Added	281.21	247.20	-12.1%
E EQREquity Residential	0.24%	34,837,220	$2.4B	-0.3%Reduced	67.93	—	—
VZVerizon Communications	0.23%	54,307,400	$2.3B	-6.2%Reduced	42.34	46.37	+9.5%
BKNGBooking Holdings	0.22%	12,434,096	$2.2B	-18.6%Reduced	178.24	159.58	-10.5%
TJXTJX Companies	0.22%	14,473,106	$2.2B	+0.5%Added	151.50	134.34	-11.3%
DEDeere & Company	0.22%	3,406,402	$2.2B	-7.6%Reduced	634.33	673.45	+6.2%
BMYBristol-Myers Squibb	0.21%	36,866,658	$2.1B	+2.1%Added	57.62	63.43	+10.1%
HWMHowmet Aerospace	0.21%	7,895,313	$2.1B	-9.8%Reduced	268.86	220.79	-17.9%
ABTAbbott Laboratories	0.21%	23,354,911	$2.1B	-0.4%Reduced	90.74	108.51	+19.6%
ETNEaton	0.21%	4,917,475	$2.1B	+2.8%Added	426.12	353.01	-17.2%
SCHWCharles Schwab Corp (The)	0.21%	22,658,390	$2.1B	+13.5%Added	92.27	92.96	+0.7%
ANETArista Networks	0.21%	12,246,920	$2.1B	+3.0%Added	169.88	197.31	+16.1%
UNPUnion Pacific	0.20%	7,553,360	$2.1B	-1.8%Reduced	272.00	302.45	+11.2%
AMGNAmgen	0.20%	5,625,584	$2.0B	-14.9%Reduced	362.12	465.80	+28.6%
COFCapital One Financial	0.20%	9,978,148	$2.0B	+15.7%Added	200.62	195.10	-2.8%
ISRGIntuitive Surgical	0.20%	4,954,874	$2.0B	-1.8%Reduced	397.68	443.58	+11.5%
DISWalt Disney Company (The)	0.19%	20,249,669	$1.9B	-3.5%Reduced	96.25	118.96	+23.6%
PHParker-Hannifin	0.19%	1,975,158	$1.9B	-1.1%Reduced	978.12	955.44	-2.3%
UBERUber Technologies	0.19%	26,706,242	$1.9B	-13.2%Reduced	72.16	69.67	-3.5%
FTNTFortinet	0.19%	12,449,356	$1.9B	-14.3%Reduced	153.62	127.19	-17.2%
PGRProgressive	0.19%	8,647,114	$1.9B	+7.2%Added	218.45	235.79	+7.9%
CMCSAComcast	0.19%	76,539,618	$1.9B	-8.4%Reduced	24.55	25.19	+2.6%
SHOPShopify	0.19%	16,410,473	$1.9B	+1.1%Added	114.20	147.11	+28.8%
CVSCVS HEALTH	0.19%	18,038,922	$1.9B	-14.1%Reduced	103.45	89.33	-13.6%
DELLDell Technologies	0.19%	4,312,543	$1.9B	-10.6%Reduced	431.46	344.46	-20.2%
LOWLowe's Companies	0.18%	8,270,160	$1.8B	+0.0%Added	220.49	227.69	+3.3%
DHRDanaher	0.18%	9,537,906	$1.8B	+0.3%Added	190.48	233.02	+22.3%
B BKBank Of Ny Mellon Corp	0.17%	11,751,724	$1.7B	-2.5%Reduced	144.61	—	—
PLDPROLOGIS	0.17%	12,518,679	$1.7B	+0.6%Added	135.47	128.69	-5.0%

Quarter by quarter