Norway’s SWF is Heavily Exposed to U.S. Technology Companies and Banks

Norway’s SWF is Heavily Exposed to U.S. Technology Companies and Banks

At December 31, 2018, Norway Government Pension Fund Global had 1,299,103,000,000 NOK (US$ 148,830,000,000)

1. allocated to listed equities in financials, 23.7% of its equity portfolio.
2. 524,912,000,000 NOK was tied banks,
3. 266,309,000,000 NOK was tied to the insurance sector.

With regard to the technology sector,

1. 689,838,000,000NOK (US$ 79,030,500,000) dedicated to technology stocks
2. 320,756,000,000 NOK (US$ 36,747,000,000) dedicated to oil & gas stocks.

Norway Government Pension Fund Global – Top Exposures – December 31, 2018

Ranks

Company Name

Area

Equities (Millions NOK)

Bonds (Millions NOK)

Total (Millions NOK)

Total USD

1

Apple Inc

Technology

62,740

7,176

69,916

8,009,850,000

2

Microsoft Corp

Technology

64,715

1,853

66,568

7,626,290,000

3

Alphabet Inc (formerly Google)

Technology

57,634

792

58,426

6,693,510,000

4

Amazon.com Inc

E-Commerce

54,771

2,985

57,756

6,616,750,000

5

Nestle SA

Consumer Goods

53,914

2,291

56,205

6,439,060,000

6

Royal Dutch Shell Plc

Oil and Gas

51,274

1,627

52,901

6,060,540,000

7

Novartis AG

Pharmaceuticals

39,494

3,505

42,999

8

Roche Holding AG

Pharmaceuticals

39,573

1,968

41,541

9

Berkshire Hathaway Inc

Financials

33,423

4,936

38,359

10

JPMorgan & Chase Co.

Financials

24,913

12,972

37,885

11

Bank of America Corporation

Financials

22,345

13,726

36,071

12

HSBC Holdings Plc

Financials

27,020

8,853

35,873

13

Canada Mortgage and Housing

31,785

31,785

14

Johnson & Johnson

Healthcare

29,184

2,183

31,367

15

BP Plc

Oil and Gas

25,368

3,462

28,830

16

AT&T Inc.

Telecommunications

17,389

11,424

28,813

17

Kreditanstalt fur Wiederaufbau

Government-related

27,475

27,475

18

Verizon Communications Inc

Telecommunications

20,331

6,932

27,263

19

Banco Santander SA

Financials

16,839

10,341

27,180

20

Tencent Holdings Ltd.

Technology

26,340

788

27,128

21

Facebook Inc

Technology

27,059

27,059

3,099,980,000

22

TOTAL SA

Oil and Gas

24,780

1,876

26,656

23

Wells Fargo & Co

Financials

16,790

8,732

25,522

Source: Norges Bank

SWFI – Sovereign Wealth Fund Institute

https://www.swfinstitute.org/swf-news/norways-swf-is-heavily-exposed-to-u-s-technology-companies-and-banks/