Norway’s Central Bank Files For Confidential Treatment of its US Equity Holdings

Norwegian Central Bank Files to Have 2nd Quarter 2016 U.S. Equity Positions Not Disclosed to the Public

Norwegian Central Bank Files Unredacted 2nd Quarter 2015 U.S. Equity Postions with the United States Securities and Exchange Commission.

Norwegian Central Bank discloses nearly $1 Billion in US Gold and Silver Mining Shares, including a $400+ million position in Franco Nevada and 22 other mining companies as of June 30, 2015.*

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Update August 28, 2016:Norwegian Sovereign Wealth Fund (administered by Norges Bank) looking to increase its stock holdings beyond its current 60% threshold

Norges Bank’s Gold and Silver Mining Shares

Norway’s Central Bank, Norges Bank has filed with the United States Securities and Exchange Commission (the SEC) a request that its Form 13F* for the period ended June 30, 2016, be given confidential treatment. The Norges Bank filed its 13F** with the list of its security holdings redacted. A note on the cover page of the Norge Bank 13F filing reads:

“Norges Bank has submitted its Form 13F to the Securities and Exchange Commission pursuant to a request for confidential treatment. This action is consistent with discussions between Norges Bank and the Staff of the Securities and Exchange Commission to coordinate the reporting required under Section 13(f) with the extensive public disclosure requirements under Norwegian law applying to Norges Bank.”***

On August 12, 2016, Norges Bank filed their Form 13F with a request for confidential treament that included a blank information table. On the same date, the Norges Bank also filed an Amended Form 13 F for the period ended June 30, 2015. This Amended Form 13F contained a list of equity securities held by the Norges Bank at then end of the second quarter of last year.

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Here are the gold and silver mining shares disclosed by Norges Bank and their values* as of June 30, 2015.

norwegian bank gold and silver mining share

As of June 30, 2015, the Norwegian Central Bank owned nearly $1 Billion in gold and silver mining shares.

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From reviewing the Norge Bank SEC filings, it appears that the Norwegian Central Bank has been requesting confidential treatment of its Forms 13F as far back as 2011. It also appears that the SEC has granted these requests and allowed them to file amended Forms 13F that include an information table on a delayed basis.

*share holdings are as at June 30, 2015, and valuations as at August 5, 2016 (to coincide with the pricing of the Swiss National Bank’s gold and silver mining portfolio). Norge Bank’s current holdings of mining shares may not include any of the shares included in the table above or any mining shares at all.

Norge Bank oversees the investments of Norway’s sovereign wealth fund.

**An institutional investment manager that uses the U.S. mail (or other means or instrumentality of interstate commerce) in the course of its business, and exercises investment discretion over $100 million or more in Section 13(f) securities (explained below) must report its holdings on Form 13F with the Securities and Exchange Commission (SEC).

***For more on SEC confidential requests see

SEC Lets Some Investors Keep Quiet

SEC Grants Too Many Confidential Requests

China Investment Corp, the investment arm of the Chinese government has not filed a 13-F since 2010.

Norge Bank share holdings source: Norge Bank SEC filing. Share prices were derived from Yahoo Finance.

Note: the share amounts filed with the Securities and Exchange Commission by the Norge Bank are subject to the following caveat by the SEC: “The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. The reader should not assume that the information is accurate and complete.”

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