Norway GPFG Basic Materials holdings
Norway's Government Pension Fund Global holds 117 basic materials companies worth $ 28.5B — 2.8% of its listed equity value — as of 8 September 2026.
Every position in this sector, largest first. Values are the fund's holding; ownership is the share of the company held.
| Company | Ticker | Country | Fund value (USD) | Fund value (NOK) | Ownership | Voting | Price | P/E | Market cap | Analyst rec |
|---|---|---|---|---|---|---|---|---|---|---|
| Linde PLC | LIN | United States | $ 3.3B | kr 32.9B | 1.39% | 1.39% | 468.82 | 30.21 | $ 216.1B | Buy |
| Rio Tinto PLC | RIO.L | United Kingdom | $ 2.7B | kr 26.9B | 1.77% | 1.77% | 7738.00 | 14.17 | $ 125.8B | Hold |
| Anglo American PLC | AAL.L | United Kingdom | $ 1.5B | kr 14.6B | 2.55% | 2.55% | 4306.00 | — | $ 46.1B | Buy |
| Air Products and Chemicals Inc | APD | United States | $ 1.3B | kr 13.3B | 2.07% | 2.07% | 297.33 | — | $ 66.2B | Buy |
| Newmont Corp | NEM | United States | $ 1.3B | kr 12.9B | 1.31% | 1.31% | 128.48 | 16.20 | $ 135.4B | Buy |
| Agnico Eagle Mines Ltd | AEM.TO | Canada | $ 1.3B | kr 12.8B | 1.65% | 1.65% | 280.71 | 17.36 | $ 142.1B | Buy |
| Sherwin-Williams Co/The | SHW | United States | $ 1.1B | kr 10.9B | 1.32% | 1.32% | 326.30 | 30.07 | $ 79.2B | Buy |
| CRH PLC | CRH | United States | $ 1.1B | kr 10.4B | 1.47% | 1.47% | 92.42 | 16.33 | $ 61.5B | Strong Buy |
| Ecolab Inc | ECL | United States | $ 915.1M | kr 9.1B | 1.17% | 1.17% | 277.68 | 37.22 | $ 77.8B | Buy |
| Nucor Corp | NUE | United States | $ 867.7M | kr 8.6B | 1.71% | 1.71% | 256.27 | 20.45 | $ 58.1B | Buy |
| Wheaton Precious Metals Corp | WPM.TO | Canada | $ 662.8M | kr 6.6B | 1.30% | 1.3% | 214.10 | 34.31 | $ 97.2B | Strong Buy |
| Franco-Nevada Corp | FNV.TO | Canada | $ 574.2M | kr 5.7B | 1.43% | 1.43% | 365.15 | 34.45 | $ 70.4B | Buy |
| BASF SE | BAS.DE | Germany | $ 565.3M | kr 5.6B | 1.18% | 1.18% | 53.67 | 22.55 | $ 46.2B | Buy |
| Steel Dynamics Inc | STLD | United States | $ 538.7M | kr 5.3B | 1.63% | 1.63% | 241.46 | 21.93 | $ 34.6B | Buy |
| Teck Resources Ltd | TECK-B.TO | Canada | $ 489.9M | kr 4.8B | 1.68% | 0.66% | 98.10 | 19.27 | $ 48.1B | Hold |
| Corteva Inc | CTVA | United States | $ 473.4M | kr 4.7B | 0.84% | 0.84% | 85.11 | 51.58 | $ 56.8B | Buy |
| Vulcan Materials Co | VMC | United States | $ 456.8M | kr 4.5B | 1.19% | 1.19% | 259.75 | 30.63 | $ 33.7B | Buy |
| Celanese Corp | CE | United States | $ 429.7M | kr 4.3B | 8.52% | 8.52% | 44.37 | — | $ 4.9B | Buy |
| Croda International PLC | CRDA.L | United Kingdom | $ 429.5M | kr 4.3B | 7.66% | 7.66% | 3327.00 | 58.37 | — | Buy |
| Symrise AG | SY1.DE | Germany | $ 383.2M | kr 3.8B | 2.73% | 2.73% | 90.50 | 51.13 | $ 12.4B | Buy |
| Nutrien Ltd | NTR.TO | Canada | $ 334.7M | kr 3.3B | 1.11% | 1.11% | 110.71 | 16.19 | $ 52.8B | Buy |
| Royal Gold Inc | RGLD | United States | $ 332.9M | kr 3.3B | 1.96% | 1.96% | 262.31 | 29.02 | $ 22.2B | Buy |
| CF Industries Holdings Inc | CF | United States | $ 311.3M | kr 3.1B | 1.87% | 1.87% | 133.75 | 9.92 | $ 20.2B | Hold |
| Kinross Gold Corp | K.TO | Canada | $ 308.8M | kr 3.1B | 1.10% | 1.1% | 42.02 | 11.54 | $ 49.8B | Buy |
| Pan American Silver Corp | PAAS.TO | Canada | $ 290.6M | kr 2.9B | 1.55% | 1.55% | 71.03 | 15.18 | $ 29.5B | Buy |
| Endeavour Mining PLC | EDV.L | United Kingdom | $ 289.5M | kr 2.9B | 2.40% | 2.4% | 4674.00 | 18.62 | $ 11.3B | Buy |
| Coeur Mining Inc | CDE | United States | $ 276.9M | kr 2.7B | 1.64% | 1.64% | 20.83 | 17.50 | $ 21.4B | None |
| First Quantum Minerals Ltd | FM.TO | Canada | $ 276.7M | kr 2.7B | 1.21% | 1.21% | 46.06 | — | $ 38.4B | Buy |
| UltraTech Cement Ltd | ULTRACEMCO.NS | India | $ 248.0M | kr 2.5B | 0.71% | 0.71% | 11009.00 | 37.89 | $ 3.2T | Strong Buy |
| Reliance Inc | RS | United States | $ 244.2M | kr 2.4B | 1.28% | 1.28% | 400.38 | 23.25 | $ 20.4B | Hold |
| Asian Paints Ltd | ASIANPAINT.NS | India | $ 235.0M | kr 2.3B | 0.88% | 0.88% | 2481.60 | 49.86 | $ 2.4T | None |
| LyondellBasell Industries NV | LYB | United States | $ 200.3M | kr 2.0B | 1.18% | 1.18% | 64.85 | — | $ 20.9B | Hold |
| Capstone Copper Corp | CS.TO | Canada | $ 193.0M | kr 1.9B | 2.75% | 2.75% | 16.33 | 18.99 | $ 12.5B | Buy |
| Southern Copper Corp | SCCO | United States | $ 185.5M | kr 1.8B | 0.13% | 0.13% | 209.12 | 31.40 | $ 176.6B | Underperform |
| Solstice Advanced Materials Inc | SLST | United States | $ 181.5M | kr 1.8B | 1.29% | 1.29% | — | — | — | — |
| Antofagasta PLC | ANTO.L | United Kingdom | $ 178.0M | kr 1.8B | 0.36% | 0.36% | 4081.00 | 32.91 | $ 40.2B | Hold |
| Grasim Industries Ltd | GRASIM.NS | India | $ 177.5M | kr 1.8B | 0.80% | 0.8% | 3306.80 | 39.42 | $ 2.2T | None |
| Tata Steel Ltd | TATASTEEL.NS | India | $ 162.5M | kr 1.6B | 0.66% | 0.66% | 184.15 | 20.83 | $ 2.3T | Buy |
| Hudbay Minerals Inc | HBM.TO | Canada | $ 155.7M | kr 1.5B | 1.49% | 1.49% | 39.75 | 17.67 | $ 17.7B | Strong Buy |
| Hecla Mining Co | HL | United States | $ 154.0M | kr 1.5B | 1.49% | 1.49% | 20.54 | 24.74 | $ 13.8B | None |
| Brenntag SE | BNR.DE | Germany | $ 148.5M | kr 1.5B | 1.69% | 1.69% | 61.80 | 24.52 | $ 8.9B | Hold |
| Navin Fluorine International Ltd | NAVINFLUOR.NS | India | $ 147.7M | kr 1.5B | 3.55% | 3.54% | 8731.00 | 56.69 | $ 448.0B | Buy |
| Albemarle Corp | ALB | United States | $ 144.3M | kr 1.4B | 0.91% | 0.91% | 126.62 | 468.96 | $ 14.9B | Buy |
| International Flavors & Fragrances Inc | IFF | United States | $ 144.0M | kr 1.4B | 0.71% | 0.71% | 85.72 | — | $ 21.9B | Buy |
| Eagle Materials Inc | EXP | United States | $ 140.4M | kr 1.4B | 2.02% | 2.02% | 192.45 | 15.15 | $ 5.9B | Hold |
| Pidilite Industries Ltd | PIDILITIND.NS | India | $ 132.2M | kr 1.3B | 0.77% | 0.77% | 1593.00 | 61.29 | $ 1.6T | Buy |
| APL Apollo Tubes Ltd | APLAPOLLO.NS | India | $ 128.3M | kr 1.3B | 2.44% | 2.44% | 2185.00 | 49.32 | $ 606.7B | Strong Buy |
| G Mining Ventures Corp | GMIN.TO | Canada | $ 123.7M | kr 1.2B | 1.78% | 1.78% | 51.77 | 23.86 | $ 15.3B | Strong Buy |
| JSW Steel Ltd | JSWSTEEL.NS | India | $ 110.4M | kr 1.1B | 0.35% | 0.35% | 1297.30 | 13.03 | $ 3.2T | Buy |
| Acutaas Chemicals Ltd | ACUTAS.NS | India | $ 108.1M | kr 1.1B | 3.54% | 3.54% | — | — | — | — |
| MP Materials Corp | MP | United States | $ 108.0M | kr 1.1B | 1.08% | 1.08% | 56.72 | — | $ 10.1B | None |
| Alcoa Corp | AA | United States | $ 102.8M | kr 1.0B | 0.75% | 0.75% | 51.99 | 10.81 | $ 13.7B | Buy |
| Eastman Chemical Co | EMN | United States | $ 102.2M | kr 1.0B | 1.33% | 1.33% | 69.96 | 18.22 | $ 8.0B | None |
| FUCHS SE | FPE3.DE | Germany | $ 95.0M | kr 939.6M | 1.74% | 1.03% | 42.62 | 16.46 | $ 5.6B | Buy |
| Evonik Industries AG | EVK.DE | Germany | $ 93.3M | kr 922.8M | 1.10% | 1.1% | 18.37 | 70.65 | $ 8.6B | Hold |
| Mosaic Co/The | MOS | United States | $ 84.9M | kr 839.8M | 1.26% | 1.26% | 26.26 | — | $ 8.3B | None |
| SSR Mining Inc | SSRM.TO | Canada | $ 81.3M | kr 804.8M | 1.39% | 1.39% | 51.05 | 13.87 | $ 10.4B | Strong Buy |
| Pan African Resources PLC | PAF.L | United Kingdom | $ 72.1M | kr 713.7M | 2.30% | 2.3% | 135.50 | 15.06 | $ 2.7B | Strong Buy |
| Balchem Corp | BCPC | United States | $ 69.6M | kr 688.6M | 1.28% | 1.28% | 169.69 | 33.40 | $ 5.4B | None |
| Salzgitter AG | SZG.DE | Germany | $ 67.5M | kr 667.5M | 2.17% | 2.17% | 59.90 | 57.05 | $ 3.3B | Buy |
| Sensient Technologies Corp | SXT | United States | $ 66.7M | kr 660.1M | 1.27% | 1.27% | 133.61 | 36.01 | $ 5.7B | None |
| Cabot Corp | CBT | United States | $ 65.7M | kr 650.0M | 1.40% | 1.4% | 80.57 | 22.57 | $ 4.2B | None |
| UFP Industries Inc | UFPI | United States | $ 64.2M | kr 635.1M | 1.28% | 1.28% | 83.66 | 19.10 | $ 4.6B | Buy |
| Victrex PLC | VCT.L | United Kingdom | $ 61.1M | kr 604.2M | 9.18% | 9.18% | 869.00 | — | $ 757.1M | None |
| National Aluminium Co Ltd | NATIONALUM.NS | India | $ 59.9M | kr 593.2M | 0.91% | 0.91% | 371.05 | 10.09 | $ 681.5B | Buy |
| NGEx Minerals Ltd | NGEX.TO | Canada | $ 58.3M | kr 576.6M | 1.50% | 1.5% | 28.02 | — | $ 6.1B | Buy |
| Solar Industries India Ltd | SOLARINDS.NS | India | $ 50.0M | kr 494.8M | 0.28% | 0.28% | 22455.00 | 102.30 | $ 2.0T | None |
| Avient Corp | AVNT | United States | $ 45.4M | kr 449.0M | 1.34% | 1.34% | 43.27 | 23.39 | $ 4.0B | None |
| Centerra Gold Inc | CG.TO | Canada | $ 42.0M | kr 415.7M | 1.35% | 1.35% | 31.75 | 7.33 | $ 6.2B | Buy |
| JK Cement Ltd | JKCEMENT.NS | India | $ 38.7M | kr 382.5M | 0.87% | 0.87% | 4990.50 | 40.86 | $ 385.6B | None |
| Ambuja Cements Ltd | AMBUJACEM.NS | India | $ 38.6M | kr 382.0M | 0.35% | 0.35% | 398.30 | 22.30 | $ 989.7B | Buy |
| Wacker Chemie AG | WCH.DE | Germany | $ 36.7M | kr 363.1M | 0.68% | 0.68% | 92.10 | — | — | Hold |
| LANXESS AG | LXS.DE | Germany | $ 32.2M | kr 318.3M | 2.15% | 2.15% | 15.46 | — | — | Hold |
| UPL Ltd | UPL.NS | India | $ 30.2M | kr 299.3M | 0.59% | 0.59% | 576.75 | 23.69 | $ 487.5B | Buy |
| Keppel Infrastructure Trust | A7RU.SI | Singapore | $ 29.7M | kr 294.1M | 1.18% | 1.18% | 0.52 | 52.00 | $ 3.2B | Strong Buy |
| Covestro AG | 1COV.DE | Germany | $ 29.1M | kr 288.2M | 0.20% | 0.2% | 59.98 | — | $ 11.3B | None |
| Hochschild Mining PLC | HOC.L | United Kingdom | $ 28.5M | kr 281.9M | 0.90% | 0.9% | 652.50 | 15.17 | $ 3.4B | Buy |
| Shree Cement Ltd | SHREECEM.NS | India | $ 25.7M | kr 254.4M | 0.27% | 0.27% | 23160.00 | 51.36 | $ 835.6B | Buy |
| Coromandel International Ltd | COROMANDEL.NS | India | $ 23.9M | kr 236.6M | 0.38% | 0.38% | 1951.10 | 31.37 | $ 574.7B | None |
| Welspun Corp Ltd | WELCORP.NS | India | $ 21.6M | kr 214.1M | 0.51% | 0.51% | 2599.50 | 29.60 | $ 685.5B | Strong Buy |
| Clean Science & Technology Ltd | CLEAN.NS | India | $ 20.3M | kr 201.1M | 2.38% | 2.38% | 830.25 | 37.96 | $ 88.2B | Buy |
| PI Industries Ltd | PIIND.NS | India | $ 18.7M | kr 184.8M | 0.46% | 0.46% | 2395.00 | 31.19 | $ 363.3B | Hold |
| Hindustan Copper Ltd | HINDCOPPER.NS | India | $ 18.0M | kr 178.2M | 0.35% | 0.35% | 532.85 | 45.31 | $ 515.3B | None |
| Lloyds Metals & Energy Ltd | LLOYDSMETAL.NS | India | $ 16.3M | kr 161.5M | 0.15% | 0.15% | — | — | — | — |
| KWS Saat SE & Co KGaA | KWS.DE | Germany | $ 15.3M | kr 151.0M | 0.60% | 0.6% | 79.70 | 16.74 | $ 2.6B | Buy |
| Himadri Speciality Chemical Ltd | HSCL.NS | India | $ 13.5M | kr 133.5M | 0.37% | 0.37% | 670.65 | 42.07 | $ 338.4B | None |
| Linde India Ltd | LINDEINDIA.NS | India | $ 12.4M | kr 122.3M | 0.19% | 0.19% | 6380.00 | 99.13 | $ 544.1B | None |
| Deepak Fertilisers & Petrochemicals Corp Ltd | DEEPAKFERT.NS | India | $ 11.6M | kr 114.6M | 0.56% | 0.56% | 1345.90 | 17.26 | $ 170.1B | None |
| Atul Ltd | ATUL.NS | India | $ 11.1M | kr 109.8M | 0.55% | 0.55% | 6314.50 | 23.37 | $ 185.9B | None |
| Deepak Nitrite Ltd | DEEPAKNTR.NS | India | $ 10.4M | kr 102.8M | 0.47% | 0.47% | 1647.80 | 28.67 | $ 224.7B | None |
| Chambal Fertilisers and Chemicals Ltd | CHAMBLFERT.NS | India | $ 10.1M | kr 99.5M | 0.51% | 0.51% | 418.65 | 8.69 | $ 167.7B | None |
| Tata Chemicals Ltd | TATACHEM.NS | India | $ 9.7M | kr 96.1M | 0.50% | 0.5% | 607.70 | — | $ 154.8B | None |
| Usha Martin Ltd | USHAMART.NS | India | $ 8.0M | kr 78.9M | 0.50% | 0.5% | 499.85 | 28.63 | $ 152.2B | None |
| Kloeckner & Co SE | KCO.DE | Germany | $ 7.9M | kr 78.3M | 0.56% | 0.56% | 12.22 | — | — | Hold |
| Godawari Power and Ispat Ltd | GPIL.NS | India | $ 7.6M | kr 75.4M | 0.42% | 0.42% | 245.71 | 19.55 | $ 159.9B | None |
| Aarti Industries Ltd | AARTIIND.NS | India | $ 7.6M | kr 75.1M | 0.43% | 0.43% | 503.70 | 34.45 | $ 182.7B | None |
| EID Parry India Ltd | EIDPARRY.NS | India | $ 7.1M | kr 69.8M | 0.53% | 0.53% | 763.70 | 29.32 | $ 135.9B | None |
| PCBL CHEMICAL Ltd | PCBL.NS | India | $ 6.7M | kr 66.4M | 0.50% | 0.5% | 328.80 | 49.82 | $ 129.4B | None |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd | GNFC.NS | India | $ 5.1M | kr 50.9M | 0.61% | 0.61% | 589.10 | 8.34 | $ 86.6B | None |
| Ratnamani Metals & Tubes Ltd | RATNAMANI.NS | India | $ 5.1M | kr 50.8M | 0.28% | 0.28% | 2803.80 | 45.46 | $ 196.5B | Strong Buy |
| Sumitomo Chemical India Ltd | SUMICHEM.NS | India | $ 4.5M | kr 44.5M | 0.20% | 0.2% | 486.70 | 41.92 | $ 242.9B | None |
| Supreme Petrochem Ltd | SUPPETRO.NS | India | $ 4.5M | kr 44.3M | 0.32% | 0.32% | — | — | — | — |
| BASF India Ltd | BASF.NS | India | $ 3.8M | kr 37.9M | 0.23% | 0.23% | 3788.80 | 26.53 | $ 164.0B | None |
| Sarda Energy & Minerals Ltd | SARDAEN.NS | India | $ 3.8M | kr 37.8M | 0.21% | 0.21% | 519.85 | 16.23 | $ 183.2B | None |
| Fine Organic Industries Ltd | FINEORG.NS | India | $ 3.8M | kr 37.5M | 0.22% | 0.22% | 5196.00 | 36.34 | $ 159.3B | None |
| Rain Industries Ltd | RAIN.NS | India | $ 3.8M | kr 37.4M | 0.59% | 0.59% | 217.81 | 13.63 | $ 73.3B | None |
| Shyam Metalics & Energy Ltd | SHYAMMETL.NS | India | $ 3.8M | kr 37.4M | 0.13% | 0.13% | 1081.90 | 26.73 | $ 301.1B | None |
| Jai Balaji Industries Ltd | JAIBALAJI.NS | India | $ 3.6M | kr 35.3M | 0.55% | 0.55% | 67.86 | 42.95 | $ 61.9B | None |
| Archean Chemical Industries Ltd | ACI.NS | India | $ 2.7M | kr 26.5M | 0.39% | 0.39% | 484.70 | 61.43 | $ 59.8B | Buy |
| Gujarat State Fertilizers & Chemicals Ltd | GSFC.NS | India | $ 2.7M | kr 26.4M | 0.39% | 0.39% | 160.81 | 9.25 | $ 64.1B | None |
| Alkyl Amines Chemicals | ALKYLAMINE.BO | India | $ 2.6M | kr 25.8M | 0.28% | 0.28% | 1971.65 | 55.98 | $ 100.8B | Hold |
| GHCL Ltd | GHCL.NS | India | $ 2.6M | kr 25.7M | 0.61% | 0.61% | 433.05 | 7.73 | $ 39.7B | None |
| Ferrexpo PLC | FXPO.L | United Kingdom | $ 2.4M | kr 24.2M | 1.08% | 1.08% | 29.46 | — | $ 173.3M | None |
| JK Paper Ltd | JKPAPER.NS | India | $ 2.4M | kr 24.0M | 0.36% | 0.36% | 415.30 | 23.77 | $ 75.3B | None |
| Sudarshan Chemical Industries Ltd | SUDARSCHEM.NS | India | $ 2.4M | kr 23.7M | 0.32% | 0.32% | 1221.70 | 134.99 | $ 97.3B | Strong Buy |
| Balaji Amines Ltd | BALAMINES.NS | India | $ 2.4M | kr 23.4M | 0.34% | 0.34% | 2475.40 | 39.36 | $ 80.2B | None |
| Chemplast Sanmar Ltd | CHEMPLASTS.NS | India | $ 1.3M | kr 12.5M | 0.38% | 0.38% | 180.76 | — | $ 28.6B | None |