Norway GPFG Consumer Defensive holdings
Norway's Government Pension Fund Global holds 94 consumer defensive companies worth $ 42.3B — 4.1% 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Walmart Inc | WMT | United States | $ 6.2B | kr 61.8B | 0.69% | 0.69% | 105.87 | 38.36 | $ 842.5B | Buy |
| Costco Wholesale Corp | COST | United States | $ 5.4B | kr 53.3B | 1.30% | 1.3% | 908.93 | 45.74 | $ 403.1B | Buy |
| Procter & Gamble Co/The | PG | United States | $ 4.5B | kr 44.1B | 1.30% | 1.3% | 145.03 | 21.91 | $ 336.9B | Buy |
| Coca-Cola Co/The | KO | United States | $ 4.1B | kr 40.8B | 1.18% | 1.18% | 88.25 | 26.50 | $ 379.7B | Buy |
| Unilever PLC | ULVR.L | United Kingdom | $ 2.6B | kr 26.0B | 2.03% | 2.03% | 4695.50 | 21.44 | $ 101.1B | Hold |
| PepsiCo Inc | PEP | United States | $ 2.4B | kr 24.1B | 1.31% | 1.31% | 138.26 | 18.14 | $ 188.9B | Hold |
| Diageo PLC | DGE.L | United Kingdom | $ 933.8M | kr 9.2B | 2.08% | 2.08% | 1618.50 | 27.91 | $ 36.0B | Buy |
| Mondelez International Inc | MDLZ | United States | $ 914.0M | kr 9.0B | 1.23% | 1.23% | 61.41 | 22.50 | $ 78.4B | Buy |
| Colgate-Palmolive Co | CL | United States | $ 874.3M | kr 8.7B | 1.20% | 1.2% | 88.49 | 34.84 | $ 70.5B | None |
| Reckitt Benckiser Group PLC | RKT.L | United Kingdom | $ 870.7M | kr 8.6B | 2.10% | 2.1% | 5046.00 | 11.36 | $ 32.0B | Buy |
| Tesco PLC | TSCO.L | United Kingdom | $ 794.5M | kr 7.9B | 2.08% | 2.08% | 475.00 | 17.59 | $ 29.6B | Buy |
| Target Corp | TGT | United States | $ 738.9M | kr 7.3B | 1.25% | 1.25% | 162.94 | 16.90 | $ 74.0B | Hold |
| Monster Beverage Corp | MNST | United States | $ 712.1M | kr 7.0B | 0.76% | 0.76% | 43.11 | 39.92 | $ 84.5B | Buy |
| Kimberly-Clark Corp | KMB | United States | $ 647.9M | kr 6.4B | 1.78% | 1.78% | 102.99 | 20.35 | $ 34.3B | Buy |
| Kenvue Inc | KVUE | United States | $ 563.7M | kr 5.6B | 1.54% | 1.54% | 18.41 | 21.66 | $ 35.4B | Hold |
| Sysco Corp | SYY | United States | $ 506.5M | kr 5.0B | 1.27% | 1.27% | 79.91 | 21.83 | $ 38.3B | Buy |
| Keurig Dr Pepper Inc | KDP | United States | $ 495.5M | kr 4.9B | 1.11% | 1.11% | 32.45 | 32.78 | $ 44.2B | Buy |
| Archer-Daniels-Midland Co | ADM | United States | $ 487.4M | kr 4.8B | 1.32% | 1.32% | 84.23 | 23.02 | $ 40.6B | Hold |
| Loblaw Cos Ltd | L.TO | Canada | $ 469.9M | kr 4.6B | 0.89% | 0.89% | 62.42 | 27.62 | $ 72.1B | None |
| Dollarama Inc | DOL.TO | Canada | $ 455.7M | kr 4.5B | 1.27% | 1.27% | 173.23 | 35.64 | — | Buy |
| Coca-Cola Europacific Partners PLC | CCEP.L | United Kingdom | $ 397.1M | kr 3.9B | 0.89% | 0.89% | 7870.00 | 20.66 | $ 34.7B | None |
| Kroger Co/The | KR | United States | $ 355.8M | kr 3.5B | 1.05% | 1.05% | 56.90 | 33.27 | $ 34.9B | Buy |
| General Mills Inc | GIS | United States | $ 343.1M | kr 3.4B | 1.85% | 1.85% | 36.96 | — | $ 19.8B | Hold |
| Varun Beverages Ltd | VBL.NS | India | $ 330.3M | kr 3.3B | 1.82% | 1.82% | 405.70 | 40.45 | $ 1.4T | Strong Buy |
| US Foods Holding Corp | USFD | United States | $ 296.7M | kr 2.9B | 1.32% | 1.32% | 103.59 | 31.87 | $ 22.4B | None |
| Church & Dwight Co Inc | CHD | United States | $ 287.3M | kr 2.8B | 1.25% | 1.25% | 96.99 | 31.09 | $ 23.0B | Buy |
| Dollar Tree Inc | DLTR | United States | $ 266.7M | kr 2.6B | 1.15% | 1.15% | 124.59 | 15.27 | $ 23.4B | Hold |
| Hershey Co/The | HSY | United States | $ 263.4M | kr 2.6B | 0.74% | 0.22% | 173.81 | 23.75 | $ 34.9B | Buy |
| Albertsons Cos Inc | ACI | United States | $ 254.5M | kr 2.5B | 3.84% | 3.84% | 12.08 | 75.50 | $ 5.9B | Hold |
| Coca-Cola Consolidated Inc | COKE | United States | $ 254.4M | kr 2.5B | 2.00% | 0.52% | 188.55 | 25.01 | $ 12.6B | None |
| Sprouts Farmers Market Inc | SFM | United States | $ 253.3M | kr 2.5B | 3.18% | 3.18% | 75.65 | 14.46 | $ 7.1B | Buy |
| Tyson Foods Inc | TSN | United States | $ 252.8M | kr 2.5B | 1.26% | 0.45% | 51.92 | 32.05 | $ 18.3B | Hold |
| Henkel AG & Co KGaA | HEN3.DE | Germany | $ 245.6M | kr 2.4B | 0.69% | 0.71% | 75.94 | 16.16 | $ 30.7B | Hold |
| Beiersdorf AG | BEI.DE | Germany | $ 220.0M | kr 2.2B | 1.06% | 1.06% | 76.44 | 17.78 | $ 16.7B | Hold |
| Constellation Brands Inc | STZ | United States | $ 218.0M | kr 2.2B | 0.92% | 0.92% | 122.91 | 11.71 | $ 21.0B | Buy |
| Bunzl PLC | BNZL.L | United Kingdom | $ 213.8M | kr 2.1B | 1.89% | 1.89% | 2658.00 | 17.60 | $ 8.5B | Hold |
| Performance Food Group Co | PFGC | United States | $ 210.6M | kr 2.1B | 1.20% | 1.2% | 97.22 | 42.45 | $ 15.3B | Buy |
| Bunge Global SA | BG | United States | $ 195.8M | kr 1.9B | 0.95% | 0.95% | 123.71 | 26.66 | $ 23.8B | None |
| Kraft Heinz Co/The | KHC | United States | $ 180.9M | kr 1.8B | 0.65% | 0.65% | 24.87 | — | $ 29.5B | Hold |
| J M Smucker Co/The | SJM | United States | $ 169.9M | kr 1.7B | 1.41% | 1.41% | 124.03 | 57.96 | $ 13.2B | Buy |
| Celsius Holdings Inc | CELH | United States | $ 164.7M | kr 1.6B | 2.20% | 2.2% | 29.84 | 129.76 | $ 7.6B | Buy |
| Hindustan Unilever Ltd | HINDUNILVR.NS | India | $ 155.5M | kr 1.5B | 0.30% | 0.3% | 1980.00 | 43.92 | $ 4.7T | Buy |
| George Weston Ltd | WN.TO | Canada | $ 145.4M | kr 1.4B | 0.54% | 0.54% | 100.43 | 42.20 | $ 37.6B | Buy |
| Marico Ltd | MARICO.NS | India | $ 144.0M | kr 1.4B | 1.26% | 1.26% | 823.90 | 56.47 | $ 1.1T | Buy |
| Post Holdings Inc | POST | United States | $ 115.6M | kr 1.1B | 2.89% | 2.89% | 82.98 | 15.09 | $ 3.8B | Buy |
| Molson Coors Beverage Co | TAP | United States | $ 111.3M | kr 1.1B | 1.52% | 1.52% | 39.46 | — | $ 7.4B | Hold |
| Lamb Weston Holdings Inc | LW | United States | $ 109.0M | kr 1.1B | 1.83% | 1.83% | 49.15 | 23.63 | $ 6.8B | Buy |
| Metro Inc/CN | MRU.TO | Canada | $ 108.7M | kr 1.1B | 0.81% | 0.81% | 89.67 | 21.30 | $ 18.8B | None |
| Darling Ingredients Inc | DAR | United States | $ 104.2M | kr 1.0B | 1.20% | 1.2% | 66.69 | 17.93 | $ 10.5B | Strong Buy |
| Nestle India Ltd | NESTLEIND.NS | India | $ 97.6M | kr 966.3M | 0.34% | 0.34% | 1400.50 | 71.06 | $ 2.7T | None |
| Saputo Inc | SAP.TO | Canada | $ 91.6M | kr 906.7M | 0.79% | 0.79% | 39.66 | 22.79 | $ 15.7B | None |
| Cranswick PLC | CWK.L | United Kingdom | $ 89.3M | kr 883.5M | 2.25% | 2.25% | 5220.00 | 18.00 | $ 2.8B | None |
| Tata Consumer Products Ltd | TATACONSUM.NS | India | $ 72.9M | kr 721.2M | 0.65% | 0.65% | 1014.10 | 60.91 | $ 1.0T | Buy |
| Godrej Consumer Products Ltd | GODREJCP.NS | India | $ 72.2M | kr 714.3M | 0.66% | 0.66% | 865.00 | 46.26 | $ 885.2B | Buy |
| United Spirits Ltd | UNITDSPR.NS | India | $ 61.2M | kr 605.5M | 0.59% | 0.59% | 1440.00 | 60.61 | $ 1.0T | Buy |
| Britannia Industries Ltd | BRITANNIA.NS | India | $ 55.8M | kr 551.8M | 0.43% | 0.43% | 5064.00 | 46.93 | $ 1.2T | Buy |
| Avenue Supermarts Ltd | DMART.NS | India | $ 54.5M | kr 539.7M | 0.18% | 0.18% | 3720.20 | 78.95 | $ 2.4T | None |
| Grand Canyon Education Inc | LOPE | United States | $ 51.0M | kr 504.7M | 1.34% | 1.34% | 151.31 | 18.30 | $ 3.9B | Strong Buy |
| Tate & Lyle PLC | TATE.L | United Kingdom | $ 47.3M | kr 468.4M | 1.45% | 1.45% | 557.00 | 25.32 | $ 2.5B | Hold |
| B&M European Value Retail plc | BME.L | United Kingdom | $ 42.6M | kr 421.6M | 1.64% | 1.64% | 227.00 | 14.19 | $ 2.3B | Buy |
| Thai Beverage PCL | Y92.SI | Singapore | $ 36.0M | kr 356.4M | 0.43% | 0.43% | 0.45 | 11.25 | — | Buy |
| Radico Khaitan Ltd | RADICO.NS | India | $ 32.9M | kr 325.3M | 0.59% | 0.59% | 4485.00 | 85.53 | $ 600.9B | Strong Buy |
| Simply Good Foods Co/The | SMPL | United States | $ 30.6M | kr 303.0M | 2.55% | 2.55% | 10.79 | — | $ 953.8M | Buy |
| Sheng Siong Group Ltd | OV8.SI | Singapore | $ 29.6M | kr 293.3M | 0.79% | 0.79% | 3.29 | 32.90 | — | None |
| Coursera Inc | COUR | United States | $ 29.3M | kr 289.8M | 1.81% | 1.81% | 5.69 | — | $ 1.6B | None |
| Ocado Group PLC | OCDO.L | United Kingdom | $ 26.8M | kr 265.6M | 1.36% | 1.36% | 208.40 | — | $ 1.7B | Hold |
| Greencore Group PLC | GNC.L | United Kingdom | $ 25.9M | kr 255.9M | 1.22% | 1.22% | 256.00 | 128.00 | $ 2.0B | Buy |
| Nomad Foods Ltd | NOMD | United States | $ 23.2M | kr 229.1M | 1.49% | 1.49% | 11.44 | 11.32 | $ 1.6B | None |
| Maple Leaf Foods Inc | MFI.TO | Canada | $ 21.8M | kr 215.4M | 0.81% | 0.81% | 26.22 | 45.21 | $ 3.3B | None |
| United Breweries Ltd | UBL.NS | India | $ 20.3M | kr 201.2M | 0.54% | 0.54% | 1252.50 | 83.61 | $ 331.2B | Hold |
| Premium Brands Holdings Corp | PBH.TO | Canada | $ 15.3M | kr 151.8M | 0.50% | 0.5% | 77.23 | 124.56 | — | None |
| Dabur India Ltd | DABUR.NS | India | $ 13.6M | kr 134.6M | 0.17% | 0.17% | 375.00 | 33.75 | $ 665.2B | Buy |
| Suedzucker AG | SZU.DE | Germany | $ 13.2M | kr 130.6M | 0.54% | 0.54% | 12.76 | — | $ 2.6B | None |
| CCL Products India Ltd | CCLPROD.NS | India | $ 13.1M | kr 129.4M | 0.78% | 0.78% | — | — | — | — |
| Colgate-Palmolive India Ltd | COLPAL.NS | India | $ 10.2M | kr 101.4M | 0.18% | 0.18% | 1819.90 | 36.76 | $ 495.0B | Hold |
| Emami Ltd | EMAMILTD.NS | India | $ 9.8M | kr 97.4M | 0.53% | 0.53% | 363.65 | 21.19 | $ 158.7B | None |
| LT Foods Ltd | LTFOODS.NS | India | $ 7.8M | kr 77.7M | 0.58% | 0.58% | 455.25 | 24.67 | $ 158.1B | None |
| Balrampur Chini Mills Ltd | BALRAMCHIN.NS | India | $ 6.8M | kr 67.7M | 0.58% | 0.58% | 711.45 | 39.05 | $ 150.5B | None |
| Avanti Feeds Ltd | AVANTIFEED.NS | India | $ 6.8M | kr 67.5M | 0.51% | 0.51% | 837.15 | 21.50 | $ 114.1B | Hold |
| METRO AG | B4B.DE | Germany | $ 6.5M | kr 64.4M | 0.22% | 0.22% | — | — | — | — |
| Honasa Consumer Ltd | HONASA.NS | India | $ 6.3M | kr 61.9M | 0.40% | 0.4% | 476.05 | 62.31 | $ 155.2B | Buy |
| Patanjali Foods Ltd | PATANJALI.NS | India | $ 5.8M | kr 57.1M | 0.12% | 0.12% | 342.00 | 18.90 | $ 372.1B | None |
| Zydus Wellness Ltd | ZYDUSWELL.NS | India | $ 5.4M | kr 53.5M | 0.28% | 0.28% | 558.15 | 90.61 | $ 177.6B | None |
| Bikaji Foods International Ltd | BIKAJI.NS | India | $ 5.3M | kr 52.7M | 0.31% | 0.31% | 583.70 | 56.51 | $ 146.4B | None |
| KRBL Ltd | KRBL.NS | India | $ 3.9M | kr 38.5M | 0.43% | 0.43% | 431.05 | 13.01 | $ 98.7B | None |
| Gillette India Ltd | GILLETTE.NS | India | $ 3.6M | kr 35.3M | 0.13% | 0.13% | 7530.50 | 45.96 | $ 245.4B | None |
| Mrs Bectors Food Specialities Ltd | BECTORFOOD.NS | India | $ 3.3M | kr 32.3M | 0.56% | 0.56% | 230.35 | 47.59 | $ 70.6B | None |
| Godrej Agrovet Ltd | GODREJAGRO.NS | India | $ 2.4M | kr 23.3M | 0.21% | 0.21% | 673.60 | 29.00 | $ 129.6B | Strong Buy |
| Jyothy Labs Ltd | JYOTHYLAB.NS | India | $ 2.3M | kr 22.9M | 0.31% | 0.31% | 194.59 | 25.17 | $ 71.5B | None |
| Triveni Engineering & Industries Ltd | TRIVENI.NS | India | $ 2.1M | kr 21.1M | 0.22% | 0.22% | 272.75 | 21.53 | $ 60.1B | Strong Buy |
| Orkla India Ltd | ORKLAINDIA.NS | India | $ 1.8M | kr 17.6M | 0.20% | 0.2% | 589.85 | 27.43 | $ 80.8B | None |
| Shree Renuka Sugars Ltd | RENUKA.NS | India | $ 1.1M | kr 11.2M | 0.23% | 0.23% | 25.19 | — | $ 53.6B | None |
| Molson Coors Canada Inc | TPX-B.TO | Canada | $ 1.1M | kr 11.0M | 0.28% | 0.28% | 58.00 | — | $ 10.8B | None |
| Kwality Wall's India Ltd | KWIL.NS | India | $ 360.7K | kr 3.6M | 0.04% | 0.04% | 41.48 | — | $ 97.5B | None |