https://www.reuters.com/business/norways-2-trillion-sovereign-fund-proposes-deep-cuts-us-treasury-holdings-2026-09-04/

LONDON, Sept 4 (Reuters) - The manager of Norway's $2.3 trillion sovereign wealth fund has proposed significantly cutting its exposure to U.S. Treasuries as part of ‌a wider shake-up of its bond investments to improve returns, according to a letter published this week.

Norges Bank Investment Management has recommended reducing its weighting to government bonds within its benchmark bond index to 50% from 70%, with U.S. Treasuries, the biggest holding, getting the biggest cut, according to the letter.

3 minutes ago, 3NUMBAS said:

The manager of Norway's $2.3 trillion sovereign wealth fund has proposed significantly cutting its exposure to U.S. Treasuries as part of ‌a wider shake-up of its bond investments to improve returns, according to a letter published this week.

That's what they always say. What they're really doing is liquidating part of their portfolio to pay the bills.

Besides, you know which bonds pay the lowest interest? The most secure ones. In order for me to "get a better return", I have to accept more risk.

Of course, I can't dismiss the possibility that they're just trying to stick it to Trump. Because... Reasons.

The fund is shifting focus away from Treasury exposure toward other solid, safer assets for the time being. I expect gold prices to keep rising in the near future. We need more assets closer to home and easier to access for the winter to come.

And maybe Trump has managed to speed up the process.