The manager of Norway’s $2.3tn sovereign wealth fund has proposed an overhaul of its government bond portfolio that could see it slash its holdings of US Treasuries by about $80bn, as it looks to other types of debt to try to boost returns.
Norges Bank Investment Management said in a letter to the country’s finance ministry on Tuesday that it recommended reducing the weighting of government debt in the fund’s benchmark bond index from 70 per cent to 50 per cent.
The proposals would cut the fund’s global government bonds allocation by about $106bn, according to FT estimates, with most of this reduction coming in Treasuries. Just under 26 per cent of the overall fund is invested in fixed income.
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