Norway’s Oil Fund Signals Big Pivot Away From US Treasuries to Lift Yields
Norway’s $2+ trillion sovereign wealth fund (NBIM) has proposed a major overhaul of its government-bond portfolio, recommending cutting the benchmark’s government-debt share from 70% to 50% and trimming the global government-bonds allocation by about $106 billion—mostly from US Treasuries—while boosting holdings of non-government fixed income such as agency mortgage-backed securities. The US-dollar exposure would stay largely unchanged, as the plan aims to diversify return sources amid rising debt levels and a global bond sell‑off. Final decisions will rest with Norway’s finance ministry, with Expert Council recommendations due in 2027.