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    "headline": "Norway's $2 Trillion Fund Proposes Major Cuts to US Treasury Holdings",
    "dek": "Norway's sovereign wealth fund manager proposes reducing US Treasury exposure from 34% to 22% to improve returns.",
    "prose": "Norges Bank Investment Management 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. [^1]\n\nThe manager of Norway's $2.3 trillion sovereign wealth fund proposed significantly cutting its exposure to U.S. Treasuries as part of a wider shake-up of its bond investments to improve returns. [^2]\n\nNorway's sovereign wealth fund, Norges Bank Investment Management (NBIM), proposed reducing its U.S. Treasury holdings from 34.1% to 21.9% of its portfolio. [^3]\n\nNorges Bank IM said it would await the ministry's response, and any changes would be done gradually to limit market impact and transaction costs. [^4]\n\nThe proposed changes would mean cutting nearly $80 billion from the fund's current holdings of about $215 billion of U.S. Treasuries as of the end of June. [^5]\n\nIn the first quarter of 2025, NBIM swung to a $40 billion loss as investors turned risk-off. [^6]\n\nNBIM recommended reducing the government subindex of its bond holdings from 70% to 50% to provide sufficient liquidity during market turbulence. [^7]\n\nThe fund plans to increase its holdings of non-government U.S. fixed income, such as corporate bonds, to 27.6% from 16.2%. [^8]",
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      "statement": "Norges Bank Investment Management 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.",
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