Norges Bank Investment Management, the world’s largest sovereign wealth fund with $2.3 trillion in assets, has proposed restructuring its U.S. debt holdings by reducing its Treasury positions. This decision would result in the sale of $80 billion in U.S. Treasury securities, largely offset by purchases of mortgage-backed securities. Overall exposure to dollar-denominated assets would remain broadly unchanged at 52.5% versus 52.9% currently. U.S. government bonds would fall from 34.1% to 21.9% of the portfolio, while the share of government bonds in the benchmark index would drop from 70% to 50%.
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