Just days ago, the world’s largest sovereign wealth fund quietly floated one of the more consequential portfolio shifts in fixed-income markets this year. On Sept. 4, Norges Bank Investment Management, the manager of Norway’s $2.3 trillion Government Pension Fund Global, proposed a major overhaul of its fixed-income benchmark.
The plan would slash the government-bond weighting from 70% to 50%, potentially unloading roughly $75–80 billion of U.S. Treasuries.
