Norway's sovereign wealth fund is cutting its US Treasury holdings from 34% to 22% of its bond portfolio. The 10-year yield just broke above 5% for the first time since 2007, signaling a repricing of long-term rates that the fund's reallocation may reflect.
Norway's sovereign fund, $2.3 trillion in assets, the largest institutional investor in the world, owns almost 1.5% of every publicly listed company on the planet. Norge Bank Investment Management, the manager of the fund, has proposed cutting the US Treasury share of its bond portfolio from 34% down to 21.9%. That is a 12.2% cut in US Treasuries. At the same time last Monday, the 10-year Treasury crossed over 5% for the first time since July of 2007. The 10-year opens this week at 4.96%, down slightly from Friday's 4.997%. The 30-year Treasury opens at 5.3%, down just slightly from 5.33% on Friday. The long end of the curve is repricing. Here is what this really is.
How to evaluate AI growth stocks (Nvidia, Oracle, CoreWeave) beyond market hype
How to evaluate AI growth stocks (Nvidia, Oracle, CoreWeave) beyond market hype
