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A formal proposal to sharply reduce US Treasury holdings in Norway's $2 trillion oil fund is now before the Ministry of Finance.
Treasuries are bonds, meaning debt the US federal government sells to investors to raise money.
The fund's manager submitted the recommendation with the aim of boosting returns through an overhaul of the fund's bond positions. Bond positions are the collection of debt instruments a fund actively chooses to hold.
An overhaul means reconsidering the whole allocation. Norway's oil fund is a sovereign wealth fund, a pool of assets owned and managed by a national government. Funds of this kind hold bonds from multiple countries.
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