The value of US Treasuries held by Norway’s US$2.2 trillion (HK$17.2 billion) sovereign wealth fund increased during the second half of 2025, continuing a long-term trend, fund data showed on Wednesday.
Norges Bank Investment Management, operator of the world’s largest sovereign fund, held US$199 billion in US Treasuries, or 9.4 percent of the fund’s total investments as of December 31, according to the latest fund data.
That compares with the US$181 billion the fund held in US Treasuries, or 9.2 percent of its total investments, at June 30.
Some big Northern European investors are increasingly wary of the risks of holding US assets in the face of geopolitical tensions, pension chiefs told Reuters last week, a sign of a broadening shift away from the world’s biggest financial market.
Sweden’s Alecta and Denmark’s AkademikerPension meanwhile said they had sold or were in the process of selling their US Treasuries.
But the Norwegian fund, one of the world’s biggest investors, has increased its US holdings.
Overall, 52.9 percent of the fund’s assets were invested in the United States at the end of 2025, across equities, bonds and property, compared with a share of 52.4 percent six months earlier, the data showed.
Norway’s sovereign wealth fund did not give a rationale for its actions. Fund CEO Nicolai Tangen will present the fund’s annual results on Thursday at 0900 GMT.
The value of US Treasuries the fund held over the past five years has increased.
In 2021, they made up 6.9 percent of the fund’s total investments and were worth US$100 billion; in 2022, 8 percent (US$104 billion); in 2023, 8.4 percent (US$132 billion); and in 2024, 8.7 percent (US$158 billion).
The fund invests the Norwegian state’s revenues from oil and gas production abroad, in bonds, stocks, property and unlisted renewable energy projects.
The fund, equivalent to US$385,000 for every Norwegian man, woman and child, finances some 25 percent of the government’s fiscal budget.
Reuters
