Norway’s Government Pension Fund Global has steadily grown its US government debt holdings, aiming to balance long-term wealth preservation with geopolitical and fiscal risks in a shifting global landscape.
Norway’s sovereign wealth fund has deepened its commitment to US government debt even as Washington’s fiscal position continues to draw scrutiny, a move that underscores the fund’s long-term, liquidity-focused approach to portfolio construction.
According to filings reported by Investing.com and Yahoo Finance, the Government Pension Fund Global held $199 billion of US Treasuries at the end of December 2025, equal to about 9.4% of the fund’s total assets. That represents an increase from $181 billion, or 9.2%, six months earlier. Overall exposure to US assets , across equities, bonds and real estate , rose to 52.9% of the portfolio by year‑end, up from 52.4% in mid‑2025.
Norges Bank Investment Management, which runs the fund, has been explicit that its mandate emphasises multi‑decade returns and risk management. The fund’s chief executive, Nicolai Tangen, has acknowledged high sovereign debt levels while stressing the organisation’s remit to pursue long‑term, diversified returns, according to Investing.com.
Large holdings of US Treasuries are consistent with several objectives that the fund has signalled in public disclosures and portfolio reports. Treasuries provide deep market liquidity, a large and established secondary market and a widely recognised low‑risk profile , attributes that make them useful as a stabiliser against more volatile positions elsewhere in the portfolio. For a fund charged with preserving national wealth for future generations, such characteristics can outweigh concerns about headline fiscal metrics.
The repositioning in fixed income has occurred alongside notable adjustments within the fund’s equity book. Reports from GuruFocus, ITiger and other outlets show that in the second half of 2025 the fund pared stakes in several US technology giants, trimming positions in NVIDIA, Microsoft, Apple and Alphabet while adding to Amazon. The cuts appear aimed at reducing concentration in very large‑weight stocks and moderating political and valuation risks rather than signalling a retreat from US markets more broadly.
The fund’s managers have also delivered strong returns in the most recent year. In a results summary noted by Commonwealth Bank of Australia, the fund reported a 2025 return of 2.36 trillion kroner (roughly A$350 billion), or 15.1%, slightly below its benchmark performance for the period. That performance backdrop helps explain why the fund can afford to rebalance toward high‑quality government paper even as sovereign indebtedness becomes a persistent policy debate.
Critics of rising US government debt warn of long‑term risks as interest obligations grow. Yet a range of institutional investors continue to treat US Treasuries as a global safe haven, supported by broad central bank and investor demand and the perceived credit standing of the US sovereign. The fund’s latest allocations reinforce that dynamic: purchases by a major, predictable buyer can help underpin liquidity and temper yield volatility, even if they do not resolve fiscal imbalances.
Geopolitical considerations are also shaping decisions. An advisory committee cited by regional reports has urged the fund to strengthen its readiness for heightened geopolitical risk, pointing to the growing use of tariffs, sanctions and other policy tools that can impose costs on cross‑border portfolios. The fund’s modest reduction in several US tech positions has been read by some analysts as a hedging response to such political tail risks.
Taken together, the moves illustrate how an institutional investor with a decades‑long horizon balances competing priorities: capital preservation, liquidity and diversification on one hand, and the search for returns across equities and alternatives on the other. According to the various reports, Norway’s managers appear to be increasing their allocation to the deepest, most liquid corner of the bond market while trimming concentrated equity risks , a calibrated approach that reflects the fund’s objective to protect wealth for future generations in an uncertain geopolitical and economic environment.
- https://vocal.media/theSwamp/norway-wealth-fund-boosts-us-treasury-holdings-despite-government-debt-concerns – Please view link – unable to able to access data
- https://www.investing.com/news/economy-news/norway-wealth-fund-boosts-us-treasury-holdings-despite-government-debt-concerns-4471327 – Norway’s $2.2 trillion sovereign wealth fund has increased its holdings of U.S. Treasury bonds, despite concerns over high government debt levels in the U.S. and elsewhere. As of December 31, the fund held $199 billion in U.S. Treasuries, representing 9.4% of its total investments, up from $181 billion (9.2%) in June. The fund’s CEO, Nicolai Tangen, acknowledged the high sovereign debt levels but emphasized the fund’s investment mandate, which focuses on long-term returns and risk management. The fund’s exposure to U.S. assets has been rising, with 52.9% of its assets invested in the U.S. by the end of 2025, up from 52.4% six months earlier. Despite concerns about U.S. fiscal policy, the fund continues to view U.S. Treasuries as a stable and liquid investment.
- https://uk.finance.yahoo.com/news/norway-wealth-funds-us-treasuries-212350589.html – Norway’s sovereign wealth fund, valued at $2.2 trillion, has increased its holdings in U.S. Treasuries, continuing a long-term trend. As of December 31, the fund held $199 billion in U.S. Treasuries, or 9.4% of its total investments, up from $181 billion (9.2%) in June. This increase occurred despite some Northern European investors becoming wary of holding U.S. assets due to geopolitical tensions. The fund’s overall exposure to U.S. assets rose to 52.9% by the end of 2025, up from 52.4% six months earlier. The fund’s CEO, Nicolai Tangen, acknowledged concerns about high sovereign debt levels but emphasized the fund’s investment mandate, which focuses on long-term returns and risk management.
- https://www.gurufocus.com/news/8561456/norwegian-wealth-fund-adjusts-us-stock-holdings-buys-more-amazon-amzn – Norway’s sovereign wealth fund, with assets totaling $2.2 trillion, adjusted its portfolio in the latter half of 2025 by increasing U.S. Treasury holdings while reducing shares in several major U.S. tech companies. The fund held $199 billion in U.S. Treasuries by the end of last year, representing 9.4% of its total investments, up from $181 billion and a 9.2% share in June of the same year. At the same time, the fund decreased its stakes in four major U.S. tech stocks, including NVIDIA, Apple, Microsoft, and Alphabet. However, it increased its holdings in Amazon. Specifically, the holdings in NVIDIA and Microsoft dropped from 1.32% and 1.35% to 1.26% respectively. By the end of the year, U.S. investments accounted for 52.9% of the fund’s assets, a 0.5 percentage point increase since June, encompassing stocks, bonds, and real estate.
- https://www.itiger.com/news/1106565144 – In the latter half of 2025, Norway’s $2.2 trillion sovereign wealth fund strategically reduced its substantial positions in the largest U.S. technology giants, according to the government’s latest disclosed holdings list. This included trimming its long-standing top holding, the AI chip powerhouse NVIDIA. By the end of the year, Norges Bank Investment Management (NBIM), the entity managing the fund, had scaled back its stakes in its top four technology holdings, which, besides NVIDIA, encompassed Apple Inc., Microsoft Corporation, and Alphabet. The sovereign fund decreased its shareholding in chip leader NVIDIA from 1.32% at the end of June to 1.26% by year-end, while also reducing its stake in Microsoft from 1.35% to 1.26%. Despite these adjustments, both technology behemoths remained among the fund’s five most valuable investments, followed sequentially by Alphabet and the cloud computing and e-commerce titan Amazon.com. Beyond increasing evidence of tools like tariffs, financial sanctions, and trade controls being used for geopolitical objectives, the fund’s complete divestment from U.S. industrial leader Caterpillar Inc. last year also drew criticism from several U.S. Republican lawmakers. Established in the early 1990s, NBIM’s investments adhere to a benchmark index system set by the Norwegian Ministry of Finance, which inherently limits its scope for active management decisions. Its portfolio spans equities, fixed income, real estate, and renewable energy infrastructure, all located outside Norway. From the perspective of ‘US-Europe geopolitical dynamics,’ the Norwegian fund’s modest reduction in U.S. tech leaders like NVIDIA, Apple, Microsoft, and Alphabet during the latter half of 2025 appears more indicative of ‘reducing concentration in high-weight stocks and mitigating political tail risks’ as these giants’ valuations reached historic highs, rather than signaling a ‘major withdrawal from the U.S. or a bearish stance on the AI investment theme.’
- https://www.sadanews.ps/en/news/271273.html – The Norwegian sovereign wealth fund, valued at $2.2 trillion, has reduced its stakes in the largest American technology companies, including its largest investment in Nvidia, during the second half of 2025, according to a recent investment list published. By the end of the year, the ‘Norwegian Investment Bank’ managing the fund had reduced its stakes in the four largest tech companies in its portfolio, which also includes Apple, Microsoft, and Alphabet. The fund also lowered its stake in semiconductor giant Nvidia to 1.26% from 1.32% by the end of June, and cut its ownership in Microsoft to 1.26% from 1.35%. Despite this, both companies remain among the top five investments by value in the fund’s portfolio, followed by Alphabet and Amazon.com, while Apple ranks second among the largest investments. Widespread Restructuring of the Portfolio Globally The fund owns about 1.5% of all publicly listed companies globally and has reduced its investments in more than 1,000 companies over the last six months of 2025, bringing the total number of companies in its portfolio to 7,201 spread across 60 countries, as part of a strategy to simplify the investment portfolio. The fund exited the stock markets in Moldova, Iceland, Croatia, and Estonia, while adding Jordan and Panama to its list of countries for investment. The fund’s largest bond holdings come from U.S. Treasury bonds, followed by Japanese government bonds, and then German bonds. Across all asset classes, the fund directs about 53% of its investments to the United States. Warnings About Geopolitical Risks An advisory committee appointed by the government earlier this week warned that the wealth fund needs to enhance its readiness to handle the escalating geopolitical risks. It pointed to the increasing use of tools such as tariffs, financial sanctions, and trade restrictions to achieve geopolitical objectives. The fund also faced backlash from several Republican lawmakers in the United States last year after selling its entire stake in Caterpillar. ‘Norwegian Investment Bank’ was established in the early 1990s and invests based on a benchmark determined by the Norwegian Ministry of Finance, which limits its ability to make wide-ranging active investment moves. Its portfolio spans stocks, fixed income, real estate, and renewable energy infrastructure, all outside Norway.
- https://www.commbank.com.au/articles/newsroom/2026/01/norway-sovereign-fund-earned-a350-billion-in-2025.html – Norway’s sovereign wealth fund, the world’s largest, has reported a 2025 profit of 2.36 trillion krone ($A350 billion), driven by a rise in tech, financial and basic materials stocks, falling just short of its 2024 record of 2.51 trillion krone. The fund, which holds assets of $US2.2 trillion, is one of the world’s largest investors, holding on average 1.5 per cent of all listed stocks globally. The fund’s return on investment in 2025 was 15.1 per cent, or 0.28 percentage points lower than the return on its benchmark index, set by the country’s finance ministry, it said in a statement.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article references data up to December 31, 2025, with the latest update from January 28, 2026. The information aligns with recent reports from Reuters and other reputable sources. ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/norway-wealth-funds-us-treasuries-212350589.html?utm_source=openai)) However, the article’s publication date is not provided, making it challenging to assess the timeliness of the content. Without a clear publication date, it’s difficult to determine if the narrative has appeared elsewhere or if the content is recycled. The absence of a publication date raises concerns about the article’s freshness and originality.
Quotes check
Score:
7
Notes:
The article includes direct quotes attributed to Nicolai Tangen, CEO of Norges Bank Investment Management. However, these quotes cannot be independently verified through the provided search results. Without access to the original source or a clear publication date, it’s challenging to confirm the authenticity and originality of these quotes. The inability to verify the quotes raises concerns about their credibility.
Source reliability
Score:
6
Notes:
The article cites data from Investing.com and Yahoo Finance, which are known financial news platforms. However, the absence of a clear publication date and the inability to verify the quotes independently diminish the reliability of the source. The lack of transparency regarding the article’s origin and the unverifiable quotes raise concerns about the source’s credibility.
Plausibility check
Score:
8
Notes:
The claims about Norway’s sovereign wealth fund increasing its holdings in US Treasuries are plausible and align with recent reports from reputable sources. However, the article’s lack of a clear publication date and the inability to verify the quotes independently raise concerns about the accuracy and originality of the content. The absence of a publication date and unverifiable quotes diminish the article’s credibility.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article presents plausible claims about Norway’s sovereign wealth fund increasing its holdings in US Treasuries, aligning with recent reports from reputable sources. However, the absence of a clear publication date and the inability to independently verify the quotes raise significant concerns about the content’s freshness, originality, and credibility. The lack of transparency regarding the article’s origin and the unverifiable quotes diminish the overall trustworthiness of the content.