Anleihen: Norwegens Staatsfonds plant massiven Abbau von US-Staatsanleihen
Der 2,3 Billionen Dollar schwere Fonds will den Anteil an Staatsanleihen im Portfolio deutlich verringern. Das Kapital soll in andere Anleiheformen fließen.
The world's largest sovereign wealth fund from Norway plans a massive reduction in its US government bond holdings, according to a letter dated Tuesday from the investment management company Norges Bank Investment Management (NBIM). The recommendation from the manager of the $2.3 trillion fund is to reduce the share of government bonds in its benchmark index from 70 to 50 percent.
This would result in a nearly $80 billion reduction in US government bonds, down from around $215 billion at the end of June, according to Reuters calculations. The decision by the fund, which holds around 1.5 percent of all globally listed companies, could influence financial markets. The "Financial Times" even estimates a reduction of over $100 billion.
Bond markets have recently been under pressure due to rising inflation and high government debt, which has left investors uncertain. The increase in US government debt surpassed the $40 trillion mark for the first time. The proposal is a response to a request from the Norwegian Ministry of Finance regarding investment strategy. "We recommend reducing the government bond share in the bond index from 70 to 50 percent," wrote NBIM chief Ida Wolden Bache and NBIM CEO Nicolai Tangen in the letter.
"A 50 percent government bond share will be sufficient to cover liquidity needs even in turbulent market phases." Adjustments for better returns - No change in the dollar investment Any changes would be implemented gradually to limit market impact and transaction costs. The freed-up capital would primarily flow into other bond forms such as mortgage-backed securities to diversify the portfolio.
However, the shift is not a departure from the US dollar. NBIM stated that the overall commitment in dollar assets remains nearly unchanged at around 50 percent. "What changes is the mix within the dollar market: less US government bonds, correspondingly more US mortgage and government bonds," said a NBIM spokesperson. The plans would see the share of US government bonds in the index fall from 34.1 to 21.9 percent, while the share of non-governmental US bonds rises from 16.2 to 27.6 percent.
The overall dollar share would only slightly decrease from 52.9 to 52.5 percent. More: Is the stock market heading for a crash?
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