Zhi Tong Cai Jing·2026-01-29 02:33Group 1 - The Norwegian sovereign wealth fund, valued at approximately $2.2 trillion, reduced its holdings in major U.S. tech stocks, including Nvidia, Apple, Microsoft, and Alphabet, in the second half of 2025 [1][4] - The fund decreased its stake in Nvidia from 1.32% to 1.26% and in Microsoft from 1.35% to 1.26%, while still maintaining these companies among its top five investments [1] - As part of a strategy to simplify its investment portfolio, the fund exited markets in Moldova and Iceland, while adding positions in Jordan and Panama [1][2] Group 2 - The fund holds approximately 1.5% of all publicly listed companies globally and reduced its total number of holdings to 7,201 companies across 60 countries [2] - The largest bond holdings of the fund remain in U.S. Treasuries, Japanese government bonds, and German Bunds, with about 53% of its investments allocated to the U.S. market [2] - A government-appointed advisory group warned that the fund must enhance its preparedness for rising global geopolitical risks, particularly in light of increasing use of tariffs and financial sanctions [2][3] Group 3 - The slight reduction in holdings of major U.S. tech stocks is viewed as a strategy to mitigate concentration risk and political tail risks rather than a significant withdrawal from the U.S. market or a bearish stance on AI investments [3] - The overall exposure to U.S. assets did not significantly decline, with approximately 52.9% of the fund's assets still in the U.S. by the end of 2025, and its U.S. Treasury holdings increased to about $199 billion [3]