智通财经网·2026-01-29 02:32Core Viewpoint - 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, as part of a strategy to simplify its investment portfolio and mitigate geopolitical risks [1][5][6]. Group 1: Holdings Reduction - The fund decreased its stake in Nvidia from 1.32% at the end of June to 1.26% by year-end 2025 [1][3]. - Microsoft's ownership was reduced from 1.35% to 1.26% during the same period [1][3]. - Apple, while still the second-largest investment, saw its stake decrease from 1.25% to 1.23% [3]. - Alphabet's ownership fell from 1.22% to 1.15% [3]. - The fund's overall strategy involved cutting positions in over 1,000 companies, bringing the total number of holdings down to 7,201 across 60 countries [2]. Group 2: Investment Strategy - The fund exited markets in Moldova, Iceland, Croatia, and Estonia, while adding positions in Jordan and Panama [2][5]. - Approximately 53% of the fund's investments are allocated to the U.S. market, with a significant portion in U.S. Treasury bonds, which increased to about $199 billion, representing approximately 9.4% of total assets [4][5]. - The adjustments in holdings are seen as a rebalancing effort rather than a withdrawal from the U.S. market or a bearish stance on AI investments [5]. Group 3: Geopolitical Considerations - A government-appointed advisory group warned that the fund must enhance its preparedness for rising global geopolitical risks, highlighting the use of tariffs and financial sanctions as geopolitical tools [4]. - The fund's management, Norges Bank Investment Management (NBIM), operates under strict guidelines set by the Norwegian Ministry of Finance, limiting its active management capabilities [4].