Zhi Tong Cai Jing·2026-01-29 03:00Core Viewpoint - The Norwegian sovereign wealth fund, valued at $2.2 trillion, reduced its holdings in major U.S. tech giants, including Nvidia, Apple, Microsoft, and Alphabet, in the second half of 2025, indicating a strategy to rebalance its investment portfolio rather than a significant withdrawal from the U.S. market [1][3][4] 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, and similarly reduced Microsoft's stake from 1.35% to 1.26% [2] - 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][4] Group 2: Investment Strategy - The fund's actions align with a simplified investment strategy, exiting markets in Moldova, Iceland, Croatia, and Estonia while adding positions in Jordan and Panama [2][4] - Approximately 53% of the fund's investments are still allocated to the U.S. market, with a notable increase in U.S. Treasury holdings to about $199 billion, representing approximately 9.4% of the total assets [2][4] Group 3: Geopolitical Considerations - A government advisory group warned that the fund must enhance its preparedness for rising global geopolitical risks, reflecting concerns over tariffs, financial sanctions, and trade controls [3] - The fund's slight reduction in holdings of high-weight tech stocks is seen as a move to mitigate political tail risks rather than a bearish stance on AI investments [3][4]