Norway wealth fund's US Treasuries holding rose in second half of 2025

Core Insights - The value of U.S. Treasuries held by Norway's sovereign wealth fund increased to $199 billion, representing 9.4% of total investments as of December 31, 2025, up from $181 billion (9.2%) on June 30, 2025 [1][2] - The overall share of the fund's assets invested in the U.S. rose to 52.9% at the end of 2025, compared to 52.4% six months earlier [3] - Over the past five years, the value of U.S. Treasuries held by the fund has consistently increased, from $100 billion (6.9%) in 2021 to $158 billion (8.7%) in 2024 [4] Investment Trends - Despite some Northern European investors expressing caution regarding U.S. assets due to geopolitical tensions, Norway's sovereign wealth fund has continued to increase its U.S. holdings [2][3] - Other investors, such as Sweden's Alecta and Denmark's AkademikerPension, have sold or are in the process of selling their U.S. Treasuries, indicating a potential shift in investment strategy among some European funds [2] Fund Overview - The Norwegian sovereign wealth fund, valued at $2.2 trillion, finances approximately 25% of the Norwegian government's fiscal budget and equates to $385,000 for every citizen in Norway [5]