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Norway's sovereign wealth fund is proposing to slash its U.S. Treasury holdings

Norges Bank Investment Management wants to reduce its government bond allocation from 70% to 50%, with U.S. Treasurys taking the largest hit

Norges Bank Investment Management, which manages Norway's $2.3 trillion sovereign wealth fund, has proposed reducing the share of government bonds in its portfolio from 70% to 50%, a shift that would cut its U.S. Treasury holdings from 34.1% to 21.9% of its bond index.

The recommendation came in a letter sent to Norway's Ministry of Finance on Sept. 1 and made public Friday. The fund's leaders, Norges Bank Governor Ida Wolden Bache and NBIM CEO Nicolai Tangen, said a government bond share of 50% would........

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