Norway's Wealth Fund Increases U.S. Treasury Holdings Amid Global Uncertainty

Despite geopolitical tensions leading to a decrease in U.S. asset holdings by some Northern European investors, Norway's $2.2 trillion sovereign wealth fund has increased its U.S. Treasury investments. The fund now holds $199 billion in U.S. Treasuries, accounting for 9.4% of its total investments as of the end of 2025.

In an unexpected move amid rising geopolitical tensions, Norway's sovereign wealth fund has boosted its investments in U.S. Treasuries during the latter half of 2025. Data released Wednesday showed the fund, managed by Norges Bank Investment Management, holds $199 billion in U.S. Treasuries, making up 9.4% of its total investments.

While other Northern European investors like Sweden's Alecta and Denmark's AkademikerPension are trimming U.S. assets due to risk concerns, Norway's fund stands as one of the world's largest, increasing its U.S. exposure with 52.9% of its assets in America by year's end. This reflects a continuous trend of boosting its U.S. portfolio.

The rationale behind this investment strategy remains unspoken by the fund, but CEO Nicolai Tangen is set to present their annual results on Thursday. The fund, a financial pillar for the Norwegian government, supports a quarter of its fiscal budget, investing heavily in international bonds, equities, and properties.

(With inputs from agencies.)