NEWS

Norway’s wealth fund proposed overhauling its global holdings, calling for a shift away from Europe in a move that would allow it to boost its U.S. stock investments by as much $100 billion and take a larger chunk of the biggest technology companies.

In a letter sent to the Finance Ministry released on Tuesday, the $1 trillion fund recommended that its investments “be adjusted further towards float-adjusted market weights by increasing the weight of equities in North America and reducing the weight of equities in European developed markets.”

The response comes after the ministry last year asked the fund to review the geographical weighting that had been in place since 2012. The ministry on Tuesday said it would present its response in the “spring of 2020” and that any changes would be implemented gradually.

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