It’s good to see the name of one of “ours”, the pension reporter Calum Kapoor writing in the FT.
Is this a first? I hope it is not the last, this is an excellent scoop and in company of the young dynamic Ramsay Hodgson producing what we expect to the FT standard. Toby Nangle isn’t far away when numbers are as big as these – I can hear his voice too!
Calum introduces his article on Linked in
One of the world’s largest sovereign wealth funds may drop $80bn worth of US Treasuries.
Norges Bank Investment Management (NBIM) recommended reducing the weighting in its government bond index from 70 to 50 per cent.
The proposals come at a challenging time for US government debt. Will we see further sell-offs of Treasuries?
The article itself can be read here (on a free read contact Henry@agewage.com if it has run out))
It is good to see the Norwegians putting their money to work helping the US housing market by helping Americans to get mortgages. The long-term outlook of the Government’s pension fund looks a good place for mortgage-backed securities. This looks risk appropriately purchased for reward and social advantage. Can we be sure of how the America Government puts the money for selling its debt to work?
It is excellent of Norway to have put their oil revenue away for turbulent times. At times like this it can lead the way in financial strategy.
The fund, which has more than $2tn in assets amassed through sales of the Scandinavian country’s vast oil resources, is invested in foreign markets and is used to smooth out short-term fluctuations in the nation’s budget and to save for future investment in its economy.
How countries such as Britain should be jealous. It is at this stage not concluded but it looks significant to see such a politically sensitive move at this time. In the short-term the message is more important than the impact which won’t be felt until next year.
The NBIM spokesperson said the letter was only “advice” that formed part of broader recommendations to the finance ministry from an “Expert Council”, due by January. The ministry will make its final recommendations to parliament in the spring of 2027.
Follow up article by Katie Martin in the FT
You can read this article (which is Premium) using this free link or by contacting me at henry@agewage.com if the link has run out.
