The Norwegian Ministry of Finance announced that the country's sovereign wealth fund should increase investment in North American assets and reduce investment in European assets.
The Norwegian government wants to increase the share of North American assets in connection with an earlier recommendation by the Norwegian central bank, which manages the fund, according to an official document released on Monday.
The ministry also said it will continue to assess the composition of emerging market stocks and will publish the assessment results in the spring of 2021.
The total asset value of the Norwegian state fund is currently about 10.48 trillion kronor ($ 1.15 trillion).
The Norwegian State Pension Fund was established in 1990. In world markets, the state fund operates through the Government Pension Fund Global structure.
The fund owns about 1.5% of all shares in the world, it owns shares in more than 9 thousand companies. At the same time, the fund owns slightly more than 2.6% of securities of European companies and 1.1% of shares of companies in North America, Africa and the Middle East.