The $2.3T Norwegian fund formally advised cutting government bonds from 70% to 50% of the fixed-income benchmark, rotating into agency MBS and corporate credit. Dollar weighting stays just above 50% — this is a credit decision, not a currency one. It also reopened the case for private markets, noting peer funds average roughly 37% unlisted assets against its own near-zero. A ministry decision follows an expert review due January 2027.