Over the past year, Norway’s Government Pension Fund Global, the world’s largest sovereign investor, has quietly been doing two things that, at first glance, appear contradictory. It has been trimming exposure to dollar-denominated bonds even as it redeploys those same dollars back into the United States.The proceeds have gone not into Treasuries, but into ownership: renewable-energy infrastructure alongside Brookfield Asset Management, logistics real estate through funds managed by Blackstone,...
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