And as the world’s largest sovereign fund, it’s worth a hearing. These are risks with direct consequences for Norway’s fund, and carry implications that extend to the stock market as a whole. Disintegrating trade ties, lower growth and lower profitability would knock an estimated 49% off the fund’s equity portfolio and 37% off its total value, according to an end-2025 stress test. It would help if the guidelines governing Norway’s sovereign fund, currently being revised, push it to invest more in Europe eventually – as part of a broader de-dollarisation that was gathering pace before the Americans and Israelis started bombing Iran. The fund last year drew criticism in the United States for “virtue-signalling” ethical rules that saw it divest Caterpillar Inc stock because of bulldozers used in Gaza.

Source: The Star March 20, 2026 02:58 UTC