From Bloomberg via The Edge Malaysia, January 22:
Investors willing to go against the market in the coming months should consider selling US technology stocks and private credit, while boosting holdings in China, according to the head of Norway’s US$1.8 trillion (RM8.0 trillion) sovereign wealth fund.
“The best thing to do is always to do the opposite of everybody else,” Nicolai Tangen said in an interview with David Rubenstein at Bloomberg House during the World Economic Forum in Davos on Wednesday. “What will that be today? Well, if you were to do the opposite of everybody else, it would be to sell the US tech stocks, buy China, sell private credit, or just buy stuff that is out of fashion.”
He acknowledged that’s “very, very tough to do because if you are contrarian, and you are different from your benchmarks and so on, there will be periods where you underperform and everybody is going to question your sanity”, the executive said....
....MUCH MORE
Although not mentioned in the Bloomberg story Fortune headlines the fact the fund has almost 10% of its assets in the megacaps, also January 22:
CEO Nicolai Tangen, whose Norway wealth fund owns $173 billion of the Magnificent 7, tells investors to sell U.S. tech stocks
I'm guessing at least half—and maybe as much as 80% of the $173 billion, depending on the holding period—is accrued capital gains, so there is a real chance he wants to lock in some profits.
