Norway $710bn oil fund shifts away from Europe

OSLO: Norway's $710 billion sovereign wealth fund continued to reduce its exposure to Europe as the continent's economic weight fell, picking up emerging market and Asian assets instead, it said on Friday.

The fund, one of the world's biggest investors, cut its holdings in Europe to 48 percent of its portfolio by the end of last year, from 53 percent a year earlier, shifting its portfolio to better reflect economic output and the size of markets.

It sharply cut its government debt holdings in Britain and France, expressed in crowns, buying Japanese, Mexican, Italian and German bonds instead.