The manager of Norway's US$2.3 trillion (HK$17.94 trillion) sovereign wealth fund has proposed significantly cutting its exposure to US Treasuries as part of a wider shake-up of its bond investments to improve returns, according to a letter published this week. Norges Bank Investment Management has recommended reducing its weighting to government bonds within its benchmark bond index to 50 percent from 70 percent, with US Treasuries, the biggest holding, getting the biggest cut, according to the letter. [...]