Norway’s wealth fund proposed overhauling its global holdings, calling for a shift away from Europe in a move that would allow it to boost its U.S. stock investments by as much $100 billion and take a larger chunk of the biggest technology companies.

In a letter sent to the Finance Ministry released on Tuesday, the $1 trillion fund recommended that its investments “be adjusted further towards float-adjusted market weights by increasing the weight of equities in North America and reducing the weight of equities in European developed markets.”

The response comes after the ministry last year asked the fund to review the geographical weighting that had been in place since 2012. The ministry on Tuesday said it would present its response in the “spring of 2020” and that any changes would be implemented gradually.

The fund is overweight Europe to better match Norway’s trade flows, but this has been questioned since it has missed out on the bigger returns in U.S. markets. A change could set off an investment spree in U.S. stocks, including in technology giants such as Microsoft Corp., Apple Inc. and Inc., which are already the fund’s largest holdings.

“Equities make up the majority of the investments in the GPFG and it is important that the framework for these investments is appropriate and updated,” Finance Minister Siv Jensen said in a statement.

The current setup gives European stocks a factor of 2.5 and a share of 33.8% of the portfolio. North American stocks only have a factor of 1, so despite being a bigger market they only have a share of 41.2%. Asia and Oceania and emerging markets have a bigger factor of 1.5 and shares of 14.6% and 10.1%, respectively.

U.S. stocks are already the fund’s biggest holdings, with $245 billion at the end of 2018. If it were to move to float-adjusted market weights, that would jump to $345 billion. The biggest reduction would come in U.K. stocks, where the share would be cut to about 5% from 9% now.

A potential shift in weights will be the latest in a string of big changes for the fund, which recently raised its equity holdings to 70%, decided to dump emerging market debt, scaled down plans for real estate, is divesting some oil stocks and is working on starting to invest in renewable energy infrastructure.

The fund’s current regionally adjusted index has had an annual return of 9.2% since 2003, while a float-adjusted market weight index has returned 9.3%.

The recommendation to move toward market weights isn’t based on any market outlook for future returns but “a structural evaluation,” said Egil Matsen, the deputy governor at Norway’s central bank, who’s in charge of overseeing the fund, in an interview.

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