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The Government Pension Investment Fund made a record cut to the weighting of Treasuries in its portfolio last fiscal year as the world’s safest asset led a global debt selloff.

GPIF, as the world’s biggest pension fund is known, lowered U.S. government bonds and bills to 35% of its foreign debt holdings in the 12 months ended March, from 47% previously, according to an analysis by Bloomberg of the latest data. The weighting pivot comes largely from the Japanese fund increasing investments into European sovereign debt.

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