So equity bulls will be delighted to learn that the fund has received permission from the government to boost its global-equity exposure to 70% of its AUM, just as global stocks have been powering back toward their highs from last year.

And to make room for its next round of price-insensitive purchases, the fund is planning to dump a sizable chunk of its EM bond holdings, as part of a broader overhaul of its fixed-income bond holdings. The decision, which was announced on Friday by the Norwegian finance ministry, which is responsible for managing the fund, comes after a year of deliberations.

The decision, announced on Friday by the Finance Ministry, comes after more than a year of deliberation. Bonds from Mexico, South Korea, Chile, the Czech Republic, Hungary, Israel, Malaysia, Poland, Russia and Thailand will be removed from the index, but the fund will still have leeway to invest up to 5 percent of its bond portfolio in emerging markets.