Norway sovereign wealth fund loses over $30 billion in 3rd quarter
It posted a negative return of 0.5 percent in the quarter, dragged down by a negative return of 3.5 percent in its fixed-income investments, while its equity and property portfolios increased by 0.5 percent and 0.4 percent respectively.
Norway's sovereign wealth fund, the world's largest with assets exceeding $2 trillion, reported a loss of over $31 billion in the third quarter, according to a statement from fund deputy CEO Trond Grande. The fund, primarily investing in equities, bonds, and real estate, saw a return of 0.5 percent, with fixed-income investments declining by 3.5 percent.
The drop was attributed to rising global interest rates, which negatively impacted fixed-income returns while equity and property portfolios managed modest gains of 0.5 percent and 0.4 percent respectively. The fund's value stood at 22,014 billion kroner at the end of September, primarily fueled by Norway's oil revenues. The fund's vast portfolio includes investments in over 7,100 companies worldwide, holding approximately 1.5 percent of all listed companies.
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