Published: October 25, 2023 4:32 pm
Author: RT
Norwegian investments lost over $30 billion in the third quarter amid global growth concerns
Norway’s $1.4 trillion sovereign wealth fund, the world’s largest, has reported losses of 2.1% in the third quarter, citing financial market uncertainty.
According to a statement on Tuesday, the Norwegian Government Pension Fund Global lost 374 billion kroner ($34 billion) during the three-month period. Its fixed-income portfolio was also down 2.2%. Overall, the fund’s total return was 0.17 percentage points higher than its benchmark index.
The fund also reported a quarterly loss of 3.3% on its investments in unlisted real estate, while the third-quarter loss on its renewable energy infrastructure investments came in at 2.4%.
“The stock market saw a weaker quarter compared to the two previous quarters,” deputy chief executive officer Trond Grande said. “It was particularly the tech, industrials and consumer discretionary sectors which contributed negatively to the return.”
Established in the 1990s to invest the surplus revenues of Norway’s oil and gas sector, the fund owns about 1.5% of global equities. It has invested in more than 9,200 companies in 70 countries around the world.
READ MORE: Rich Nordic nation’s economy stalls
In December 2022, the Norwegian fund briefly lost its status as the world’s largest sovereign wealth fund to China Investment Corporation, whose managing assets reached $1.35 trillion at the time.
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