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Norway's wealth fund posts $43.5 billion Q3 loss

Norway's wealth fund posts $43.5 billion Q3 loss
Norway's wealth fund posts $43.5 billion Q3 loss Copyright Thomson Reuters 2022
Copyright Thomson Reuters 2022
By Reuters
Published on Updated
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OSLO - Norway's $1.15 trillion fund, the world's largest, posted a loss of 449 billion Norwegian crowns ($43.47 billion) in the third quarter of 2022, it said on Friday, hit by rising interest rates, high inflation and war in Europe affecting markets.

The fund's return on investment was minus 4.4% for the July-September period, which was 0.14 percentage points stronger than the return on the fund's benchmark index.

The return was negative for equities, fixed income, and unlisted real estate, deputy CEO Trond Grande of Norges Bank Investment Management, which operates the fund, said in a statement.

"The third quarter has been characterised by rising interest rates, high inflation, and war in Europe. This has also affected the markets," Grande said.

Founded in 1996, the sovereign wealth fund invests the Norwegian state's revenues from oil and gas production and holds stakes in more than 9,300 companies globally, owning 1.3% of all listed stocks.

(This story has been refiled to correct fund size to $1.15 trillion in 1st paragraph)

($1 = 10.3300 Norwegian crowns)

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