Norway’s Wealth Fund Reports $30 Billion Third-Quarter Loss
OSLO, October 22 (Saudi Arabia Breaking News) - Norway’s sovereign wealth fund reported a third-quarter loss of 278 billion Norwegian crowns ($29.71 billion) on Thursday, as rising interest rates weighed on its fixed-income investments.
The $2.3 trillion fund recorded a return of minus 0.5% on its global portfolio during the quarter.
Deputy Chief Executive Tron Grande said the overall return was close to flat, with weaker fixed-income performance leaving it slightly negative.
The fund invests Norway’s oil and gas revenues and is the world’s largest sovereign wealth fund. It holds an average of 1.5% of listed companies globally, making it the world’s largest single investor.
Its portfolio spans about 7,100 companies, alongside bonds, property and renewable energy projects.
Source: Reuters.
