Norway's $2.3 trillion sovereign wealth fund, the world's largest, reported a loss of 278 billion Norwegian crowns ($29.71 billion) in the third quarter, with a return of minus 0.5%. Deputy CEO Trond Grande said the fund's return was close to flat but slightly negative, as rising interest rates weakened results on its fixed-income investments. The fund owns on average 1.5% of all listed companies globally and is invested in about 7,100 companies, as well as bonds, property and renewable energy projects.
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| Market | US stocks |
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Norway’s sovereign wealth fund, managed by NBIM, lost 278 billion kroner, about $30 billion, in Q3, largely because rising interest rates weakened bond markets. Fixed income makes up more than 25% of the portfolio, which holds 1,664 bonds from 51 countries, leaving the fund’s overall return near flat and slightly negative. NBIM recommends cutting government bonds in its benchmark to 50% from 70%, reducing U.S. Treasurys from 34.1% to 21.9% of the fixed-income benchmark while raising nongovernment U.S. fixed income to 27.6% from 16.2%. The fund held about $215 billion in U.S. government debt at the end of June, and it also proposes switching to market-value weighting instead of GDP-based country weights.
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Norway's sovereign wealth fund, the world's largest at US$2.3 trillion, reported a third-quarter loss of 278 billion Norwegian crowns (US$29.71 billion), a return of minus 0.5% on its global investments. Deputy CEO Trond Grande said returns were close to flat and slightly negative because rising interest rates weighed on its fixed-income holdings. The fund, which invests the Norwegian state's oil and gas revenues, owns on average 1.5% of all listed companies globally, making it the world's largest single investor. It is invested in some 7,100 companies as well as bonds, property and renewable energy projects.
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Norway's sovereign wealth fund, managed by Norges Bank Investment Management with $2.3 trillion in assets, reported a third-quarter accounting loss of 278 billion kroner ($29.7 billion). Fixed-income investments returned -3.5%, a key driver of the downturn, as rising interest rates weighed on bond holdings. Deputy CEO Trond Grande said the fund's return was close to flat but ended slightly negative.
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