News about Norway

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.

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.

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.

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.

Norway is considering a major change to its sovereign wealth fund's ethics rules that would allow major US and European defense contractors back into the portfolio. The Gjedrem Committee, whose review was submitted to the Finance Ministry, proposes narrowing the nuclear weapons exclusion so it would not apply to firms headquartered in NPT nuclear-armed states that are Norway's allies, and allowing investment in makers of weapons systems needed for Norway's own defense. The committee also recommends dropping the requirement to assess whether arms makers' products are used in line with international humanitarian law, citing wars in the Middle East and Ukraine and a weakening rules-based order. It warned that exclusions could be seen as political decisions and that retaliation against the fund and Norwegian interests is possible. The fund is valued at about $2.3 trillion.

Norway's sovereign oil fund, worth about 21.8 trillion Norwegian kroner ($2.3 trillion), could soon invest in Western defense companies after years of being largely shut out under state ethics guidelines. An independent committee led by Gjedrem has recommended a major shift: keep the nuclear weapons exclusion but narrow it, which would allow reinclusion of several European and American makers of nuclear-weapon components, and permit investment in firms making weapons Norway needs for its own defense. It also proposed dropping the requirement to assess whether arms makers' products are used in line with international humanitarian law. The committee said reassessing the framework was timely given geopolitical instability and the fund's greater influence, but warned that retaliation could hit the fund and Norwegian interests. It recommended the Council on Ethics continue operating but no longer advise the fund on taking action over ethical concerns.

Norway's sovereign wealth fund, the world's largest with assets of more than €2 trillion, could once again invest in nuclear weapons makers under a government-appointed commission's proposal published Thursday. The fund currently excludes 14 companies, including Airbus, BAE Systems, Boeing, Lockheed Martin and Safran, but the proposal would allow investment in arms makers based in NPT-recognised nuclear-weapon states that are NATO allies, such as British, French and American firms. The 434-page report, chaired by former central bank governor Svein Gjedrem, was submitted to Finance Minister Jens Stoltenberg, who noted the paradox that the fund cannot invest in companies crucial to Norway's security. The Council on Ethics would lose its power to directly recommend exclusions, a power already suspended pending the review. Public consultation runs until 15 January before the government presents its assessment to parliament next spring, and some left-leaning parties have already criticised the proposal.

A government-appointed commission recommended allowing Norway's $2.3 trillion sovereign wealth fund to invest in major Western defence groups such as Airbus, Boeing, BAE Systems and Lockheed Martin, which are currently excluded over nuclear arms involvement. The proposed exemption would cover companies based in NPT nuclear-weapon states that are allied with NATO, potentially leading to tens of billions of dollars in investments if the government and parliament adopt it. The commission also proposed keeping the Council on Ethics but ending automatic publication of its reports, while the Norwegian Red Cross said the change would legitimise investment in weapons of mass destruction. The government will make its own decision in an annual white paper expected in spring 2027.