Norway’s Sovereign Wealth Fund, World’s Largest, Reports $30 Billion Third-Quarter Loss
Higher interest rates drove a 3.5% loss on fixed-income holdings, while shares posted a 0.5% gain, NBIM said.
- On Thursday, Norges Bank Investment Management reported a 278 billion kroner loss for the third quarter, delivering a-0.5% return on its $2.3 trillion global investment portfolio.
- Rising interest rates from the Federal Reserve and the European Central Bank weakened bond prices, pushing the fund's fixed-income investments to a-3.5% return during the period.
- Equities gained 0.5% during the quarter, though Deputy CEO Trond Grande noted, "Energy companies rose the most," while interest-rate-sensitive sectors such as utilities and real estate fell.
- Including currency movements and new contributions, the fund's total value fell 670 billion kroner during the quarter, reaching 22,014 billion kroner by the end of September.
- Managing a $2.3 trillion portfolio across 7,100 companies, NBIM holds an average 1.5% of all listed firms globally, making it the world's largest single investor.
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The Norwegian state pension fund, Government Pension Fund Global (GPFG), achieved a return of -0.5 percent in the third quarter of this year, while it still recorded record results in the first half of the year, European Pensions reported.
The Norwegian State's Global Pension Fund, the world's largest sovereign fund, presented on Thursday a loss of 278 billion kroner (26,388 million euros) in the third quarter, weighed for its investments in fixed income. The fund's investments, which is achieving a negative average return of half a percentage point due to ... Continue reading "The Norwegian pension fund, the largest in the world, scores losses for investments in fixed income"
The fund holds assets of around 2.1 trillion euros.
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