Norway’s sovereign wealth fund reports loss of over $43 billion in third quarter
By MYBRANDBOOK
Norway’s sovereign wealth fund said that in the third quarter it had lost over $43 billion as stock markets plunged and interest rates rose.
Norway's central bank, which manages the fund, said that weighed down by its shareholdings, the fund posted a negative return of 4.4% in the quarter. It is a loss of 449 billion kroner ($43.4 billion).
"The third quarter has been characterised by rising interest rates, high inflation, and war in Europe. This has also affected the markets", the fund's Deputy Chief Executive Trond Grande said in a statement.
The fund, in which the Norwegian state's oil revenues are placed, had already posted a dizzying loss of 1.68 trillion kroner in the first half of the year.
During the period of June-September, the fund reported a negative return of 4.8% on its shareholdings, which represent 68.3% of its portfolio.
It saw negative returns of 3.9% on its bond holdings, which make up 28.5% of its assets, and 1.1% on its real estate stake, which accounts for 3.1%.
The Norwegian krone has weakened against major currencies, which together with Norway's flourishing oil revenues, has helped limit some of the damage.
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