Norway’s Wealth Fund Reports Nearly $30 Billion Quarterly Loss
Norges Bank Investment Management’s global portfolio returned minus 0.5% in Q3 as higher rates hurt fixed-income holdings.
Norway’s Wealth Fund Reports Nearly $30 Billion Quarterly Loss
Higher rates weigh on fixed income
Norway’s $2.3 trillion Government Pension Fund Global reported a third-quarter loss of 278 billion Norwegian crowns, equivalent to about $29.71 billion, as rising interest rates weighed on its investments. Deputy CEO Trond Grande said the result was close to flat but negative because rising interest rates weakened fixed-income performance. The fund invests oil and gas revenues across roughly 7,100 companies as well as bonds, property and renewable-energy projects.
Image: Marek Lumi / Unsplash. Oslo skyline and waterfront; illustrative Norwegian setting, not a photograph of the wealth fund’s holdings. Image usage terms.
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jajoy39
I’m Nahid Hasan Joy, a technology writer, web developer, and digital enthusiast with a strong interest in the ever-changing world of technology.
