Norway's wealth fund suffers biggest loss in 4 years
Oslo
THE world's largest sovereign wealth fund posted its biggest loss in four years dragged down by Chinese stocks and Volkswagen AG, just as the Norwegian government prepares to make its first ever withdrawals to plug budget deficits.
The US$860 billion fund lost 273 billion kroner (S$45 billion) in the third quarter, or 4.9 per cent, the Oslo-based investor said on Wednesday. Its stock holdings declined 8.6 per cent, while it posted a 0.9 per cent gain on bonds and a 3 per cent return on real estate. It was the first back-to-back quarterly loss in six years.
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