Norway's wealth fund posts US$43.5b Q3 loss
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NORWAY’S US$1.15 billion wealth fund, the world’s largest, posted a loss of US$43.47 billion in the third quarter of 2022, it said on Friday (Oct 28), hit by rising interest rates, high inflation and war in Europe affecting markets.
The fund’s return on investment was minus 4.4 per cent for the July-September period, which was 0.14 percentage points stronger than the return on the fund’s benchmark index.
The return was negative for equities, fixed income, and unlisted real estate, deputy CEO Trond Grande of Norges Bank Investment Management, which operates the fund, said in a statement.
“The third quarter has been characterised by rising interest rates, high inflation, and war in Europe. This has also affected the markets,” Grande said.
Founded in 1996, the sovereign wealth fund invests the Norwegian state’s revenues from oil and gas production and holds stakes in more than 9,300 companies globally, owning 1.3 per cent of all listed stocks. REUTERS
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