The world's largest sovereign wealth fund, managed by Norges Bank Investment Management, reported a $30 billion loss in the third quarter, marking a 3.5% negative return for the period. The fund, valued at $2.3 trillion, saw its accounting return decline by 278 billion kroner, or 278 billion Norwegian kroner, primarily due to weaker performance in fixed-income investments negatively impacted by rising interest rates.
Key points
The world's largest sovereign wealth fund experienced a significant loss of $30 billion.: The world's largest sovereign wealth fund experienced a significant loss of $30 billion.
The fund's overall return for the period declined by 278 billion kroner.: The fund's overall return for the period declined by 278 billion kroner.
The downturn was mainly due to weaker performance in fixed-income investments negatively…: The downturn was mainly due to weaker performance in fixed-income investments negatively impacted by rising interest rates.
Sources checked by our analysis pipeline: 1
Norway's sovereign wealth fund — the largest in the world — said Thursday that its investment portfolio delivered a loss of $30 billion in the third quarter as rising interest rates dented returns on its bond holdings.
Norges Bank Investment Management, which manages the $2.3 trillion fund, said the accounting return for the period was a loss of 278 billion kroner ($29.7 billion).
Its fixed income investments delivered a negative return of 3.5%, with the fund's management saying this was a key driver of the overall downturn.
"The fund's return was close to flat, ending slightly negative as rising interest rates led to weaker results on our fixed-income investments," NBIM's Deputy CEO Trond Grande said in a statement.
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