30 Mins Ago
World’s largest sovereign wealth fund loses 2.1% in the third quarter
The facade of Norway’s central bank, also known as Norges Bank, in Oslo, Norway.
Bloomberg | Bloomberg | Getty Images
Norway’s gigantic sovereign wealth fund reported third-quarter losses of 2.1% as all asset classes fell in value.
The $1.4 trillion fund, the world’s largest, returned a loss of 374 billion Norwegian kroner ($34 billion) in the three-month period, citing a weaker quarter compared to the first half of the year.
“The stock market saw a weaker quarter compared to the two previous quarters,” said Trond Grande, deputy chief executive of Norges Bank Investment Management. “It was particularly the tech, industrials and consumer discretionary sectors which contributed negatively to the return,” he added.
— Sam Meredith
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