Norway’s gigantic sovereign wealth fund loses a record $164 billion, citing ‘very unusual’ year
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Loading... - kristiansen leah
- 10 Feb 2023
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Norway’s Government Pension Fund Global, among the world’s largest investors, returned -14.1% last year.
Norway’s sovereign wealth fund on Tuesday reported a record loss of 1.64 trillion Norwegian kroner ($164 billion) for the whole of 2022, citing “very unusual” market conditions.
The so-called Government Pension Fund Global, among the world’s largest investors, returned -14.1% last year, which it said was 0.88 percentage points better than the return on its benchmark index.
“The market was impacted by war in Europe, high inflation, and rising interest rates. This negatively impacted both the equity market and bond market at the same time, which is very unusual,” Norges Bank Investment Management CEO Nicolai Tangen said in a statement.
“All the sectors in the equity market had negative returns, with the exception of energy,” Tangen said.
The fund’s previous largest loss was 633 billion kroner in 2008 amid the global financial crisis. Read More…
