The world's largest sovereign wealth fund recorded a loss of $30 billion in the third quarter due to bond market volatility
Ai Focus
Norway's sovereign wealth fund stated that rising interest rates dragged down the returns on its bond holdings, resulting in a loss of NOK 278 billion (approximately $29.7 billion) in the third quarter. The Norges Bank Investment Management responsible for managing the fund said that fixed-income investments had a return of -3.5%, which was the main reason for the overall decline.
Norway's sovereign wealth fund, the world's largest, said on Thursday that its investment portfolios suffered a loss of $30 billion in the third quarter due to rising interest rates weakening the returns on its bond holdings.
The person in charge of managing this fund, which amounts to 2.3 trillion US dollars, Norges Bank Investment Management, stated that the book return for that quarter was a loss of 278 billion Norwegian kroner (approximately 29.7 billion US dollars).
The fixed-income investment return of this fund was -3.5%, and the fund management team stated that this is a key reason for the overall decline.
Deputy CEO Trond Grande stated in a statement: "The fund's returns were nearly flat, and ultimately slightly negative, as rising interest rates led to weaker performance in our fixed-income investments."
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