Norwegian sovereign wealth fund makes a loss of 152 billion euros

Oslo The weakening stock exchanges as a result of the Russian war in Ukraine brought the Norwegian sovereign wealth fund a record loss last year. The world’s largest wealth fund announced a minus of 1.64 trillion crowns (152 billion euros) for 2022 on Tuesday.

In percentage terms, the minus was the largest since the financial crisis of 2008, making the year the second weakest in the history of the sovereign wealth fund, which is officially called the “Pension Fund Abroad”. “It’s been a tough year all over the world,” said fund manager Nicolai Tangen at a press conference in Oslo.

The market was affected by the war in Europe, high inflation and rising interest rates. This has affected the stock and bond markets at the same time, which is very unusual. All sectors of the stock market had negative returns – with the exception of the energy sector.