Norway’s sovereign wealth fund saw a negative return of 2.2 percent in the third quarter, the country’s central bank said Tuesday, losing the equivalent of nearly $34 billion.
The Norway Government Pension Fund Global lost 374 billion kroner during the three-month period, with its value falling to the equivalent of $1.34 trillion at the end of September.
“The stock market saw a weaker quarter compared to the two previous quarters,” the fund’s deputy chief, Trond Grande, said in a statement.
“It was particularly the tech, industrials and consumer discretionary sectors which contributed negatively to the return,” he added.—AFP
