Norway's wealth fund posts loss of $34B in Q3

Loss stems from weaker share markets, appreciation of Norwegian krone against many major currencies

By Bahattin Gonultas

BERLIN (AA) - Norway’s Sovereign Wealth Fund, the world’s largest, posted a loss of 2.1% or $34 billion on Tuesday in the third quarter.

Trond Grande, the deputy chief executive of Norges Bank Investment Management, said share markets saw a weaker quarter compared to the previous two quarters.

The appreciation of the Norwegian krone against many major currencies in the third quarter also reduced the value of the fund.

Since 1990, the Norwegian Sovereign Wealth Fund has invested the proceeds of the country's oil and gas production in foreign stocks, bonds and property markets.

The Norwegian government can use only a small portion of the fund's income, while the remaining high portion is saved for future generations.

The fund has investments in 70 countries and more than 9,228 companies outside Norway and holds 1.5% of the shares in the world stock markets.

The fund has invested heavily in renewable energy projects in recent years.

The market value of the fund was 14.8 trillion Norwegian kroner ($1.34 trillion) as of Sept. 30, 2023.

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