Norway's $2.3 trillion sovereign wealth fund lost $30 billion in the third quarter as rising interest rates triggered a global bond market rout.
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01Summary
- 01The fund posted a loss of 278 billion kroner ($29.7 billion) for the three months to September.
- 02Fixed-income investments, which account for just over a quarter of the portfolio, returned negative 3.5%.
- 03Equities, making up 72% of the fund, returned 0.5% for the quarter; energy stocks rose while utilities and real estate fell.
- 04NBIM holds stakes in around 7,100 companies globally and is the world's largest single investor.
- 05The fund wants to cut its US Treasury holdings as part of plans to reduce government debt allocation.
02Why it matters
The loss signals how higher interest rates are hurting even the world's largest investor, affecting returns on bonds and interest-rate-sensitive stocks that underpin many retirement and savings funds.
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