Norway's sovereign wealth fund on Tuesday reported a record loss of 1.64 trillion kroner ($164 billion) in 2022.
Norway's Government Pension Fund Global, among the world's largest investors, returned -14.1% last year.
"The market was impacted by war in Europe, high inflation, and rising interest rates. This negatively impacted both the equity market and bond market at the same time, which is very unusual," said Norges Bank Investment Management CEO Nicolai Tangen. Norway's sovereign wealth fund was established in the 1990s to invest the surplus revenues of the country's oil and gas sector.Norway's sovereign wealth fund on Tuesday reported a record loss of 1.64 trillion Norwegian kroner for the whole of 2022, citing "very unusual" market conditions.
The so-called Government Pension Fund Global, among the world's largest investors, returned -14.1% last year, which it said was 0.88 percentage points better than the return"The market was impacted by war in Europe, high inflation, and rising interest rates. This negatively impacted both the equity market and bond market at the same time, which is very unusual," Norges Bank Investment Management CEO Nicolai Tangen said in a statement.
"All the sectors in the equity market had negative returns, with the exception of energy," Tangen said.The $1.3 trillion fund was established in the 1990s to invest the surplus revenues of Norway's oil and gas sector. To date, the fund has invested in more than 9,300 companies in 70 countries around the world.
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