Norway’s $1.15 trillion sovereign wealth fund posted a loss of $21 billion in the first half of 2020 as stocks and real estate holdings fell in value during the COVID-19 pandemic
OSLO - Norway’s $1.15 trillion sovereign wealth fund posted a loss of 188 billion Norwegian crowns in the first half of 2020 as stocks and real estate holdings fell in value during the COVID-19 pandemic, it said on Tuesday.
The decline followed record earnings in 2019, when the fund raked in profits of $180 billion as global stock markets soared. The world’s largest sovereign wealth fund holds stakes in some 9,200 companies globally, owning 1.5% of all listed stocks. It also invests in bonds and real estate.The overall portfolio had a negative return of 3.4%, with a decline of 6.8% for equities and minus 1.6% for unlisted real estate, while the value of fixed-income holdings rose 5.1% as interest rates plunged.
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