Business · Markets · 9 hrs ago
Norway’s $2.3 trillion wealth fund loses $30 billion in third quarter
Norway’s $2.3 trillion sovereign wealth fund lost 278 billion kroner in the third quarter, about $29.7 billion.
The fund is managed by Norges Bank Investment Management, which invests revenues from Norway’s oil.
Rising interest rates hurt its bond holdings, which made up just over a quarter of its investments.
Those fixed-income investments returned minus 3.5% as bond yields surged amid inflation concerns and worries about government debt.
Its shares returned just 0.5%, while real estate returned 0.4% and renewable energy infrastructure returned 7.5%.
The fund holds investments in thousands of companies and bonds across many countries, so its results reflect a wide range of markets.
The fund has said it plans to reduce its government-debt allocation, including by cutting its U.S. Treasury holdings.
Norway’s sovereign wealth fund reported a third-quarter investment loss of 278 billion kroner, or about $29.7 billion.
The $2.3 trillion fund’s fixed-income investments lost 3.5% as rising interest rates weakened bond returns.
Equities, which make up 72% of the portfolio, returned 0.5%.
NBIM Deputy CEO Trond Grande said the fund’s overall return was close to flat and ended slightly negative.
Real estate returned 0.4%, while renewable energy infrastructure returned 7.5%.
- Who
- Norway’s sovereign wealth fund, managed by Norges Bank Investment Management (NBIM).
- What
- The fund reported a third-quarter loss of 278 billion kroner, or about $29.7 billion.
- When
- The third quarter; the result was reported on October 22, 2026.
- Where
- Norway’s sovereign wealth fund invests globally.
- Why
- Rising interest rates weakened returns on fixed-income investments, which lost 3.5%.
This story does not have two clearly opposing sides.
The fund’s investment portfolio recorded a loss of 278 billion kroner, or about $29.7 billion.
NBIM’s third-quarter result was reported.
- Fund value
- $2.3 trillion
- Third-quarter loss
- 278 billion kroner, or about $29.7 billion
- Fixed-income return
- -3.5%
- Equity allocation
- 72% of the fund’s investments
- Real estate return
- 0.4%
- Renewable energy infrastructure return
- 7.5%
3 sources
What people are saying
The fund's return was close to flat, ending slightly negative as rising interest rates led to weaker results on our fixed-income investments.
Equity returns were also close to zero, but there were large differences between sectors. Energy companies rose the most, while interest-rate-sensitive sectors such as utilities and real estate fell.
For sure, we should not be expecting the same kind of returns going forward as we've seen over the last six months.