13:09 - 25.10.2023

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October 25, Fineko/abc.az. The Norwegian State Pension Fund (Oil Fund), the largest sovereign wealth fund in the world, suffered loss in the 3rd quarter of 2023.

ABC.AZ informs with reference to SOFAZ’s report, in July-September its investment losses made up 2.1%, or 374 billion krowns ($34 billion), including due to strengthening of the national currency.

The Fund lost 2.1% on investments in stocks, 2.2% on investments in fixed income instruments, 3.3% on real estate, and 2.4% on assets in the field of renewable energy sources.

"The stock market experienced a weaker quarter compared with the previous two quarters. The technological, industrial and consumer sectors made a particularly negative contribution," said Trond Grande, deputy director of Norges Bank Investment Management, whose words are quoted in the message.

Meanwhile, the rise in the price of the crown relative to a number of major world currencies reduced the value of the fund by 264 billion crowns in July-September. At that, the inflow of funds to the Fund reached 139 billion crowns.

The Norwegian State Pension Fund was established in 1990. Norges Bank Investment Management, which is responsible for managing the fund, is a division of the Norwegian central bank.