The $1.3-trillion fund’s return on investment was a negative 14.4% for the January-June period
Norway’s sovereign wealth fund, the world’s largest, made a record loss of 1.68 trillion Norwegian crowns in the first half of 2022 as stocks and bonds were hit by global recession fears and rampant price inflation.
“The market has been characterised by rising interest rates, high inflation, and war in Europe,” Chief Executive Nicolai Tangen of Norges Bank Investment Management, which operates the fund, said in a statement. Founded in 1996, the sovereign wealth fund invests revenue from Norway’s oil and gas sector and holds stakes in more than 9,300 companies globally, owning 1.3% of all listed stocks.
All sectors in which the fund invests recorded negative returns in the first half, apart from energy, where returns were 13% as prices soared following Russia’s invasion of Ukraine.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WeWork's former CEO has a new startup, reportedly valued at more than US$1 billionNearly three years after Adam Neumann stepped down as CEO of WeWork following a failed attempt to take the company public, he is said to once again be in charge of a billion-dollar real estate startup.
Read more »
![Cardano [ADA] can surpass the $1 mark if this condition is met](https://i.headtopics.com/images/2022/8/16/cryptoamb/cardano-ada-can-surpass-the-1-mark-if-this-condition-is-met-1559624993289519107.webp?w=640)
Cardano [ADA] can surpass the $1 mark if this condition is metThe so-called ‘most developed‘ blockchain network has witnessed many turns (up and down) within the crypto market. Traders/investors have showcased faith at times despite the low profitability scenes. But it looks like this could change as Vasil hard fork hype surrounds the network. Money money money The sixth largest cryptocurrency, ADA, over the years, saw […]
Read more »
Polygon loses $1 mark but manages community support- here’s howPolygon has had quite an impressive week this time around as it chased down a milestone in DeFi. It has now become the fifth largest blockchain in terms of its DeFi total value locked (TVL) after overtaking Solana in the rankings. According to DefiLlama, Polygon’s latest TVL is calculated at $2.07 billion after an influx […]
Read more »
Third Point discloses stake of nearly $1-billion in Disney, pushes for changesBillionaire investor Daniel Loeb, who runs Third Point, made a U-turn on Disney when he built a new stake in the second quarter
Read more »
Lundin considers sale of $1-billion copper-zinc mine in PortugalThe sale of Lundin Mining Corp.\u0027s Neves\u002DCorvo mine is likely to draw interest from rival mining firms. Read more
Read more »
Lundin considers sale of $1-billion copper-zinc mine in PortugalThe sale of Lundin Mining Corp.\u0027s Neves\u002DCorvo mine is likely to draw interest from rival mining firms. Read more
Read more »