Norway's wealth fund lost US$124 billion this year as stocks crash

Norway's wealth fund lost US$124 billion this year as stocks crash

Norway's US$930 billion sovereign wealth fund, the world's largest, has lost 1.33 trillion Norwegian crowns (US$124 billion) so far this year as stock markets plunged amid the coronavirus outbreak, it said on Thursday.

FILE PHOTO: A general view of the Norwegian central bank in Oslo
FILE PHOTO: A general view of the Norwegian central bank in Oslo, Norway March 6, 2018. REUTERS/Gwladys Fouche/File Photo

OSLO: Norway's US$930 billion sovereign wealth fund, the world's largest, has lost 1.33 trillion Norwegian crowns (US$124 billion) so far this year as stock markets plunged amid the coronavirus outbreak, it said on Thursday.

The year-to-date loss on its investment portfolio is 16.2per cent, all but erasing the 20per cent gains made last year.

The fund's stock market portfolio, its main asset class, has lost 22.8per cent of its value, it added.

(Reporting by Gwladys Fouche, editing by Terje Solsvik)

Source: Reuters

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