Norway's wealth fund loses $174 bln in first half of 2022

Founded in 1996, the 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. ($1 = 9.6716 Norwegian crowns)

Norway's sovereign wealth fund, the world's largest, posted a loss of 1.68 trillion Norwegian crowns ($174 billion) in the first half of 2022, it said on Wednesday, as stocks and bonds were hit by global recession fears and rampant price inflation.

The $1.3 trillion fund's return on investment was a negative 14.4% for the January-June period, which was 1.14 percentage points stronger than the return on the fund's benchmark index. "The market has been characterised by rising interest rates, high inflation, and war in Europe," said Chief Executive Nicolai Tangen of Norges Bank Investment Management, which operates the fund, in a statement.

"Technology stocks have done particularly poorly with a return of minus 28%," he said. Founded in 1996, the 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.

($1 = 9.6716 Norwegian crowns)