Tech Troubles Trigger Turbulence in Norway's Wealth Fund

Norway's $1.7 trillion sovereign wealth fund, the largest globally, reported a quarterly loss of 415 billion Norwegian crowns, primarily due to negative returns in the tech sector. The fund, managed by Norges Bank Investment Management, invests in global stocks, bonds, real estate, and renewable energy assets.

Norway's staggering $1.7 trillion sovereign wealth fund, renowned as the world's largest, has revealed a significant quarterly loss of 415 billion Norwegian crowns. This downfall is chiefly attributed to unfavorable returns within the tech sector.

"This quarter has been impacted by significant market fluctuations," remarked Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), the fund's managing body. With investments sourced from Norway's oil and gas revenues, NBIM stands as one of the globe's formidable investors, holding an average of 1.5% of all listed stocks worldwide. Its investment portfolio also spans bonds, real estate, and renewable energy sectors.

According to the latest data, over half of the fund's assets were positioned in the United States, diversely distributed across corporations, government Treasuries, and real estate as of the close of 2024. Currency exchange rates placed $1 at 10.4493 Norwegian crowns.

(With inputs from agencies.)