Norwegian Sovereign Wealth Fund Faces First Quarter Loss Amid Market Fluctuations

Norway's colossal $1.7 trillion sovereign wealth fund experienced a $39.72 billion loss in the first quarter, primarily due to adverse returns in the tech industry. Despite the market upheaval, bond investments brought some positive returns. The fund continues to hold substantial assets in U.S. equities and bonds.

Norway's massive $1.7 trillion sovereign wealth fund reported a staggering loss of 415 billion Norwegian crowns ($39.72 billion) in the first quarter, with the tech sector largely responsible for the downturn.

CEO Nicolai Tangen of Norges Bank Investment Management highlighted significant market fluctuations during this period, although he did not elaborate on subsequent market turmoil in April.

Despite these challenges, the fund—one of the world's largest investors with 1.5% of global stocks—saw a 1.6% gain in fixed income, partially offsetting the equity downturn.

(With inputs from agencies.)