Norway’s wealth fund, the world’s largest with $1.15 trillion in assets, said Friday it incurred a loss of 449 billion Norwegian crowns ($43.47 billion) in the third quarter of 2022, as it was hit by high interest rates, inflation and war in Europe.
The fund’s return on investment was negative 4.4 percent in the July-September period, which was 0.14 percentage points greater than the return on the fund’s benchmark index.
It is noteworthy that the Norwegian Wealth Fund had incurred its largest loss ever in the first half of 2022, due to the high interest rates and inflation rates since the outbreak of the Ukraine crisis .
The world’s largest fund, which is headquartered in Oslo, lost about 14.4 percent in the first six months of this year, which ended in June, bringing the value of the loss to $ 174 billion, the largest ever for a 6-month period.
The fund announced last month its approval to buy stakes in administrative properties in Berlin, the capital of Germany, and the French capital, Paris, at a time when companies are moving to return employees to offices and workplaces.