Norway wealth fund posts record $164 billion loss

Reuters Report

Norway’s $1.3 trillion wealth fund, one of the world’s largest investors, on Tuesday reported a record loss of 1.64 trillion crowns ($164.4 billion) for 2022.

The previous largest loss was 633 billion crowns in 2008.

The fund’s return on investment stood at minus 14.1% for the year, which was 0.88 percentage point better than the return on the fund’s benchmark index.

“The market was impacted by war in Europe, high inflation, and rising interest rates. This negatively impacted both the equity market and bond market at the same time, which is very unusual,” Chief Executive Nicolai Tangen said in a statement.

Grim, but unsurprising.