LAST UPDATE: 10.37
Norway’s colossal sovereign wealth fund, which is mainly financed by the Scandinavian country’s energy exports, recorded losses of 1.68 trillion. Norwegian kroner ($174 billion) in the first half of 2022, as his management announced on Wednesday, Reuters reports.
The investment performance of the fund, whose size reaches 1.3 trillion. dollar, moved in the same period to -14.4%.
“The market has been characterized during this time by rising interest rates, high inflation and of course the war in Europe,” CEO Nicolai Tangen, head of Norges Bank’s investment arm, which manages the fund, said in a statement.
“Tech stocks have fared particularly poorly over this period, returning -28%,” he added.
Since 1996, when it was founded, the fund has invested the income from the Norwegian oil and gas industry and has shares in more than 9,300 companies worldwide.
Source: Capital
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