Norway's $1.7 trillion sovereign wealth fund, the world's largest, has today reported a quarterly loss of 415 billion Norwegian crowns ($39.72 billion), largely driven by negative returns in the tech sector.
"The quarter has been impacted by significant market fluctuations," Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), the fund's operator said in a statement.
NBIM, which invests the Norwegian state's revenues from oil and gas production, is one of the world's largest investors, owning on average 1.5% of all listed stocks worldwide.
It also invests in bonds, real estate and renewable energy assets.
Over half of its assets were held in the US, across companies, Treasuries and property, as of the end of 2024, according to fund data.
