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Feb 1, 2023 – 1.34am
Norway’s $US1.3 trillion ($1.8 trillion) sovereign wealth fund reported its biggest loss since the 2008 financial crisis after markets were pummelled
by faster inflation, higher credit costs and the fallout from the war in Ukraine.
The fund that manages Norway’s fossil wealth lost 14.1 per cent in 2022, equivalent to about $US164 billion, according to a statement. It’s the world’s biggest single owner of equities, and its returns are highly dependent on market movements.
Chief executive officer Nicolai Tangen has spent the past year warning that the fund’s growth over the last 25 years isn’t likely to continue in an environment of rising borrowing costs and soaring inflation that have brought equities down from all-time highs.
Feb 1, 2023 – 1.34am
Norway’s $US1.3 trillion ($1.8 trillion) sovereign wealth fund reported its biggest loss since the 2008 financial crisis after markets were pummelled
by faster inflation, higher credit costs and the fallout from the war in Ukraine.
The fund that manages Norway’s fossil wealth lost 14.1 per cent in 2022, equivalent to about $US164 billion, according to a statement. It’s the world’s biggest single owner of equities, and its returns are highly dependent on market movements.
Chief executive officer Nicolai Tangen has spent the past year warning that the fund’s growth over the last 25 years isn’t likely to continue in an environment of rising borrowing costs and soaring inflation that have brought equities down from all-time highs.
