Norway’s sovereign wealth fund reported a loss for the first quarter, highlighting the decline in the share prices of US technology giants.
In the first three months, the Norwegian fund operated with a loss of 636 billion Norwegian kroner ($68.44 billion), which is 53.3 percent larger than the same period last year.
The results show a negative return of 1.9 percent for the three-month period ending in March, writes msn.
The fund was founded in 1996 and invests oil and gas revenues in stocks, bonds and real estate. It ranks among the largest in the world, with assets under management worth a total of $1.2 trillion.
The loss is mainly attributed to the decline in share prices, which make up the bulk of the assets the fund manages. The biggest decline was suffered by shares of large American technology companies. The decline in the share prices of these giants had pushed the fund into losses at the beginning of last year.
The US S&P 500 stock index recorded its biggest decline since 2022 in the first three months of this year, under the influence of the US-Israeli war against Iran, which has now lasted almost two months, Reuters notes.
The Norwegian fund holds about half of its assets in the United States./BuzPost/
