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Norway's sovereign wealth fund loses 0.5% in the third quarter on bond slump

FinanceInternationalBloomberg Línea40 s readAI summary
Image: Bloomberg Línea

Norway's sovereign wealth fund, valued at US$2.3 trillion, posted a 0.5% loss in the third quarter, dragged down by its fixed-income portfolio, Norges Bank Investment Management (NBIM) reported. A 0.5% return on equities did not offset a 3.5% loss in fixed income, hit by rising interest rates. Deputy CEO Trond Grande said growing global public debt is a concern and that NBIM proposed cutting its government bond holdings from 70% to 50%.

In 40 seconds

  • The fund lost 0.5% in the third quarter: equities returned 0.5% while fixed income fell 3.5% on rising rates.
  • It is the second quarterly loss in the past three quarters and its return trailed the benchmark index by 0.18 percentage points.
  • NBIM proposed to the government cutting the share of government bonds in its fixed-income portfolio from 70% to 50%.
Read the full story at Bloomberg Línea

IASummary generated by artificial intelligence from a story by Bloomberg Línea. It may contain errors: the original source prevails.

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