{"id":1449542,"date":"2022-04-22T07:07:57","date_gmt":"2022-04-22T11:07:57","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1449542"},"modified":"2022-04-22T07:08:05","modified_gmt":"2022-04-22T11:08:05","slug":"norways-sovereign-wealth-fund-loses-74-billion-in-first-quarter","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/norways-sovereign-wealth-fund-loses-74-billion-in-first-quarter\/","title":{"rendered":"Norway\u2019s Sovereign Wealth Fund Loses $74 Billion in First Quarter"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnorways-sovereign-wealth-fund-loses-74-billion-in-first-quarter%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1449542&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>(Bloomberg) &#8212; Norway\u2019s $1.3 trillion sovereign wealth fund, the world\u2019s biggest, posted its first quarterly loss since 2020 after Russia\u2019s invasion of Ukraine and lockdowns in China roiled markets.<\/p>\n<p>Most Read from Bloomberg<\/p>\n<p>The Oslo-based fund lost $74 billion in the first quarter, a 4.9% decline, according to a statement on Thursday.<\/p>\n<p>The world\u2019s biggest owner of publicly traded companies faced a worsening outlook already before Russia\u2019s full-scale invasion of Ukraine dented the global markets. The fund, which returned 14.5% last year, is \u201cstill down but not much\u201d so far this quarter, Deputy Chief Executive Officer Trond Grande said, adding uncertainty has increased \u201csignificantly through what has happened in Ukraine.\u201d<\/p>\n<p>\u201cThere are many who think of this as a very fundamental shift, in European politics in particular, but also in world politics,\u201d Grande said in an interview after the report. \u201cThe fact that the stock market does not react more to such uncertainty seems to us to be a little surprising, without there being any clear explanation for it.\u201d<\/p>\n<p>Chief Executive Nicolai Tangen warned in January that the fund\u2019s growth over the past 25 years isn\u2019t likely to continue, with interest rates then at record lows, equity markets at all-time highs and inflation seen remaining \u201chigh for a long time.\u201d<\/p>\n<p>Read More: Don\u2019t Squander World\u2019s Biggest Wealth Fund, Olsen Tells Norway<\/p>\n<p>The fund said its unlisted real-estate holdings gained 4.1%, though they account for less than 3% of the total allocation.<\/p>\n<p>Norway decided on Feb. 27 to drop Russian assets from the fund in response to the country\u2019s invasion of Ukraine, but ran into problems with actually implementing the decision after Russia banned foreigners from executing trades on its stock markets.<\/p>\n<p>Norges Bank has said that it will return with a recommendation on lifting a freeze on the fund\u2019s investments in the country once its markets are functioning more normally, along with more detailed recommendations on carrying out the sale.<\/p>\n<p>The fund\u2019s Russian assets were valued at 2.9 billion kroner ($330 million) at the end of the quarter, down from 27 billion kroner at the end of last year, it said on Thursday.<\/p>\n<p>Created in the 1990s to invest Norway\u2019s oil and gas revenues abroad, the fund has a portfolio of about 9,000 stocks, and delved into renewable infrastructure for the first time last year.<\/p>\n<p>Overall, the fund\u2019s total return was 0.66 percentage points higher than that of the benchmark against which it measures itself.<\/p>\n<p>(A previous version of this story corrected return versus benchmark in final paragraph.)<\/p>\n<p>(Updates with deputy CEO comments from third paragraph.)<\/p>\n<p>Most Read from Bloomberg Businessweek<\/p>\n<p>\u00a92022 Bloomberg L.P.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Bloomberg) &#8212; Norway\u2019s $1.3 trillion sovereign wealth fund, the world\u2019s biggest, posted its first quarterly loss since 2020 after Russia\u2019s invasion of Ukraine and lockdowns in China roiled markets.Most Read<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1449542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1449542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1449542"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1449542\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1449542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1449542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1449542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}