Norway’s wealth fund lost USD 174bn in first half

The world’s largest sovereign wealth fund posted its biggest loss since the pandemic as rate hikes, surging inflation and Russia’s invasion of Ukraine spurred volatility.

Chief Executive Nicolai Tangen told lawmakers in May that greater uncertainty and more risk is the new normal for the world’s biggest owner of publicly traded companies, and it now probably faces the greatest changes in 30 years due to the geopolitical consequences of the war in Ukraine. | Photo: Tony Colli/PR

The Oslo-based fund lost an equivalent of USD 174bn in the six months through June, or 14.4%, it said on Wednesday.

The loss in the second quarter amounted to 10%, the investor’s biggest since its record loss of 14.6% in the first quarter of 2020.

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