Heavy equity portfolio leads to NOK 485bn loss for oil fund

The market value of the Norway's huge sovereign wealth fund, which is based on the county's oil wealth, fluctuated widely over the course of last year. Losses for the 12-month period were so large in absolute terms that they almost matched the total annual GDP of two Baltic States.

Yngve Slyngstad, CEO of Norges Bank Investment Management. | Photo: NBIM

Norway's Government Pension Fund Global (GPFG) has recorded a massive loss from its equity holdings in 2018.

The total negative return of the NOK 8.2trn (EUR 842bn) fund was 6.1 percent last year. The sum equates to NOK 485bn – nearly the equivalent of the combined GDP of Estonia and Latvia in 2018.

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