Norwegian oil fund has gigantic minus for Q1

2020 has got off to a bad start for the Norwegian oil fund, but the exchange rate has cushioned the blow.

Photo: Total

The world's largest sovereign wealth fund had a surprisingly bad start to the year, after the coronavirus outbreak hit the fund's equity portfolio hard - particularly its equities in oil extraction companies.

The result for the first quarter is a -14.6 percent return - not small change for the fund, as this equates to a loss of EUR 104 billion (NOK 1171 billion).

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