Oil fund generates meager Q3 return

Norges Bank Investment Management lost on stocks, which make up almost three quarters of its holdings.

Deputy CEO Trond Grande, NBIM | Photo: PR/ NBIM

Norway's USD 1.4trn sovereign wealth fund, the world's biggest, returned 0.1 percent in the third quarter, after its bonds and real estate holdings offset a slight decline in stock portfolio.

The Oslo-based fund’s return was equivalent to NOK 31bn (USD 3.7 bn). Currency movements boosted the fund's value by NOK 22bn after the Norwegian krone depreciated "somewhat" against several of the main currencies.

Overall, its total return was 25 basis points higher than that of the benchmark against which it measures itself.

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