Norway’s Wealth Fund Loses 14% as Inflation, War Hit Markets
- The fund’s full-year 2022 loss was equal to $164 billion
- The $1.3 trillion fund lost 15% on stocks and 12% on bonds
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Norway’s $1.3 trillion sovereign wealth fund reported its biggest loss since the 2008 financial crisis after markets were pummeled by faster inflation, higher credit costs and the fallout from the war in Ukraine.
The fund that manages Norway’s fossil wealth lost 14.1% in 2022, equivalent to about $164 billion, according to a statement on Tuesday. It’s the world’s biggest single owner of equities, and its returns are highly dependent on market movements.