Norway Wealth Fund Has First Underperformance in Five Years
- The fund is the world’s biggest beneficial owner of equities
- Investor’s performance largely tracks global stock markets
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Norway’s $1.6 trillion sovereign wealth fund failed to meet its benchmark for the first time in five years due to losses in unlisted real estate even as stock markets rebounded.
The fund returned to profit last year, gaining 16.1%, equivalent to about $213 billion, according to a statement on Tuesday. It fell below its benchmark by 18 basis points, having recorded the previous miss in 2018.