Norway $1.6 Trillion Fund Lags Benchmark With 6.3% Return
- Weak results in real estate led to overall underperformance
- Equities were the only asset class to generate returns
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Norway’s $1.6 trillion sovereign wealth fund fell short of its benchmark in the first quarter, extending an underperformance seen in the final months of last year.
Norges Bank Investment Management, which manages Norway’s fossil wealth, returned 6.3%, or $110 billion, it said in a statement on Thursday. That’s down from a 7.9% return in the final quarter of last year.