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Norway's wealth fund lost $114 billion in first quarter as stocks crash




Norway’s wealth fund lost $114 billion in first quarter as stocks crash

  • Update Time : Thursday, April 2, 2020
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Norway's wealth fund lost $114 billion in first quarter as stocks crash
Norway's wealth fund lost $114 billion in first quarter as stocks crash

MarketDeal24.Com – The sovereign wealth fund of Norway has lost 1.17 trillion Norwegian crowns ($114 billion) in the first quarter of this year as capital markets crashed amid the coronavirus pandemic, it announced on Thursday.

The $930 billion sovereign wealth fund, the largest in the globe, has a loss for the full quarter which is slightly lower than the 1.33 trillion crowns the fund reported it had lost year-to-date on March 26.

The overall gain in the first quarter for this public portfolio was -14.6% compared with -16.2% reported year-to-date on March 26.

The fund redirects the proceeds from Norway’s oil and gas sectors into stocks, bonds and unlisted real estate in the international market.

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