The largest wealth fund in the world had a loss in the first half of the year as the stock market went through a rough patch.
The fund returned a negative 14.4% as stocks and bonds reacted violently to global recession fears. The fund's return was 1.14 basis points better than the benchmark index, according to the bank.
The market has been characterized by war in Europe. Investments in equity are down. Technology stocks have done poorly with a return of -28 percent.
Fixed income investments and unlisted renewable energy infrastructure were both down by more than 10%.
The fund is rich in oil and gas from the North Sea. The energy sector did not see a negative return after the fund invested in wind power.
The energysector returned 13 percent in the first half of the year. Prices for oil, gas, and refined products have gone up.
The US stock market is experiencing its worst first half in 40 years. The major U.S. indexes lost more than 15% in the first half of the year due to inflation, interest rate hikes and war in Europe.
In the first half of the year, Norway's wealth fund had a loss. The figure was misstated.
All Rights Reserved © 2024
