Norway’s $2.3 trillion sovereign wealth fund reported a third-quarter loss of nearly $30 billion as rising interest rates weakened its bond investments, according to Norges Bank Investment Management (NBIM).
Bonds account for slightly more than a quarter of the fund’s investments, with around 70% of its fixed-income holdings allocated to government debt. NBIM said the losses in this category were a major contributor to the overall decline.
Equities, which represent 72% of the portfolio, returned just 0.5%. Energy stocks performed best as oil prices climbed, while utilities and real estate struggled.
The fund had delivered a 12.95% return in the first half of 2026, including a record profit approaching $185 billion.
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Norway’s wealth fund posts S$38 billion loss in third quarter https://t.co/JxJpjo6knI
— The Straits Times (@straits_times) October 22, 2026
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