Norway’s oil fund lost all last year’s growth
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The State Pension Fund of Norway (Oil Fund) received a record loss in the first half of 2022. In six months of this year, the fund lost 14.4% of its investment capital. The Norwegian Petroleum Fund is the largest sovereign wealth fund in the world.
As follows from reporting fund, the loss from investments in the first half of the year amounted to 14.4% – 1.680 billion crowns ($174 billion). According to Interfax, the fund lost almost all growth in 2021, which was 14.5%.
Losses from investments in shares amounted to 17.1%, which was due to the decline in the technical sector. At the same time, shares of energy companies rose by 13.2%. Securities from Europe, in which the fund invested, fell by 19.3%, American – by 17.6%, Asian – by 14.3%.
Losses due to investments in fixed income securities amounted to 9.3%, from investments in the field of renewable energy sources (RES) – 13.3%, in real estate – 5.7%.
The Norwegian State Pension Fund was established in 1990. The fund invests surplus earnings from the Norwegian oil and gas industry. It owns about 1.5% of the shares in the world, making it the largest sovereign wealth fund in the world.
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