Norway’s Oil Fund lost 653 billion kroner in the first quarter of 2022

Oseberg oil platformPhoto: Helge Hansen / NTB

In 2022, the Government Pension Fund Global (the so-called “Oil Fund”) received a return of -4.9%. That corresponds to a loss of NOK 653 billion.

The return on the fund’s equity investments was -5.2%. The return on the investments in fixed income was -4.8%, whereas the investments in unlisted real estate returned 4.1%.

The fund’s return was 0.66 percentage points, or NOK 82 billion, stronger than the return on the benchmark index.

“The first quarter has been characterized by geopolitical turbulence, which has also affected the markets. The return was negative for both equities and fixed income, but positive for unlisted real state”, Deputy CEO at Norges Bank Investment Management Trond Grande said.

The krone strengthened against several major currencies in the course of the quarter. Currency movements contributed to a decrease in the fund’s value of NOK 171 billion. In the first quarter, inflow into the fund amounted to NOK 141 billion.

The fund had a value of NOK 11,657 billion as at March 31, 2022. 70.9% of the fund was invested in equities, 26.3% in fixed income, 2.7% in unlisted real estate, and 0.1% in unlisted renewable energy infrastructure.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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