"The result reflects a quarter with challenging market conditions. We saw limited impact on fixed income and real estate, but it was the decline in equities, especially among large US technology companies, that determined the outcome."
"The fund holds approximately half its assets in US markets and has major positions in technology companies including Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla."
"US tech megacaps sold off sharply during Q1 2026, leaving the S&P 500 with its deepest quarterly decline since 2022, driven primarily by the geopolitical shock of the Iran war."
Norges Bank Investment Management reported a negative return of 1.9% for Q1 2026, marking its first quarterly loss in four quarters. The fund lost NOK636 billion ($68 billion) in investment returns, primarily due to a significant decline in large US technology companies. The total decline in fund value reached NOK1.27 trillion ($137 billion), influenced by currency movements as the Norwegian krone strengthened. Deputy CEO Trond Grande noted that challenging market conditions, particularly in equities, were the main factors affecting performance.
#sovereign-wealth-fund #investment-loss #us-technology-stocks #market-decline #norges-bank-investment-management
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