Norwegian state fund: $34bn third-quarter loss due to stock market failures
The Norwegian state fund, weighed down by $1.4 trillion, making it the world's largest, today announced a $34 billion loss in the third quarter, or 2.1 percent of its total value.
The Global state pension fund reported its second loss in two years and blamed a disappointing third quarter on the stock exchanges. 'Compared to the previous two quarters, this one was the weakest on the stock exchange,' Trond Grande, chief executive of Norges Bank Investment Management, said in a statement. - Especially the technology, industrial and consumer discretionary sectors negatively impacted returns, he added.
The biggest losses were in real estate and OESG.
Norwegian giant state fund was created in the 1990s to invest the excess profits of the country's oil and gas sector. To date, the fund has invested in more than 9,200 companies in 70 countries around the world. (Source: CNBC)
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