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Norway’s wealth fund lost $21 billion in first half of 2020

Norway’s wealth fund lost $21 billion in first half of 2020

OSLO (Reuters) – Norway’s $1.15 trillion sovereign wealth fund posted a loss of 188 billion Norwegian crowns ($21.27 billion) in the first half of 2020 as stocks and real estate holdings fell in value during the COVID-19 pandemic, it said on Tuesday.

The world’s largest sovereign wealth fund holds stakes in some 9,200 companies globally, owning 1.5% of all listed stocks. It also invests in bonds and real estate.

For a graphic on Top 10 sovereign wealth funds Top 10 sovereign wealth funds:

here

Oil companies were the weakest performers, with their stocks declining by 33.1% due to the slide in crude prices, while technology firms had the strongest development, gaining 14.2%.

At the company level, technology firms Amazon Inc (AMZN.O), Microsoft Corp (MSFT.O) and Apple Inc (AAPL.O) contributed the most to the performance, while oil firm Royal Dutch Shell (RDSa.L) and banks HSBC Holdings (HSBA.L) and JP Morgan Chase (JPM.N) performed the worst.

Editing by Jason Neely and Catherine Evans

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