Norway’s $2.3tn wealth fund loses $30bn in Q3

Norges Bank Investment Management, which manages the world’s largest sovereign wealth fund, reported a loss of 278bn kroner ($29.7bn) for the three months to September. The fund’s overall return was slightly negative after a global selloff in government bonds.

Government bond yields rose after major central banks, including the U.S. Federal Reserve, increased interest rates to contain persistent inflation. Concerns about government borrowing also pressured debt markets and reduced bond prices.

“The fund’s return was close to flat, ending slightly negative as rising interest rates led to weaker results on our fixed-income investments,” NBIM Deputy Chief Executive Trond Grande said.

Fixed-income assets account for just over a quarter of the fund’s portfolio. About 70% of its bond investments are in government debt, with the rest in corporate bonds and other securities.

Equities account for about 72% of the portfolio and returned 0.5% during the quarter. Energy stocks gained as oil prices rose, while utilities and real estate declined as higher interest rates affected those sectors.

NBIM holds stakes in about 7,100 listed companies worldwide, equal to roughly 1.5% of global listed equities. Its largest investments include a $65.4bn holding in Nvidia and major positions in Apple, Alphabet and Microsoft.

Unlisted real estate investments returned 0.4%, while renewable energy infrastructure gained 7.5% during the quarter.

The third-quarter loss followed a 12.95% return in the first half of 2026, when the fund generated nearly $185bn in investment gains. NBIM Chief Executive Nicolai Tangen had warned that the strong stock market returns recorded during the first six months were unlikely to continue.

NBIM said in September that it was reassessing its exposure to sovereign debt and planned to reduce its holdings of U.S. Treasuries as part of a broader shift away from government-issued bonds.