Norway's $2.3 Trillion Oil Fund Loses $30 Billion in Third Quarter

AI Summary

Norway's Government Pension Fund Global recorded a $30 billion loss in the third quarter as higher interest rates and market volatility weighed on its equity and fixed-income holdings. The $2.3 trillion sovereign wealth fund, financed by oil and gas revenues, has more than half of its equity investments in the United States.

The world’s biggest sovereign wealth fund, Norway’s $2.3-trillion Government Pension Fund Global, booked a loss of $30 billion for the third quarter as higher interest rates and market turbulence hit both its fixed-term and equity investments. Norway’s Government Pension Fund Global (GPFG), which is commonly referred to as 'Norway's oil fund' because it was created with oil and gas revenues, is a shareholder in many large companies in the world, with more than half of the value of its equity investments in the U.S. market. The…