Norway Wealth Fund Posts Record $164 Billion Loss

Norway's wealth fund, one of the world's largest investors, posted a record loss of 1.64 trillion crowns ($164.4 billion) for 2022, bringing to an end a three-year run of soaring profits as stocks and bonds were hit by the Ukraine war and inflation, Reuters reported. The previous largest loss was 633 billion crowns in 2008. It ends a record-breaking streak for the fund, where annual returns exceeded one trillion crowns in each of the three years from 2019 to 2021, amounting to more than four trillion crowns combined. "We are invested in 9,000 companies in 70 countries. There is just nowhere to hide," fund Chief Executive Nicolai Tangen told a news conference. The single biggest stock market loss came from the fund's stake in Amazon, which declined in value by 56 billion crowns, followed by a loss in shares of Facebook owner Meta Platforms of 52 billion and in Tesla with 47 billion. Still, despite the record loss, the value of the fund rose overall by 89 billion crowns or $8.9 billion year-on-year, partly due to the weak Norwegian currency and a record 1.1 trillion crowns of cash inflows. Read more.