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Norway's $2.3 trillion wealth fund loses $30 billion in third quarter
Norway's Government Pension Fund Global, the world's largest sovereign wealth fund, reported a $30 billion loss for the third quarter. Higher interest rates and market turbulence hurt both its bond and equity holdings.
Why it matters
The fund owns stakes in thousands of companies worldwide, so its results reflect broad market conditions.
Background
The fund was created from Norway's oil and gas revenues and is managed by Norges Bank Investment Management. It holds about 1.5% of global listed shares.
Sources
- CNBC ↗Oct 22, 5:25 AM ET
- OilPrice ↗Oct 22, 12:30 PM ET
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