The world's largest Norwegian state Welfare Fund is suffering significant losses

Norway's sovereign Wealth Fund with assets of US$ 1.7 trillion, the largest in the world, reported a quarterly loss of NOK 415 billion (about US$ 39.72 billion).

According to Reuters, this is largely due to negative returns in the technology sector.

"The quarter was impacted by significant market fluctuations," Nikolai Tangen, CEO of Norges Bank Investment Management (NBIM), which manages the fund, said in a statement.

NBIM, which invests the Norwegian state's revenues from oil and gas production, is one of the largest in the world, controlling an average of 1.5% of all listed shares in the world. It also invests in bonds, real estate and renewable energy.

According to the fund at the end of 2024, more than half of its assets were in In the United States in the form of stocks, government bonds and real estate.