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    Vikshita Vitthal Gujaran in News

    29-Oct-2022 11:35 AM


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    World's Biggest Sovereign Wealth Fund Loses $43 Billion In September Quarter

    World's biggest sovereign fund loses $43 billion in Q3 Norway's sovereign wealth fund, the world's biggest, said Friday it had lost more than $43 billion in the third quarter as stock markets plunged and interest rates rose.
    Weighed down by its shareholdings, the fund posted a negative return of 4.4 percent in the quarter -- a loss of 449 billion kroner ($43.4 billion) -- said Norway's central bank, which manages the fund.
    "The third quarter has been characterised by rising interest rates, high inflation, and war in Europe.
    This has also affected the markets", the fund's deputy chief executive Trond Grande said in a statement.
    In the June-September period, the fund reported a negative return of 4.8 percent on its shareholdings, which represent 68.3 percent of its portfolio.
    The Norwegian krone has weakened against major currencies, which together with Norway's flourishing oil revenues, has helped limit some of the damage.

    Source - NDTV