OSLO: Norway's US$2.3 trillion sovereign wealth fund, the world's largest, reported on Thursday a loss of 278 billion Norwegian crowns (US$29.71 billion) for the third quarter, with a return of minus 0.5% on its global investments.
"The fund's return was close to flat, ending slightly negative as rising interest rates led to weaker results on our fixed-income investments," deputy CEO Trond Grande said in a statement.
Investing the Norwegian state's revenues from oil and gas production, the fund owns on average 1.5% of all listed companies globally, making it the world's largest single investor.
Overall, the fund is invested in some 7,100 companies as well as bonds, property and renewable energy projects.