Norwegian Fund Loses $29.7B in Q3 2026
The Norwegian Government Pension Fund Global (also known as the Oil Fund), the world's largest national wealth fund, recorded negative returns in the third quarter of 2026 due to falling bond prices.
Consensus
- The Norwegian Sovereign Wealth Fund experienced negative investment returns in the third quarter of 2026.
- The fund's losses were primarily driven by falling bond values and rising interest rates.
- The fund reported a loss of approximately $29.7 billion (278 billion Norwegian kroner).
- The fund's total value on September 30, 2026, was 22.01 trillion Norwegian kroner.
- The fund's investment portfolio includes significant holdings in global equities, fixed-income instruments, real estate, and renewable energy assets.
- The fund is managed by Norges Bank Investment Management, a division of the Norwegian central bank.
- The fund owns approximately 1.5% of all global equities and stakes in around 7,200 companies.
Points of divergence
- The fund lost around $30 billion, with assets valued at $2.3 trillion. — vesti
- The fund's loss was $29.7 billion, and its total value was 22.01 trillion kroner. — interfax
- The fund plans to reduce its share of government bonds from 70% to 50%, primarily selling U.S. bonds. — vesti
- The fund's bond allocation was 25.8% as of September 30, 2026. — interfax
- Equities in energy companies saw the largest gains, while interest-rate-sensitive sectors like utilities and real estate declined. — vesti
- Equity returns were positive at 0.5%, while fixed-income instruments returned -3.5%. — interfax
- The fund's investment in fixed-income instruments suffered due to rising interest rates. — vesti
- The fund's value was reduced by 472 billion kroner due to the strengthening of the Norwegian krone. — interfax
Coverage (2 sources)
- Norwegian Fund Loses 30 Billion Dollars — Вести
- Norway's Sovereign Fund recorded negative returns in the third quarter — Интерфакс