Norway’s sovereign wealth fund, the world’s largest, posted an accounting loss of 278 billion kroner, or $29.7 billion, in the third quarter as its $2.3 trillion portfolio was hit by rising interest rates. Its bond holdings, which account for just over a quarter of the portfolio, generated a return of -3.5% and were a key driver of the decline. Equities, representing 72% of investments, gained 0.5%, with the fund’s Nvidia stake alone valued at $65.4 billion. After delivering a 12.95% return and a profit of nearly $185 billion in the first half, the fund plans to reduce its exposure to sovereign debt and U.S. Treasuries.
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