The world's largest sovereign wealth fund lost $21 billion in the first 6 months of 2020 as COVID-19 decimated returns
Norway's sovereign wealth fund, the largest of its kind in the world, posted a loss of $21 billion in the first six months of the year, as the coronavirus pandemic ravaged the country's portfolio of assets.
"There were major fluctuations in the equity market in this period. The year started with optimism, but the outlook of the equity market quickly turned when the coronavirus started to spread globally," said Trond Grande, deputy CEO of Norges Bank Investment Management. The value of the fund at the end of the six months was 10.4 trillion kroner . 69.6% of the fund was allocated to equities, while fixed-income represented a 27.6% chunk of the fund.
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