Norway's massive pension fund reports $21.3 billion loss after 'volatile' first half of the year
"The year started with optimism, but the outlook of the equity market quickly turned when the Corona virus started to spread globally," Deputy CEO of Norges Bank Investment Management Trond Grande said in a statement.
The Government Pension Fund Global said it returned -3.4% for the first six months of 2020, equivalent to -188 billion kroner . "However, the sharp stock market decline of the first quarter was limited by a massive monetary and financial policy response." Its equity investments fell -6.8% and its real estate returned -1.6% over the first half, although its fixed-income investments rose by 5.1%.
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