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4d ago

Norwegian Sovereign Wealth Fund Reports NOK 415 Billion First-Quarter Loss

The world's largest pension fund cites US tech stock declines and currency effects as key drivers of its –0.6% return.

Nicolai Tangen bei einer Pressekonferenz
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Overview

  • The Norwegian Government Pension Fund Global posted a NOK 415 billion (€35 billion) loss for Q1 2025, marking a –0.6% return.
  • Declines in major US technology stocks, including Apple, Amazon, and Microsoft, significantly impacted the fund's equity performance, which fell by 1.6%.
  • A stronger Norwegian krone contributed to an additional currency-related loss of NOK 879 billion, compounding overall portfolio declines.
  • Despite the setback, the fund remains the largest in the world, with a total value of NOK 18,526 billion (€1.56 trillion).
  • The fund, financed by Norway's oil and gas revenues, invests exclusively abroad in nearly 9,000 companies, adhering to strict ethical, human rights, and environmental standards.