# Norway’s $2.3 Trillion Wealth Fund Loses $29.7 Billion in Q3

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/38211
Published: 2026-10-22T18:44:48.000Z
Updated: 2026-10-22T18:44:48.000Z
Section: Investing

> Fixed-income investments fell 3.5%, while equities returned 0.5%.

Norway’s $2.3 trillion sovereign wealth fund recorded a $29.7 billion accounting loss in the third quarter as rising interest rates weakened bond returns.

Fixed-income investments, which make up more than one-quarter of the portfolio, fell 3.5%. About 70% of those holdings are government bonds, with the rest in corporate bonds. The fund holds 1,664 bonds across 51 countries.

Equities account for 72% of the portfolio and returned 0.5%. Real estate returned 0.4%, while renewable energy infrastructure returned 7.5%. The third-quarter loss followed a first-half return of 12.95%, when the fund earned a record profit of nearly $185 billion.

Managed by Norges Bank Investment Management, the fund is the world’s largest sovereign wealth fund. Norway established it in 1998 to invest revenues from the country’s oil industry. Its portfolio includes stakes in around 7,100 companies across most countries.