The facade of the Central Bank of Norway, also known as Norges Bank, in Oslo, Norway.
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Norges Bank Investment Management, the largest sovereign wealth fund in the world, on Thursday reported a loss of the first quarter of 415 billion cebas ($ 40 billion), citing weakness in the technological sector.
“The quarter has been affected by important market fluctuations. Our capital investments had a negative performance, largely driven by the technological sector,” said CEO Nicolai Tangen in a statement.
The fund value reached 18.53 billion Kroner at the end of March, with 70% of its investment placed in shares, a class of assets for which it registered a loss or 1.6%.
The market value of the fund decreased by 1,215 billion Kroner during the first quarter, largely due to advertising currency movements. “The Krone was strengthened against several of the main lasting currencies in the quarter. The currency movements contributed to a decrease in the value of the fund of -879 billion kroner,” said the fund in a statement.
This last -minute news is being updated.
