World’s Largest Wealth Fund Loses $30 Billion in Q3

Norway's sovereign wealth fund, managed by Norges Bank Investment Management, reported on Oct. 22, 2026 a third-quarter loss of 278 billion kroner and a return of minus 0.5%. Trond Grande said the fund's return was close to flat, ending slightly negative as rising interest rates led to weaker results on fixed-income investments. Fixed income fell 3.5%, equities gained 0.5%, real estate rose 0.4%, and renewable energy infrastructure returned 7.5%. As of Sept. 30, 2026 the fund stood at 22,014 billion kroner, about $2.3 trillion, with equities 72.1% and fixed income 25.8% of the portfolio. It is invested in about 7,100 companies and holds roughly 1.5% of listed companies worldwide. Dollar conversions of the loss differ by outlet, from about $29.7 billion and $30 billion to $31 billion and S$38 billion. Grande said equity returns were also close to zero, with energy companies rising the most and interest-rate-sensitive sectors such as utilities and real estate falling. The results came amid a global bond-market sell-off, with yields in the United States, France, and Japan hitting multi-decade highs in late September and early October. NBIM said last month it wants to cut U.S. Treasury holdings.