Norway’s pension fund suffers volatile first quarter
Fund loses $21 billion amid market gyrations but real estate proves its worth
Norway’s Government Pension Fund Global lost 1.5% of its value or around $21 billion in the first quarter, amid a turbulent period for equity and bond markets.
The fund, which is managed by Norges Bank, had 66.2% of its Nkr8.1 trillion ($1 trillion) assets in equities and 31.2% in fixed-income investments at the end of the first quarter. Equities returned –2.2% and fixed income returned –0.4%, according to the fund’s latest quarterly report.
“The most important expression of the risk in the
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