NBIM sees sharp swings in oil fund returns

Offshore oil rig

Norges Bank Investment Management reported large swings in the value of the country’s sovereign wealth fund, as it published its results for the period spanning the most intense phase of the Covid-19 crisis.

The fund lost 14.6% of its value in the first quarter, but swung to a 13.1% profit in Q2, leaving the overall return for the first half of the year at -3.4%. Over the six-month period, equities returned -6.8%, unlisted real estate -1.6% and bonds 5.1%.

“The year started with optimism, but

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