Norway SWF Gets Smashed in Coronavirus Pandemic
Posted on 04/02/2020
Norway Government Pension Fund Global (GPFG) returned -14.6% in the first quarter of 2020, which is an equivalent to -1,171 billion kroner.
The wealth fund’s equity portfolio posted a dismal -21.1% return, while fixed income generated a 1.3% return. The unlisted real estate return was not updated and the final results will be presented on April 23, 2020.
“We have seen a substantial decline in the world’s equity markets in the first quarter, with considerable fluctuations from one day to the next. The market situation is very challenging. However, the fund has a long-term horizon,” says CEO of Norges Bank Investment Management Yngve Slyngstad in a press release.
In the first quarter, 67 billion kroner was withdrawn from GPFG. The sovereign fund had a value of 9,998 billion kroner as of March 31, 2020.
