Fund in Norway loses more than $21 billion due to pandemic

By | August 18, 2020
Fund in Norway loses more than $21 billion due to pandemic

The fund’s stock and real estate stocks fell in value, and while the economy recovered in the second quarter, there is still a lot of uncertainty.
Norway’s National Welfare Fund lost $21.27 billion in the first half of 2020. This is reported by Reuters on Tuesday, August 18.

The fund, which is worth about $1 trillion, says its own shares, as well as real estate properties, have fallen in value as a result of the coronavirus pandemic.

“Despite the fact that the markets recovered well in the second quarter, we are still seeing a lot of uncertainty,” said Trond Grande, deputy director-general of the trond.

At the same time, at the end of last year, the fund announced a profit of 180 billion dollars against the background of the increase in the value of shares.

The Norwegian National Welfare Fund is considered to be the largest sovereign fund in the world. It has a stake in 9,200 companies worldwide and owns about 1.5% of all shares on global exchanges. The fund also invests in bonds and real estate.

Earlier, the eurozone economy fell by 12% for the quarter. The fall in GDP was the largest since the beginning of the indicator in 1995. The eurozone economy has entered a recession.