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2020-04-02 14:35:00

NORWAY'S FUND RETURNED (-15)%

NORWAY'S FUND RETURNED (-15)%

NBIM - 2 April 2020 - The return on the fund's equity investments was -21.1 percent, and the return on the fixed income investments was 1,3 percent. The return on the investments in unlisted real estate have not been updated with valuations of the properties for the first quarter. This will be presented 23 April.

The global equity markets saw a sharp decline in the first quarter, but picked up somewhat towards the end of the quarter. There have been major fluctuations throughout the whole quarter.

«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.

The krone depreciated against several of the main currencies during the quarter. The currency movements contributed to an increase in the fund's value of 1,147 billion kroner. The fund's market value measured in Norwegian kroner has therefore not changed much from year-end 2019. In the first quarter, 67 billion kroner was withdrawn from the fund.

The fund had a value of 9,998 billion kroner as of 31 March 2020.

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Tags: NORWAY, FUND
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