Norwegian flag in front of the city hall building in Oslo.
@ Didier Marti | Moment | Getty Images
Norway’s huge sovereign wealth fund reported negative returns for the first half of the year on Tuesday, citing “major fluctuations” in the market over the period.
The Government Pension Fund Global said it returned -3.4% for the first six months of 2020, equivalent to -188 billion kroner (-$21.3 billion).
“There were major fluctuations in the equity market in this period. The year started with optimism, but the outlook of the equity market quickly turned when the Corona virus started to spread globally,” Deputy CEO of Norges Bank Investment Management, Trond Grande, said in a statement.
“However, the sharp stock market decline of the first quarter was limited by a massive monetary and financial policy response.”
This is a developing story and will be updated shortly.
