The world's largest sovereign wealth fund lost $21 billion in the first 6 months of 2020 as COVID-19 decimated returns

Reuters

• Norway's sovereign wealth fund, the largest in the world, suffered a 3.4% drop in the first half of the year, equivalent to around $21 billion.
• Norges Bank Investment Management, which manages the Government Pension Fund Global, said losses were due to "major fluctuations in the equity market."
• The fund's equity investments fell in value by 6.8%, but fixed income assets gained 5.1%.
• Oil stocks fared worst, yielding a negative return of around 33%.
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Norway's sovereign wealth fund, the largest of its kind in the world, posted a loss of $21 billion in the first six months of the year, as the coronavirus pandemic ravaged the country's portfolio of assets. 

In the first half of 2020, the Government Pension Fund Global returned -3.4%, equivalent to a loss of 188 billion kroner ($21 billion).

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