Norway’s Government Pension Fund Global, Oslo, lost 8.8%, or 284 billion kroner ($52.4 billion), on investments in the quarter ended Sept. 30 as weaker global growth and European debt concerns sent stock prices tumbling, the fund reported Friday.
Total assets fell to 3.1 trillion Norwegian kroner, down 1.8% from June 30.
The losses were partially offset by inflows of 78 billion kroner from the state’s sale of petroleum and 150 billion kroner from positive currency movements.
Equities dropped 16.9% in the quarter and trailed the fund’s custom benchmark by 33 basis points. European financials, basic materials and industrials were the biggest losers. Equities had a -0.7% return the previous quarter.
Fixed-income assets rose 3.7%, matching the fund’s custom benchmark. Bond investments were helped by strong returns from safe-haven assets, such as U.S. Treasuries. Bonds returned 1.8% the previous quarter.
