Norges Bank Investment Management, the in-house manager of the world's largest sovereign wealth fund, returned -4.4% in the third quarter of 2022, it reported Friday.
That was 0.14 percentage points better than its benchmark index.
NBIM manages the Government Pension Fund Global, Oslo, whose assets were 12.22 trillion Norwegian kroner ($1.14 trillion) as of Sept. 30.
Trond Grande, deputy CEO at NBIM, said in a news release that returns were negative for equities, fixed income and unlisted real estate. Equity investments returned -4.8% and fixed income was down 3.9%, while unlisted real estate returned -1.1%.
The asset allocation is 68.3% equities, 28.5% fixed income, 3.1% unlisted real estate and 0.1% unlisted renewable energy infrastructure, the release said.
The krone depreciated somewhat against several major currencies in the third quarter, while currency movements helped to increase the fund's value, the release said.
The fund's market value increased by 559 billion kroner through the third quarter, despite the 449 billion kroner loss from investment returns, with 306 billion kroner in net inflows from the government and 702 billion kroner from currency movements.
