Norwegian Sovereign Wealth Fund Building, the fund’s total value at the end of March was approximately 19.99 trillion kroner (around $2.2T)
Norway’s sovereign wealth fund recorded investment losses of 636 billion kroner (approximately $68.44 billion) during the first quarter of 2026. 
This decline was driven by the turmoil in global markets following the outbreak of military confrontations in the Middle East last February, resulting in a negative return of 1.9%. However, this was slightly better than the market benchmark index by 0.01%.
According to a press release issued on Thursday, the fund’s total value at the end of March was approximately 19.99 trillion kroner (around $2.2 trillion).
The overall value losses were distributed between the decline in investment performance and exchange rate pressures, which cost the fund an additional 646 billion kroner due to the strength of the kroner, despite receiving new government inflows of 13 billion kroner.
Trond Grande, Executive Vice President of Norges Bank Investment Management, attributed this performance to “harsh market conditions,” explaining that the sharp decline in the shares of major US technology companies was the primary driver of these losses.
Equity investments, which constitute the largest portion of the portfolio, led the decline, falling by 2.6%, followed by renewable energy infrastructure investments, which dropped by 1.9%.
In contrast, the unlisted real estate sector showed relative resilience, achieving growth of 1.2%, which helped mitigate the overall decline in the portfolio.
Norwegian Sovereign Wealth Fund Building, the fund’s total value at the end of March was approximately 19.99 trillion kroner (around $2.2T)
Norway’s sovereign wealth fund recorded investment losses of 636 billion kroner (approximately $68.44 billion) during the first quarter of 2026.
This decline was driven by the turmoil in global markets following the outbreak of military confrontations in the Middle East last February, resulting in a negative return of 1.9%. However, this was slightly better than the market benchmark index by 0.01%.
According to a press release issued on Thursday, the fund’s total value at the end of March was approximately 19.99 trillion kroner (around $2.2 trillion).
The overall value losses were distributed between the decline in investment performance and exchange rate pressures, which cost the fund an additional 646 billion kroner due to the strength of the kroner, despite receiving new government inflows of 13 billion kroner.
Trond Grande, Executive Vice President of Norges Bank Investment Management, attributed this performance to “harsh market conditions,” explaining that the sharp decline in the shares of major US technology companies was the primary driver of these losses.
Equity investments, which constitute the largest portion of the portfolio, led the decline, falling by 2.6%, followed by renewable energy infrastructure investments, which dropped by 1.9%.
In contrast, the unlisted real estate sector showed relative resilience, achieving growth of 1.2%, which helped mitigate the overall decline in the portfolio.
