The return on the fund’s equity investments was -4.8 percent. The return on the investments in fixed income was -3.9 percent, whereas the investments in unlisted real estate returned -1.1 percent
The fund’s return was 0.14 percentage points stronger than the return on the benchmark index.
“The third quarter has been characterised by rising interest rates, high inflation, and war in Europe. This has also affected the markets. The return was negative for equities, fixed income, and unlisted real estate”, says Deputy CEO at Norges Bank Investment Management Trond Grande.
The krone depreciated somewhat against several major currencies in course of the quarter. Currency movements contributed to an increase in the fund’s value of 702 billion kroner. In the third quarter, inflow into the fund amounted to 306 billion kroner.
The fund had a value of 12,216 billion kroner as at 30 September 2022. 68.3 percent of the fund was invested in equities, 28.5 percent in fixed income, 3.1 percent in unlisted real estate, and 0.1 percent in unlisted renewable energy infrastructure.
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