Markets·October 22, 2026 at 4:32 AM EDT·1 source
World's largest wealth fund posts $30 billion loss after bond market turbulence
Fund assets managed by NBIM$2.3 trillion
Accounting return278 billion kroner ($29.7 billion)
Third-quarter loss$30 billion
What happened
- Norway’s sovereign wealth fund reported a third-quarter portfolio loss of $30 billion, or 278 billion kroner ($29.7 billion).
- Rising interest rates and a global bond-market selloff drove a 3.5% negative return for the fund’s fixed-income investments.
- NBIM manages a $2.3 trillion fund; about 70% of its fixed-income portfolio is allocated to government bonds.
Third-quarter loss
$30 billion
Accounting return
278 billion kroner ($29.7 billion)
Fund assets managed by NBIM
$2.3 trillion
Fixed-income return
negative 3.5%
Why it matters
The result highlights duration and sovereign-credit exposure risks for large institutional portfolios as rates rise and government-debt concerns pressure bond markets.
What to watch. NBIM said last month it wanted to cut its U.S. Treasury holdings as part of plans to reduce its allocation to government-issued debt.
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Who is involved
World's largest wealth fund posts $30 billion loss after bond…Norway’s sovereign wealth fundNorges Bank Investment ManagementTrond Grande
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