Nicolai Tangen, chief executive officer of NBIM, at the Norges Bank Climate Conference in Oslo, Norway, on Oct. 21, 2025.
Naina Helén Jåma | Bloomberg | Getty Images
Norway’s sovereign wealth fund — the largest in the world — said Thursday that its investment portfolio delivered a loss of $30 billion in the third quarter as rising interest rates dented returns on its bond holdings.
Norges Bank Investment Management, which manages the $2.3 trillion fund, said the accounting return for the period was a loss of 278 billion kroner ($29.7 billion).
Its fixed income investments delivered a negative return of 3.5%, with the fund’s management saying this was a key driver of the overall downturn.
“The fund’s return was close to flat, ending slightly negative as rising interest rates led to weaker results on our fixed-income investments,” NBIM’s Deputy CEO Trond Grande said in a statement.
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