Norway's property fund registers 164 billion dollar losses

The previous largest loss was 633 billion corona in 2008, Reuters writes.

This decline puts an end to a record generation for the fund, where annual returns exceeded a trillion corones in each of the three years from 2019 to 2021, reaching more than four trillion combined corons.

We are invested in 9,000 companies in 70 countries. There's nowhere to hide,” said fund chief Nicolei Tangen.

The single largest loss of stock market came from stock in the Amazon, which fell to 56 billion euros, followed by a loss in Facebook owner Meta Platforms' shares of 52 billion and in Tesla by 47 billion.

Despite record losses, however, the value of the fund increased generally by 89 billion corona, or $8.9 billion year-on-year, in part because of the weak Norwegian currency and a record 1.1 trillion of cash collections.

The opening bubbles in 2022 were nearly triple the previous record, 386 billion Coronas, set in 2008.

The fund invests Norwegian state revenues from oil production. As a major exporter of crude oil and Europe's largest gas supplier, following a drop in Russian gas flows, Norway benefited from high energy prices due to the war in Ukraine.

The return from fund investment in 2022 stood at minus 14.1% for the year, which was 0.88 percentage points better than return to the basic fund index.