According to CNBC, Norway's sovereign wealth fund, the world's largest, recorded a third-quarter loss of 278 billion kroner ($29.7 billion), or about $30 billion, as rising interest rates weakened returns on bonds. Norges Bank Investment Management (NBIM), which manages the $2.3 trillion fund, reported a negative 3.5% return on fixed-income investments, a key driver of the overall loss. NBIM Deputy CEO Trond Grande said in a statement that the fund's overall return was slightly negative as higher rates hurt fixed-income performance.