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#Norway’s sovereign wealth fund loses $30 billion in Q3
Norway’s sovereign wealth fund has released its third-quarter results.
Its portfolio lost $30 billion.
More precisely, it lost 278 billion Norwegian kroner, or about $29.7 billion.
The fund is worth $2.3 trillion.
It is the world’s largest sovereign wealth fund.
The losses came mainly from bonds.
Around 70% of its fixed-income holdings are in government debt.
Global bond markets were battered in the third quarter.
Major central banks were reluctant to cut rates quickly.
Long-term yields kept climbing.
The longer the duration, the steeper the price drop.
Stocks didn’t help much either.
Currency movements and valuations both weighed on returns.
The heavier the bond allocation, the greater the volatility.
Funds like this typically disclose their holdings quarterly.
Bond losses on paper aren’t realized immediately.
But quarterly reports value holdings at market prices.
The larger the portfolio, the slower it is to adjust.
A fund this large can’t turn around quickly.
Portfolio adjustments are made over years.
Retail investors can see what’s happening, but institutions can’t move.
For crypto, when even the steadiest money is losing, risk appetite isn’t coming back.
Do you think sovereign wealth funds will start allocating to Bitcoin? Share your thoughts in the comments.
#Norway’s sovereign wealth fund loses $30 billion in Q3
Norway’s sovereign wealth fund has released its third-quarter results.
Its portfolio lost $30 billion.
More precisely, it lost 278 billion Norwegian kroner, or about $29.7 billion.
The fund is worth $2.3 trillion.
It is the world’s largest sovereign wealth fund.
The losses came mainly from bonds.
Around 70% of its fixed-income holdings are in government debt.
Global bond markets were battered in the third quarter.
Major central banks were reluctant to cut rates quickly.
Long-term yields kept climbing.
The longer the duration, the steeper the price drop.
Stocks didn’t help much either.
Currency movements and valuations both weighed on returns.
The heavier the bond allocation, the greater the volatility.
Funds like this typically disclose their holdings quarterly.
Bond losses on paper aren’t realized immediately.
But quarterly reports value holdings at market prices.
The larger the portfolio, the slower it is to adjust.
A fund this large can’t turn around quickly.
Portfolio adjustments are made over years.
Retail investors can see what’s happening, but institutions can’t move.
For crypto, when even the steadiest money is losing, risk appetite isn’t coming back.
Do you think sovereign wealth funds will start allocating to Bitcoin? Share your thoughts in the comments.
