| Norway’s oil fund on Wednesday reported its worst quarterly loss in four years, as it was hit by a collapse in the Chinese stock market, and big losses on investments in Volkswagen and Glencore. Norges Bank Investment Management (NBIM) which manages the world’s largest sovereign wealth fund, reported the the fund’s value had declined by 4.9 percent over the period, losing a staggering 273bn kroner ($32bn).
NBIM said the loss represented the third weakest result in kroner since the fund was launched. “The negative return on equity investments was driven by the slowdown in the global economy and the decline in global equity markets, especially the Chinese market,” Yngve Slyngstad, NBIM’s chief executive, said in a statement. ..............................................Full Article: Source
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