March 26, 2020 / 10:12 AM / 6 days ago

Norway's wealth fund lost $124 billion this year as stocks crash

FILE PHOTO: A general view of the Norwegian central bank in Oslo, Norway March 6, 2018. REUTERS/Gwladys Fouche/File Photo

OSLO (Reuters) - Norway’s $930 billion sovereign wealth fund, the world’s largest, has lost 1.33 trillion Norwegian crowns ($124 billion) so far this year as stock markets plunged amid the coronavirus outbreak, it said on Thursday.

The year-to-date loss on its investment portfolio is 16.2%, all but erasing the 20% gains made last year.

The fund’s stock market portfolio, its main asset class, has lost 22.8% of its value, it added.

Reporting by Gwladys Fouche, editing by Terje Solsvik

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