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Norway wealth fund posts $40 billion first-quarter loss on tech weakness

OSLO (Reuters) -Norway's $1.7 trillion sovereign wealth fund, the world's largest, reported on Thursday a quarterly loss of 415 billion Norwegian crowns ($39.72 billion), largely driven by negative returns in the tech sector. "The quarter has been impacted by significant market fluctuations," Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), the fund's operator said in a statement. NBIM, which invests the Norwegian state's revenues from oil and gas production, is one of the world's largest investors, owning on average 1.5% of all listed stocks worldwide.

OSLO (Reuters) -Norway's $1.7 trillion sovereign wealth fund, the world's largest, reported on Thursday a quarterly loss of 415 billion Norwegian crowns ($39.72 billion), largely driven by negative returns in the tech sector.

"The quarter has been impacted by significant market fluctuations," Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), the fund's operator said in a statement. NBIM, which invests the Norwegian state's revenues from oil and gas production, is one of the world's largest investors, owning on average 1.5% of all listed stocks worldwide.

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