The single biggest stock market loss came from the fund’s stake in Amazon, which declined in value by 56 billion crowns, followed by a loss in shares of Facebook owner Meta Platforms of 52 billion and in Tesla with 47 billion.
Still, despite the record loss, the value of the fund rose overall by 89 billion crowns or $8.9 billion year-on-year, partly due to the weak Norwegian currency and a record 1.1 trillion crowns of cash inflows.The fund invests the Norwegian state’s revenues from petroleum production. As a major crude exporter and Europe’s largest gas supplier after a drop in Russian gas flows, Norway benefited from high energy prices due to the war in Ukraine.
“We have to be very conscious of the fact that the inflow came against a tragic backdrop in Europe,” Tangen said. “But it is an isolated mathematical fact that when oil and gas prices are higher, there is more revenue to the government and more inflow into the fund.” The fund owns on average 1.3% of all listed stocks. It also invests in bonds, unlisted real estate and renewable energy projects.“Inflation remains a risk factor and, in particular, tied into what will happen when China really kicks in on the consumption side because it could drive a lot of prices globally,” Tangen told Reuters.The fund’s return on investment in 2022 stood at minus 14.1% for the year, which was 0.88 percentage point better than the return on the fund’s benchmark index.
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