Norway's Sovereign Wealth Fund Posts $136 Billion Loss in Q1 Due to Tech Slump and Strong Krone

Norway's sovereign wealth fund announced on the 23rd that its overall investment return for the first quarter was negative 1.9%, with asset value shrinking by $136 billion (approximately 4.29 trillion TWD). The poor performance was mainly attributed to the weak showing of US technology stocks in its portfolio and the appreciation of the Norwegian Krone. As of the end of March, the fund, built from Norway's government oil revenues, was valued at 19.998 trillion Norwegian Krone, a 6% decrease from the end of 2025. Stock investments, which make up the majority of the fund, saw a return of negative 2.6%. Trond Grande, Deputy CEO of Norges Bank Investment Management (NBIM), stated that the decline in the stock market, particularly among large US tech companies, determined the performance. About half of the asset value decrease was due to the strengthening of the Krone. Grande noted that these results reflect 'challenging market conditions' this quarter, though performance remained broadly in line with its benchmark index.