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The facade of the Central Bank of Norway, also known as Norges Bank, in Oslo, Norway.
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Norges Bank Investment Management-Naverey Ricip Fund in the world-Thursday reported the loss of the first quarter of 415 billion crowns ($ 40 billion), citing weakness in the technology sector.
“The quarter influenced the significant fluctuations in the market. Our investments in the stock had a negative profitability, which is largely due to the technology sector,” Nikolai Tangen, CEO, said in a statement.
The cost of the fund at the end of March reached 18.53 trillion. Kroner, 70% of the investment located in the stock is the asset class, which he recorded a loss of 1.6%.
The market value of the fund decreased by 1.215 trillion. Kroner for the first quarter, to a large extent because of adverse currency movements.
“The crown intensified against several major currencies for the quarter. Monetary movements contributed to the reduction of the value of the Fund -879 billion,” the fund said.
The Danish currency increased by about 0.3% to the US dollar in three months, ending on March 31.
In addition to shares, fixed income accounts for 27.7% of the fund and returned 1.6% for the first quarter. Uzeta real estate is 1.9% of assets and brought 2.4% income for this period.
NBIM manages the fund on behalf of the Norwegian population. The fund, created in the 1990s to invest excess income from Norway’s oil and gas industry, is currently being invested in more than 8,600 companies in 63 countries.
It holds positions in American technological giants, with the fund is the main shareholder Meta. Alphabet. Amazon. Nvidia. Tesla and Microsoft. NBIM’s comments about weakness in the technology sector come after A three -week sale In March, 2.7 trillion were rented in March. Dollars destroyed from a market value amid fears over the impact of US President Donald Trump’s tariff policy.
The reduction followed January on technology sales The appearance of the II model developed by Chinese depth is managed. A little -known startup said he developed his big linguistic model Share value Leading rivals such as Chatgpt Openai, which has led to steep losses for companies, including AI Darling Nvidia.
Earlier this year reports NBIM A record 222 billion dollars annual profits On the back of the technological stock that ruled the 2024 You have boom.
