The Norwegian Sovereign Wealth Fund, the largest sovereign wealth fund in the world, valued at $ 1.15 trillion, announced a loss of 188 billion Norwegian kroner, equivalent to $ 21.27 billion, in the first half of 2020, as the value of stocks and real estate holdings plummeted during the COVID-19 pandemic.
According to CNBC Arabia, this decline followed record profits in 2019, when the fund reaped $ 180 billion in profits as global stock markets rose.
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"Although markets recovered well in the second quarter, we still see a great deal of uncertainty," said Fund Executive Vice President Trond Grande, in a statement.
The fund owns stakes in about 9,200 companies worldwide, and owns 1.5% of all listed shares. It is also investing in bonds and real estate.
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