Created in the 1990s to manage Norway’s oil and gas revenues abroad, the fund is the world’s biggest single owner of equities. Its returns are highly dependent on market movements.
Norway’s US$1.6 trillion sovereign wealth fund failed to meet its benchmark for the first time in five years due to losses in unlisted real estate even as stock markets rebounded.
The fund returned to profit last year, gaining 16.1%, equivalent to about US$213 billion, according to a statement on Tuesday. It fell below its benchmark by 18 basis points, having recorded the previous miss in 2018.
