The Norwegian sovereign wealth fund posted substantial losses in the first quarter. The downturns in global stock markets have left deep scars in the portfolio of the world’s largest sovereign wealth fund.

The loss amounts to 415 billion kroner, as the fund announced on Thursday. That is equivalent to approximately 32,8 billion francs.

«The quarter was marked by strong market fluctuations,» said Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), the fund manager. «Our equity investments recorded a negative return, mainly due to the tech sector.»

70 Percent Equity Allocation

As of the end of the first quarter, the fund’s equity investments were valued at NOK 12,963 billion, fixed-income investments at NOK 5,125 billion, unlisted real estate investments at NOK 358 billion, and renewable energy infrastructure at NOK 80 billion.

Equities accounted for 70,0 percent of the fund, fixed-income securities for 27,7 percent, unlisted real estate for 1,9 percent, and renewable energy infrastructure for 0,4 percent.

The market value of the fund decreased by NOK 1,215 billion. Net inflows from the government amounted to NOK 78 billion, and the currency effect contributed NOK 879 billion.