Finance
Norway Wealth Fund Reports First-Quarter Loss of $68 Billion as Tech Stocks Fall
Published by Global Banking & Finance Review®
Posted on April 23, 2026
2 min readLast updated: April 23, 2026
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Quick Summary
Norway’s $2.2 trillion sovereign wealth fund posted a NOK 636 billion (‑$68.4 billion) loss in Q1 2026, a –1.9 % return driven by tech stock declines amid Middle East conflict, though outperforming its benchmark slightly.
Norway’s $2.2 Trillion Wealth Fund Suffers $68 Billion Q1 Loss Amid Market Volatility
Q1 2024 Performance and Contributing Factors
OSLO, April 23 (Reuters) - Norway's $2.2 trillion sovereign wealth fund, the world's largest, on Thursday reported a first-quarter loss of 636 billion Norwegian crowns ($68.44 billion) as the war in the Middle East weighed on global stocks.
Fund Performance Overview
Norges Bank Investment Management (NBIM), which holds around half of its funds in the United States, posted a negative return of 1.9% for the January-March period, beating its benchmark index by 0.01 percentage point.
Market Conditions and Commentary
"The result reflects a quarter with challenging market conditions," Deputy CEO Trond Grande said in a statement.
"We saw limited impact on fixed income and real estate, but it was the decline in equities, especially among large U.S. technology companies, that determined the outcome," he added.
Impact of Geopolitical Events
The war that began with the U.S. and Israel launching coordinated strikes against Iran in late February left the S&P 500 stock index with its deepest quarterly decline since 2022, although markets have since recovered.
Asset Class Returns
The return on the fund's equity investments was a negative 2.6%, while fixed income saw a decline of 0.2%, unlisted real estate rose 1.2% and unlisted renewable energy infrastructure declined 1.9%, it said.
Major Holdings and Portfolio Insights
The fund, which owns shares in more than 7,000 companies worldwide, held its biggest stakes in Nvidia, Apple and Microsoft at the start of 2026, its most recent disclosure shows.
Historical Context
The fund last year reported a first-quarter loss of 415 billion crowns as weaker technology shares dragged on returns, highlighting how even a diversified portfolio can be driven by swings in large U.S. stocks.
Additional Information
($1 = 9.2922 Norwegian crowns)
(Reporting by Jesus Calero, editing by Terje Solsvik, Essi Lehto and Himani Sarkar)
Key Takeaways
- •First‑quarter return was ‑1.9 %, outperforming benchmark by 0.01 ppt, with equities down 2.6 %
- •Fixed income and real estate limited drag; tech stocks, especially large U.S. names, weighed most heavily
- •This sizable loss echoes Q1 2025’s NOK 415 billion drop, underlining persistent tech sensitivity
Frequently Asked Questions about Norway wealth fund reports first-quarter loss of $68 billion as tech stocks fall
1How much did Norway's sovereign wealth fund lose in the first quarter?
The fund reported a first-quarter loss of 636 billion Norwegian crowns ($68.44 billion).
2What caused the recent losses for Norway's wealth fund?
Declining global stocks, particularly among large U.S. tech companies, contributed to the losses.
3How did the fund's equity investments perform?
Equity investments returned a negative 2.6% in the first quarter.
4Did the war in the Middle East affect the fund's returns?
Yes, the conflict weighed on global stocks, impacting the fund’s performance.
5What are the top holdings of the Norwegian wealth fund?
The largest holdings were in Nvidia, Apple, and Microsoft at the start of 2026.
