Sovereign Wealth Funds: Tallying the Losses (Again)
Norway’s fund had the worst quarter ever in Q3 – the assets under management fell 7.7% in the quarter – in its basket of currencies (lots of details in the Norges Bank Investment management report). Returns in USD are much lower given Norway’s heavy exposure to European markets (around 55-60%). The dollar’s surge reduced the value of their Euro and pound assets. With assets under management of about $359 billion at the end of Q3, Norway’s assets were practically identical to levels of September 2007, despite receiving about $74 billion in new capital the fund over that period.
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