According to a report by Bloomberg, the world’s largest wealth fund, Norway’s Government Pension Fund Global, lost $21 billion in the first half of 2020. The losses were attributed to the global market slump caused by the COVID-19 pandemic. The fund’s equity holdings were hit particularly hard, with a decrease of 3.4%. Despite this, the fund’s CEO, Yngve Slyngstad, remains confident that their long-term strategy will prove successful in riding out the volatility and delivering positive returns over time. Norway’s sovereign wealth fund is valued at $1.1 trillion and holds stakes in almost 9,200 companies worldwide. Its losses highlight the challenges faced by many investors during the pandemic-induced economic downturn. However, the fund’s diversification and long-term perspective may help in mitigating risks and recovering from the current market fluctuations.
