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rdf:type	schema:NewsArticle
schema:articleBody	Norway's sovereign wealth fund, the world's biggest, has lost 1.33 trillion kroner ($125 billion) since the start of 2020 as markets collapse under the COVID-19 pandemic, its management said Thursday. As of March 25, the fund was valued at 10.1 trillion kroner ($949 billion) after registering a negative return of 16 percent since January. Its share portfolio, which accounts for about two-thirds of its holdings, reported a 23-percent drop. "It's a strange time for society, it's a strange time for the economy, and it's also a strange time for global financial markets," the outgoing head of the fund, Yngve Slyngstad, told reporters. The decline does not totally wipe out last year's gain of 1.69 trillion kroner, he said, while warning that other "major fluctuations" could be expected in the weeks to come. Slyngstad also noted vast differences between sectors, with oil stocks shedding 45 percent and the tech sector losing 14 percent. Bonds and real estate, which make up the rest of the fund's portfolio, have posted flat returns since the start of the year. Norway's central bank, which oversees the fund, announced Slyngstad's successor on Thursday. Nicolai Tangen, an investor born in 1966 who founded the private investment fund AKO Capital, is to take over in September. Norway's oil revenues are placed in the sovereign wealth fund -- commonly referred to as the "oil fund" but formally known as the Government Pension Fund Global -- which Oslo then taps to balance its budget. It is one of the biggest investors in the world, with holdings in more than 9,200 companies, or 1.5 percent of global market capitalisation. phy/hdy/po/wai
schema:headline	Norway's wealth fund has lost $125bn this year: directors
schema:mentions	Market capitalization Sovereign wealth fund Norwegian krone Oslo Norway Pandemic Severe acute respiratory syndrome coronavirus 2 Yngve Slyngstad Nicolai Tangen Investment fund PHY (chip)
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-03-26 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	65 (xsd:integer)

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