Apple Inc.

Microsoft Corporation

Alphabet Inc.

NVIDIA Corporation

Norway's state pension fund, considered the largest sovereign wealth fund in the world, lost 1.9% in the first quarter. That's the worst result since the third quarter of 2023, Bloomberg <a href="https://www.bloomberg.com/news/articles/2026-04-23/norway-2-2-trillion-fund-lost-1-9-in-quarter-led-by-tech-slide?embedded-checkout=true">notes</a>. The fund's value fell by NOK1.27 trillion ($137 billion). It was pulled down by investments in U.S. technology stocks and market turbulence due to war in the Middle East, fund manager Norges Bank Investment Management <a href="https://www.nbim.no/en/news-and-insights/the-press/press-releases/2026/negative-return-in-the-first-quarter/">said</a>.

The world's largest sovereign fund has lost almost 2% of its value. What is the reason?

With the outbreak of war in the Middle East, the commodity crisis forced many investors to revise their economic forecasts and look for safe havens. All of this has had a direct impact on the currency market. Gleb Nazarenko, CEO of Astero Falcon, wrote which ones showed resilience in the crisis, and which ones were among the victims.

The dollar has strengthened since the start of the war in the Middle East. What other currencies have gone up? 

Amazon.com, Inc.

The $2.2 trillion fund reduced its investments in U.S. companies, including Nvidia and Microsoft

The world's largest sovereign fund has cut stakes in U.S. bigtechs

Kongsberg Gruppen ASA

Valuation revisions followed the papers' collapse of 18% in a day