挪威主权财富基金——全球规模最大的主权财富基金——报告称，2026年第三季度亏损近300亿美元。亏损的原因是利率上升导致其债券投资价值下降。该基金在7月至9月这一季度录得2780亿挪威克朗（合297亿美元）的亏损。管理该基金的挪威银行投资管理公司（NBIM）表示，利率上升削弱了其固定收益投资的回报。据CNBC报道，该基金规模约为2.3万亿美元。
Norway’s sovereign wealth fund, the largest in the world, reported a loss of nearly $30 billion in the third quarter of 2026. The loss came as rising interest rates reduced the value of its bond investments. The fund recorded a loss of 278 billion Norwegian kroner ($29.7 billion) during the July-September quarter. Norges Bank Investment Management (NBIM), which manages the fund, said rising interest rates weakened returns from its fixed-income investments. The fund is worth around $2.3 trillion, according to CNBC.
挪威主权财富基金第三季度亏损300亿美元。债券是该基金表现疲弱的主要原因。其固定收益投资（包括政府债券和公司债券）第三季度回报率为负3.5%。NBIM管理层表示，这是整体下滑的关键原因。该季度政府债券收益率上升打击了全球债券市场。随着包括美联储在内的主要央行开始加息，收益率大幅飙升。对通胀以及政府债务水平上升的担忧也给债券市场带来压力。
Norway sovereign wealth fund loses $30 billion in Q3Bonds were the main reason behind the fund’s weak performance. Its fixed-income investments, which include government and corporate debt, delivered a negative return of 3.5% in the third quarter. NBIM’s management said this was a key reason for the overall decline. Rising government bond yields hurt the global bond market during the quarter. Yields surged as major central banks, including the US Federal Reserve, began raising interest rates. Concerns about inflation and rising government debt levels also put pressure on bond markets.
利率上升打击债券回报。NBIM副首席执行官特隆德·格兰德表示，该基金的整体回报接近于零，但最终略为负值。据CNBC援引的一份声明，他表示利率上升导致其固定收益投资业绩走弱。布伦特原油触及5月以来最高水平，因胡塞武装袭击沙特阿拉伯加剧全球石油供应担忧。固定收益投资占该基金总组合的略高于四分之一。
Rising interest rates hit bond returnsNBIM Deputy CEO Trond Grande said the fund’s overall return was close to zero but ended slightly negative. He said higher interest rates led to weaker results from its fixed-income investments, according to a statement cited by CNBC. Brent crude oil hits highest since May as Houthi attacks on Saudi Arabia fuel global oil supply fearsFixed-income investments make up just over one-fourth of the fund’s total portfolio.
其固定收益持仓中约70%投资于政府债券，其余部分投资于公司债券。该基金在51个国家持有1664只债券。该基金此前还宣布了减少其美国国债持仓的计划。
Around 70% of its fixed-income holdings are invested in government bonds, while the remaining portion is invested in corporate debt. The fund holds 1,664 bonds across 51 countries. The fund had also announced plans to reduce its US Treasury holdings.
据CNBC报道，挪威银行投资管理公司（NBIM）在9月表示，希望削减其在美国政府债务方面的投资，这是其减少政府发行债券配置的更广泛计划的一部分。美国股市回报依然涨跌互现。股票投资在本季度带来了小幅正回报。股票占该基金投资组合的72%，第三季度回报率为0.5%。然而，这些收益不足以抵消债券带来的损失。
In September, NBIM said it wanted to cut its investments in US government debt as part of a broader plan to reduce its allocation to government-issued bonds, CNBC reported.US stock market returns remain mixedStock investments delivered a small positive return during the quarter. Equities account for 72% of the fund’s portfolio and returned 0.5% in the third quarter. However, the gains were not enough to offset the losses from bonds.
该基金投资于大多数国家的约7100家公司。其持股相当于全球所有上市公司约1.5%的股份，使其成为全球最大的单一投资者。全球股市第三季度同样表现不一。在美国，标普500指数上涨2.03%，而道琼斯工业平均指数下跌1.9%。据CNBC报道，以科技股为主的纳斯达克综合指数在截至9月的三个月内上涨2.2%。巴克莱银行将裁员5000人，此前第三季度业绩喜忧参半、交易收入下降，人工智能驱动的成本削减行动随之扩大。
The fund has investments in around 7,100 companies across most countries. It holds stakes equivalent to about 1.5% of all listed companies worldwide, making it the world’s largest single investor. Global stock markets also had a mixed third quarter. In the US, the S&P 500 rose 2.03%, while the Dow Jones Industrial Average fell 1.9%. The technology-heavy Nasdaq Composite gained 2.2% during the three months ending in September, CNBC reported. Barclays to cut 5,000 jobs as AI-led cost-cutting drive expands after mixed Q3 results and trading revenue fallsThe gains in US stocks were much slower than in the previous quarter.
美股的涨幅远低于上一季度。标普500指数、道琼斯工业平均指数和纳斯达克综合指数的平均变动约为0.6%。这标志着在三大指数上一季度录得两位数涨幅之后出现的放缓。英伟达、苹果和微软位列主要持仓。该基金对美国一些最大的科技公司进行了重大投资。其持仓包括对英伟达654亿美元的持股，以及对苹果、Alphabet和微软的投资。
The average change across the S&P 500, Dow Jones Industrial Average and Nasdaq Composite was around 0.6%. This marked a slowdown after the three indexes recorded double-digit gains in the previous quarter. Nvidia, Apple and Microsoft among top holdingsThe fund has major investments in some of America’s biggest technology companies. Its holdings include a $65.4 billion stake in Nvidia, along with investments in Apple, Alphabet and Microsoft.
据CNBC报道，这些大额持股赋予NBIM在公司中重要的投票权以及对投资趋势的影响力。不同股市板块的回报差异很大。格兰德表示，股票回报总体接近零，但能源公司表现最佳。对利率更为敏感的公用事业和房地产公司则录得下跌。油价上涨在本季度提振了能源股。
These large stakes give NBIM significant voting power in companies and influence over investment trends, CNBC reported. Returns varied widely across different stock market sectors. Grande said equity returns were close to zero overall, but energy companies performed the best. Utilities and real estate companies, which are more sensitive to interest rates, recorded declines. Rising oil prices helped energy stocks during the quarter.
随着美伊战争的持续，油价飙升，这推动了能源公司的业绩表现。据 CNBC 报道，NBIM 持有包括埃克森美孚（Exxon Mobil）、壳牌（Shell）和雪佛龙（Chevron）在内的多家大型能源公司的股份。
Oil prices surged as the US-Iran war continued, supporting the performance of energy companies. NBIM has investments in major energy firms, including Exxon Mobil, Shell and Chevron, CNBC reported.
NBIM 公布称，该基金在上半年实现了 1850 亿美元的利润。此前，NBIM 的首席执行官曾警告投资者不要期待股市会再次出现异常强劲的上涨。在 8 月接受 CNBC 采访时，首席执行官尼古拉·坦根（Nicolai Tangen）表示，投资者不应期望市场回报能达到 2026 年上半年的水平。
Fund reports record first-half profit of $185 billionNBIM’s chief executive had earlier warned investors against expecting another period of unusually strong stock market gains. In an interview with CNBC in August, CEO Nicolai Tangen said investors should not expect returns similar to those seen in the first half of 2026.
这一警告是在该基金上半年取得显著收益之后发出的。NBIM 报告称，2026 年前六个月的回报率为 12.95%，创下了 1850 亿美元的利润纪录。
The warning came after the fund recorded strong gains in the first half of the year. NBIM reported a return of 12.95% for the first six months of 2026, generating a record first-half profit of nearly $185 billion.
据 CNBC 报道，该基金的其他投资项目在第三季度也取得了正收益：房地产投资的回报率为 0.4%，可再生能源基础设施投资的回报率为 7.5%。
The fund’s other investments also delivered positive returns in the third quarter. Real estate investments returned 0.4%, while renewable energy infrastructure investments generated a return of 7.5%, according to CNBC.
挪威于 1998 年设立了这只主权财富基金，旨在利用该国石油资源所产生的收入进行投资。该基金在全球金融市场及其他资产中进行投资，以长期管理挪威的石油财富。
Norway established the sovereign wealth fund in 1998 to invest revenue generated from the country’s oil resources. The fund invests across global financial markets and other assets to manage Norway’s oil wealth over the long term.