Norway's sovereign wealth fund, managed by Norges Bank Investment Management (NBIM) and valued at $2.3 trillion, reported a $29.7 billion (278 billion kroner) loss in the third quarter. This downturn was primarily driven by rising interest rates, which led to a negative return of 3.5% on its fixed income investments. NBIM's Deputy CEO Trond Grande stated that the fund's return was nearly flat, ending slightly negative as higher interest rates weakened fixed-income results.