The world’s largest wealth fund, Norway’s $1.4 trillion sovereign wealth fund, has reported that it has suffered third-quarter losses of 2.1%, which it attributes to financial market uncertainty.

During the three month period, the Norwegian Government Pension Fund Global saw 374 billion kroner ($34 billion) in losses, according to the statement released on Tuesday. Its fixed income portfolio also lost 2.2%. The fund’s total return was 0.17% above its benchmark index.

Investments in unlisted real estate suffered a quarterly loss of 3.3% according to the fund. At the same time the losses on renewable energy infrastructure came in at 2.4%.

Trond Grande, deputy chief executive officer, said,  “The stock market saw a weaker quarter compared to the two previous quarters. It was particularly the tech, industrials and consumer discretionary sectors which contributed negatively to the return.”

The fund was established in the 1990’s to allow the government to invest the revenues earned from the nation’s oil and gas sector. Globally the fund owns about 1.5% of the world’s equities, investing in over 9,200 companies from 70 nations around the globe.

The Norwegian fund briefly lost its status as the biggest sovereign wealth fund in the world in December of 2022, when it was overtaken temporarily by the China Investment Corporation, which had managed assets of $1.35 trillion at the time.