GLNCY Glencore Plc (PK)

OSLO—Norway's sovereign-wealth fund, the world's biggest by assets, reported a near five percentage-point loss on its investments in the third quarter, pulled down by negative returns from its equity investments amid weaker global markets.

Norges Bank Investment Management, the arm of the central bank that manages the fund, said Wednesday that the value of the fund's investments fell by 273 billion Norwegian kroner ($32.17 billion) before the impact of a weaker Norwegian krone in the period.

The fund's total value rose to NOK7.019 trillion at Sept. 30 from three months earlier, with the krone's weakness against major currencies giving the fund a NOK382 billion boost.

Equity investments lost 8.6% in value in the third quarter compared with the end of the previous quarter while fixed-income investments gained 0.9%. The fund's real estate portfolio gained 3.0%, NBIM said. Equity returns were weak in all regions, but the weakest returns were in Asian stocks, notably Japan and China, it said.

"The negative return on equity investments was driven by the slowdown in the global economy and the decline in global equity markets, especially the Chinese markets," said NBIM Chief Executive Yngve Slyngstad.

The companies that made the most negative contributions to the fund's performance were German car makers Daimler AG and Volkswagen AG, and mining company Glencore PLC, NBIM said. Volkswagen is embroiled in an emissions-testing scandal which has cast a shadow over Germany's auto industry while falling commodity prices have battered Glencore's performance.

The management said the oil fund, also known as the Government Pension Fund Global, had increased its holdings in government bonds issued by the U.S., Japan and Germany, and decreased its holdings of those of Brazil, Finland and the U.K.

The fund held 59.7% in equities, 37.3% in fixed-income assets and 3.0% in real estate at the end of the quarter

Write to Kjetil Malkenes Hovland at kjetilmalkenes.hovland@wsj.com

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(END) Dow Jones Newswires

October 28, 2015 08:05 ET (12:05 GMT)

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