Norwegian's $2.2 trillion sovereign wealth fund, Norges Bank Investment Management (NBIM), posted a 1.9% loss in Q1, driven by the equity slide among large US technology companies. The fund lost NOK636 billion ($68 billion) in investment returns during the period, outperforming its benchmark index by 0.01 percentage point. The total reported decline in fund value was NOK1.27 trillion ($137 billion). The fund holds approximately half its assets in US markets and has major positions in technology companies such as Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla. This is the second consecutive quarterly loss for large US tech companies. NBIM's performance is more sensitive to global equity markets than to the oil price. The Iran war pushed oil prices up while simultaneously pushed the value of the fund down, an unusual combination for Norway as a major oil producer and equity investor.