OSLO, Oct 28 (Reuters) – Norway’s $1.15 trillion wealth fund posted a loss of 449 billion kroner ($43.47 billion) in the third quarter of 2022 on Friday, its third consecutive quarterly loss, hit by rising interest rates, high inflation and war in Ukraine affecting markets.

The world’s largest sovereign wealth fund reported a negative return on investment of 4.4% for the July-September period, 0.14 percentage points higher than the fund’s benchmark return.

The fund last had three negative quarters during the 2008-2009 global financial crisis.

The return was negative for equities, fixed income and unlisted real estate, Deputy Managing Director Trond Grande of Norges Bank Investment Management, which manages the fund, said in a statement.

“The third quarter was characterized by rising interest rates, high inflation and war in Europe. This also affected the markets,” Grande said.

At the end of September, the fund had 68.3% of its value invested in equities, compared to 68.5% three months earlier.

Fixed income securities accounted for 28.5% of the value, against 28.3% three months earlier, while 3.1% were in unlisted real estate, against 3.0% three months earlier, and 0 .1% in unlisted renewable energy infrastructure, unchanged from before.

Founded in 1996, the sovereign wealth fund invests Norwegian state revenues from oil and gas production and holds stakes in more than 9,300 companies worldwide, holding 1.3% of all listed shares.

(This story has been reclassified to correct fund size to $1.15 trillion in 1st paragraph)

($1 = 10.3300 Norwegian kroner)

Reporting by Victoria Klesty, editing by Gwladys Fouche, Terje Solsvik and Tomasz Janowski

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