Norway's Government Pension Fund Global, the world's largest sovereign wealth fund at ~$2.2 trillion, reported a 1.9% loss in Q1 2026, its first quarterly loss in four quarters. The fund lost approximately $68 billion in investment returns, driven primarily by a sharp selloff in large US technology stocks including Apple, Microsoft, Nvidia, and others. The decline was triggered by the geopolitical shock of US and Israeli strikes against Iran in late February 2026, which caused the S&P 500 its deepest quarterly drop since 2022. The fund holds roughly half its assets in US markets, creating structural concentration risk in a small number of tech megacaps. This marks the second consecutive year that US tech has been the primary driver of a quarterly loss, following Q1 2025's DeepSeek-triggered selloff.
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