Local time1October 28th 10, official website, an investment management company of the Norwegian central bank, disclosed that in the third quarter of this year, the return rate of the Norwegian government's global pension fund was -4.4%, with a loss of 449 billion NOK, and the loss during the year increased to 2. 13 trillion NOK (about RMB 1.495). By the end of the third quarter, the Norwegian government's global pension fund was 12.22 trillion NOK (about RMB 8.58 trillion), making it one of the largest sovereign funds in the world.
Affected by the "thunderstorm" in the earnings season, the selling tide of American technology stocks continues. In the week disclosed by Google, Microsoft, Meta and Amazon, the total market value evaporated by more than 350 billion US dollars (about 253 billion yuan). Since 2022, the total market value of Apple, Google, Amazon, Meta and Microsoft has evaporated to $3 trillion.
Under the plunge, the wealth of the technology tycoons in Silicon Valley has suffered greatly. According to the latest data of Bloomberg Billionaires Index, as of June 28th, 10, the book wealth of the top 20 richest technology tycoons in the world, including mark zuckerberg and Bill Gates, has evaporated by more than $480 billion (about RMB 3,470 billion) in one year.
In addition, a round of regulatory storm set off by the American investment circle has also attracted market attention. Local time1October 28th 10, Bloomberg quoted people familiar with the matter as saying that the antitrust department of the US Department of Justice is investigating private equity firms such as Blackstone, Apollo Global Management and KKR.
Global giants lost 654.38+0.5 trillion yuan.
Local time1On October 28th, official website 10, an investment management company of the Norwegian central bank, disclosed that the Norwegian government's global pension fund (i.e. Norwegian sovereign wealth fund) had a global return of -4.4% in the third quarter of this year, with a loss of 449 billion NOK (about RMB 3152 billion), which has recorded a loss for the third consecutive quarter.
Considering the investment performance in the first half of 2022, the total loss of Norwegian sovereign wealth funds during the year has reached 2. 13 trillion NOK (about RMB10.495 trillion yuan), which directly broke the loss record since the financial crisis.
Although it is still losing money in the third quarter, compared with the first half of the year, the loss range of Norwegian sovereign wealth funds has obviously narrowed, outperforming the reference benchmark of 0. 14 basis points.
Specifically, the return on equity investment of Norwegian sovereign wealth funds in the third quarter was -4.8%, the return on fixed income investment was -3.9%, and the return on unlisted real estate investment was-1. 1%.
As of September 30, 2022, the scale of Norwegian sovereign wealth funds was 12.22 trillion Norwegian kroner (about 1. 18 trillion US dollars), which was16 billion US dollars lower than that at the beginning of 2022, and remained one of the largest sovereign funds in the world. In the third quarter, the inflow of funds from the government reached 306 billion kronor.
From the perspective of portfolio, as of the end of the third quarter, 68.3% of the fund's positions were allocated to stocks, slightly lower than 68.5% in the second quarter; 28.5% invested in fixed income, slightly higher than 28.3% in the second quarter; 3. 1% invested in real estate, up from 3% in the second quarter.
Regarding the loss in the third quarter, TrondGrande, deputy CEO of Norwegian Bank Investment Management Company, said that the global market in the third quarter was characterized by rising interest rates, high inflation and European conflicts, which continued to affect the market, resulting in negative returns on invested stocks, fixed income and unlisted real estate.
The collapse of American technology stocks is also one of the reasons for the huge losses of Norwegian sovereign wealth funds. According to the semi-annual report previously disclosed by the fund, in the first half of 2002 10, the10 stocks that dragged down the return of Norwegian sovereign wealth funds were Meta, Amazon, Apple, Microsoft, NVIDIA, Google, ASML, Tesla, German real estate company Vonovia and Netflix. Among them, the book floating loss of Meta alone is as high as 38 billion NOK (about 26.6 billion RMB).
It is worth mentioning that the Norwegian sovereign wealth fund is not only one of the largest sovereign funds in the world, but also a legend in the global investment community. Although the fund suffered a waterloo in 2022, in the past 24 fiscal years, 19 fiscal year achieved positive returns.
A violent selling tide
In the continuous earnings season, the selling tide of US stocks continues.
In addition to Apple's performance exceeding expectations, the other four US technology giants (Google, Microsoft, Meta, Amazon) all suffered "thunderstorms" to varying degrees in the third quarterly report. After the financial report was released, the stock prices plummeted one after another, and the weekly market value of the four major technology giants evaporated by more than 350 billion US dollars (about 2530 billion yuan).
If we look at the extended cycle, the market's selling of American technology giants is even more tragic. According to the latest data from Dow Jones, since 2022, the total market value of Apple, Google, Amazon, Meta and Microsoft has evaporated to $3 trillion. Among them, the cumulative declines of Google, Amazon, Meta and Microsoft reached 33%, 38%, 765, 438+0% and 29% respectively. Even Apple, which has a bright financial report, experienced a decline of nearly 12% during the year.
Although the stock price plummeted, the market did not seem to change the view that American technology stocks were "too expensive". At present, no Wall Street investment bank has clearly stated that the valuation of American technology stocks is "very cheap". Because institutional investors are worried that the economic recession will aggravate the risk of decline in the performance of technology companies, the valuation of technology giants will "fall more and more expensive". Once the future profit expectation drops sharply, the valuation of technology giants will rise immediately.
MarkHaefele, chief investment officer of UBS Global Wealth Management, believes that current Wall Street analysts need to lower their profit expectations for technology companies to reflect the weak economic fundamentals emphasized in the third quarter earnings report. In view of the rising inflation rate, declining business confidence and tightening financial conditions in the United States, the profit expectations of technology stocks seem to be too high.
Under the pessimistic expectation, institutional investors continue to reduce the position allocation of technology giants despite the sharp drop in stock prices. According to the customer data compiled by the Goldman Sachs team, at the beginning of last week (65438+1October 24th), the positions of the top five technology stocks of FAAMG accounted for about 1 1% of its customers' net exposure to a single stock, which has dropped to the lowest level since 20 19 years, far lower than that in 2020.
At the same time, more and more investors began to bet that the share price of technology giants would continue to fall and buy put options. According to the latest data from Bloomberg, last week, the total positions of put options of FAANMG's six technology giants soared from a low level to more than 4 million lots, an increase of more than 65,438+000% from the previous month, and returned to the high level in May this year.
The net worth of 20 tech tycoons has shrunk by nearly 3.5 trillion yuan.
After the news of "Thunder Storm" from Google, Microsoft, Meta, Amazon and other technology giants, the market's worries about the new economy have intensified, leading to a collective plunge in technology stocks, and the wealth of technology tycoons in Silicon Valley has been greatly reduced.
According to the latest data of Bloomberg Billionaires Index, as of June 28th, 10, the book wealth of the top 20 richest technology tycoons in the world, including mark zuckerberg and Bill Gates, has evaporated by more than $480 billion (about RMB 3,470 billion) in one year.
It should be pointed out that the Bloomberg Billionaires Index counts the wealth changes of the richest people in the world every day.
The list shows that Zuckerberg's net worth has shrunk by110/200 million dollars in one day, and the share price of Facebook's parent company Meta, the main source of its wealth, plummeted by 24.6% in one day. The fuse that triggered the stock price crash was a disappointing financial report. Meta's revenue slowed down for the second consecutive quarter, and Metauniverse's related businesses suffered huge losses.
Up to now, Zuckerberg's net worth has decreased by more than $87 billion in this year. According to the Billionaire Index, his current net worth is $38.2 billion, ranking 28th in the global rich list. At the beginning of 2022, Zuckerberg was once among the top ten in the list.
In addition, the net worth of Musk, the world's richest man, and Jeff Bezos, the founder of Amazon, has also shrunk dramatically, with the amount of evaporation exceeding $65 billion during the year. Google co-founders Larry Page and sergey brin lost nearly $40 billion in book wealth in 2022. It is still among the top ten richest people in the world.
The regulatory storm on Wall Street
Recently, a round of regulatory storm set off by the US investment circle has also attracted market attention.
Local time1October 28th 10, Bloomberg quoted people familiar with the matter as saying that the antitrust department of the US Department of Justice is investigating private equity firms such as Blackstone, Apollo Global Management and KKR. The focus of the investigation is whether these companies have harmed competition by arranging senior executives on the boards of companies in the same industry.
American antitrust law enforcement agencies are worried that rival companies in the same industry all have board seats, which may affect the behavior of these companies to maximize the interests of all parties, rather than providing consumers with the best service or the lowest price.
According to the above-mentioned insiders, the anti-monopoly department of the Ministry of Justice has issued civil investigation requirements to private equity companies such as Blackstone, Apollo and KKR.
Up to now, Blackstone, KKR, Apollo and the US Department of Justice all declined to comment on this matter. Earlier, KKR said in its quarterly report that KKR (including GlobalAtlantic) is now expected to be inspected, inquired and investigated by various US and non-US governments and regulators from time to time.
According to the report, the US anti-monopoly department requested civil information from relevant PE companies in the past month and requested information. Officials are investigating whether overlapping boards (seats) will harm competition.
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