Oslo - (AFP) - The Norwegian sovereign wealth fund , the largest in the world, announced on Tuesday that it lost more than 150 billion euros in 2022, attributing this to the poor performance of financial markets due to the war in Ukraine and the deterioration of the global economy.

The fund has never incurred such losses in one year since its inception in the late 1990s, according to its management.

"2022 was a tragic year in the world. It affected financial markets, and therefore our global fund," Trond Grande, executive vice president of Norges Bank Investment Management, which manages the fund, told a press conference.

"We faced many emergencies and crises at the same time. The war in Europe, broader geopolitical tensions, increased inflation, higher interest rates, higher energy prices, and increased economic uncertainty," he added.

The return on investment was -14.1 percent.

The Norwegian State Pension Fund was established in the 1990s and is one of the largest investors in the world with shares in more than 9,000 companies in nearly 70 countries, including Apple, Microsoft and Alphabet, the parent company of Google.

For his part, Nikolai Tangen, CEO of Norges Bank Investment Management, said, "The year 2022 was definitely a historic year," noting that stocks in all sectors declined except for the energy sector.