Norway's Government Pension Fund Global recorded a return of -4.9% in the third quarter, due in large part to a drop in the value of its equity investments.

The fund saw equity investments - which account for 59.7% of the fund's total value - return -8.6% over the quarter, leading to overall losses of 273 billion kroner despite investments in real estate returning 3%.

"The negative return on equity investments was driven by the slowdown in the global economy and the decline in global equity