Norway’s largest sovereign wealth fund lost $ 21 billion in the first half, as a recent return to the stock market was not enough to offset the effects of the pandemic and restrictions, according to Bloomberg. The fund reported a loss of 188 billion Norwegian crowns ($21.27 billion) in the first six months of 2020, as securities and real estate depreciated amid the Covid-19 pandemic, according to Profit.ro.

The loss comes after record results in 2019. Withdrawals from the Norwegian government totaled 167 billion NOK ($19 billion) in the first half.

The fund holds shares in about 9,200 global companies, including in Romania, and also invests in real estate and bonds.