OSLO (Reuters) - Norway’s $1.15 trillion sovereign wealth fund posted a loss of 188 billion Norwegian crowns ($21.27 billion) in the first half of 2020 as stocks and real estate holdings declined in value during the COVID-19 pandemic, it said on Tuesday.

“Even though markets recovered well in the second quarter, we are still witnessing considerable uncertainty,” the fund’s deputy chief executive, Trond Grande, said in a statement.

The world’s largest sovereign wealth fund, it holds stakes in some 9,200 companies globally, owning 1.5% of all listed stocks. It also invests in bonds and real estate.

The overall portfolio had a negative return of 3.4%, with a decline of 6.8% for equities and minus 1.6% for unlisted real estate, while the value of fixed-income holdings rose 5.1% as interest rates plunged.

“The fund’s overall return was 11 basis points lower than the return on the benchmark index,” Norges Bank Investment Management said.

The fund, which saves revenue from the oil and gas industry, is worth three times Norway’s annual gross domestic product and its returns are key to the country’s public finances.

Its overall value is now equivalent to some $214,000 for every person in Norway.