The world's leading sovereign wealth fund reported a negative return on investment of 4.4% for the July-September period, which was 0.14 percentage points stronger than the return on the fund's benchmark index.
The fund last recorded three negative quarters during the 2008-2009 global financial crisis.
The return was negative for equities, fixed income, and unlisted real estate, deputy CEO Trond Grande of Norges Bank Investment Management, which operates the fund, said in a statement.
"The third quarter has been characterised by rising interest rates, high inflation, and war in Europe. This has also affected the markets," Grande said.
The fund had 68.3% of its value invested in equities by end-September, compared to 68.5% three months earlier.
Fixed income stood for 28.5% of the value, against 28.3% in three months earlier, while 3.1% was in unlisted real estate, against 3.0% three months earlier, and 0.1% in unlisted renewable energy infrastructure, unchanged from before.
Founded in 1996, the sovereign wealth fund invests the Norwegian state's revenues from oil and gas production and holds stakes in more than 9,300 companies globally, owning 1.3% of all listed stocks.
($1 = 10.3300 Norwegian crowns)