Norway's sovereign wealth fund suffered a 1.9% loss in the first quarter, dragged down by the decline in U.S. technology stocks.

According to a statement by the investment management arm of the Norwegian central bank on Thursday, the fund it manages has shrunk in value by 1.27 trillion Norwegian kroner (USD 137 billion). As of the end of March, the total value of the fund was approximately 20 trillion kroner. "This result reflects the challenging market conditions of the quarter," Deputy CEO Trond Grande said in the statement. "Fixed income and real estate investments were only slightly affected, but the decline in stock markets, especially the drop in share prices of large US technology companies, determined the final outcome."