The Norwegian Government Pension Fund, one of the largest pools of sovereign capital in the world, lost $21.3bn in the first half of 2020, but has made back essentially all its money as markets swiftly recovered since the end of June.

The giant fund’s 3.4% investment loss for the first six months of the year has been reversed in the six weeks that followed, said Tronde Grande, the deputy chief executive of Norges Bank Investment Management, which oversees the fund.