Hong Kong Wealth Fund Posts Record $26 Billion Loss in 2022

(Bloomberg) — Hong Kong’s wealth fund suffered a record HK$202.4 billion ($25.8 billion) loss in 2022, hurt by a sell-off in stocks and bonds as interest rates rose.

The Exchange Fund lost HK$80.7 billion on its portfolio of domestic and foreign stocks while its shortfall on bonds was HK$53.3 billion, the Hong Kong Monetary Authority (HKMA) said Monday. The heavy losses came even after the fund recorded a gain of HK$76.4 billion in the fourth quarter.