Qatar’s sovereign wealth fund — the ninth largest in the world — is a big investor in Volkswagen and commodities company Glencore.
Those two stocks have plummeted in recent weeks, potentially leaving the fund with a paper loss of $US5.9 billion, according to Bloomberg’s Charles Stein.
The $US256 billion fund is said to have lost about $US4.8 billion from its stake in VW. The German automaker has seen its price tank after admitting to cheating emission standards..
The fund held 13% of VW preferred shares, the largest stake, in addition to 17% of VW’s common stock.
The fund held about 8.2% of commodity trading giant Glencore, whose shares have tumbled after global commodity prices dropped — losing Qatar Investment Authority another $US1.1 billion, Stein estimates.
Read the full Bloomberg article here.
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