GPIF, World’s Top Pension, Has Record Seventh Quarterly Gain

The world’s largest pension fund posted a record seventh straight quarter of gains in the three months ended December, as stocks outside Japan helped the fund boost returns.

Japan’s Government Pension Investment Fund gained 2.8% in the quarter, with assets climbing to a record 199.3 trillion yen ($1.73 trillion), the fund said in Tokyo.

The GPIF has achieved successive quarterly gains since it rebounded from a record 17.7 trillion yen loss triggered by the equity rout during the emergence of Covid two years ago. It’s the longest streak of positive returns on record, according to data from the fund dating back to fiscal 2008.

Equities outside Japan returned 10.5%, while domestic stocks lost 1.6% amid market disappointment with Prime Minister Fumio Kishida as well as worries over the Federal Reserve’s potential tightening. Overseas debt added 2.5% and Japanese bonds lost 0.02%.

Source: Bloomberg