Japan’s Government Pension Investment Fund (GPIF) said on Friday it earned a first-quarter investment return of 12.49 trillion yen – $118.4 billion – as global stock markets rallied, following its record quarterly investment loss in the previous quarter.
GPIF, the world’s largest pension fund, managed more than 162 trillion yen of assets as of end-June and its return on overall assets was 8.3% over the three-month period, it said in a statement.
Japan’s Nikkei stock average rose 23.4% during the quarter. The Dow Jones Industrial Average was up 23.3%.
Its Japanese stock portfolio achieved a 10.95% return and the foreign stock portfolio earned 19.99%.
GPIF changed its portfolio in April, evenly splitting its allocation at 25% each for domestic and foreign stocks and domestic and foreign bonds.
As of end-June, the fund had 26.33% of its portfolio in Japanese bonds, 21.8% in foreign bonds, 24.37% in domestic equities and 27.49% in foreign equities.
In the three months through March, GPIF reported a record quarterly loss of 17.71 trillion yen after global stock markets plunged during the Covid-19 pandemic.