Japan’s Government Pension Investment Fund (GPIF) earned 16.18 trillion yen (US$103 billion) investment income and a return of 5.84% in October-December, the third quarter of its current fiscal year ending March 31, 2026, on the back of the global stock market rally.
That was up from 14.4 trillion yen and a return of 5.52% in the quarter to September.
Assets as of end-December were 293.4 trillion yen, up from 258.6 trillion yen a year ago.
GPIF, the world’s largest pension fund, announced the figures in a statement on February 6, attributing the third-quarter performance to the global stock market rally fuelled by the artificial intelligence boom.
Foreign equities, which constitute 25.34% of the GPIF’s assets, returned 9.73% in the quarter to December, slightly better than the 9.71% gain in the MSCI All Country World Index, the fund’s foreign equity benchmark.
Japanese equities, which account for 24.67% of its assets, returned 8.89%, better than the Tokyo Stock Price Index’s 8.82% gain.
Meanwhile, the GPIF earned a return of 7.14% from investments in foreign bonds but lost 2.07% on domestic bonds.
