Korea’s National Pension Service (NPS) reported a 10.26% investment return through the first two months of 2026, down from 11% a year ago, as semiconductor stocks drove a 49.82% gain from its Korean equity investments, mirroring the surge in the benchmark stock index.
The NPS announced the figures for January-February in a statement on its website on April 29, attributing them to the “sustained strong performance of the Korean stock market, centred around semiconductors”.
The Korea Composite Stock Price Index jumped 48.17% in the two-month period.
“The fund’s strong performance was largely fuelled by increased demand for semiconductor-related equities, driven by the rise of artificial intelligence and other advanced technologies. This surge significantly contributed to the overall return,” the NPS says.
By contrast, the pension giant lost 0.24% from its Korean bond portfolio as higher interest rates reduced valuations.
The return from its foreign equity portfolio was3.27%, which the NPS credited to “solid performance of US companies, despite ongoing geopolitical uncertainties”. TheMSCI All Country World Index rose 3.75% in January through February.
The NPS is the world’s third largest pension fund, with around 1,610 trillion won (US$1.08 trillion) of assets.
