Taiwan’s Public Service Pension Fund (PSPF) earned NT$45.5 billion (US$1.49 billion) investment income and a return of 4.53% in the first eight months of the year as domestic stocks rallied on the strong earnings of artificial intelligence and semiconductor firms.
Taiwan’s benchmark stock index has been rising steadily since April, and was up more than 5% from January through August.
The PSPF’s internally managed equities portfolio earned NT$17.1 billion investment income or 38% of the total and a return of 8.85% in the eight months through August, the pension fund says in a statement on October 2.
Equities investments managed by its external asset managers earned NT$30.6 billion and a return of 6.72%.
The PSPF, a retirement fund for civil servants, teachers and military personnel, had NT$981.9 billion of assets under management as of end-August, with more than 45%, mostly in equities, outsourced to external managers.
The equity gains stand in contrast to PSPF’s bond investments, which incurred a loss of NT$2.2 billion.