Thailand’s Government Pension Fund (GPF) aims to outperform inflation by as much as 3% this year, and may adjust its strategic asset allocation to align with the volatile investment environment.
The finance ministry has forecast Thailand’s inflation to come in at 1-3% this year.
“We hope to achieve a return of 2%-3% above inflation,” Songpol Chewapayaroj, secretary-general of the GPF, said at a press conference on February 4 when the fund released its 2025 results. “Our focus this year will be encouraging members to diversify their investment plans and to increase their savings.”
“Under volatile economic conditions stemming from various factors, including economic uncertainty in major countries and geopolitical risks both domestically and internationally, the GPF must closely monitor the situation and proactively drive investment by adjusting its strategic asset allocation policy to align with the changing investment environment,” he added.
The GPF posted a return of 5.18% in 2025, well above inflation which came in at 0.5%, with positive returns across all of its investment funds.
The gold fund was the best performer with a return of 52.78% as the price of gold soared to record highs, far ahead of the global equity fund and Thai real estate fund, the second and third best performers with returns of 17.47% and 9.38%, respectively.
The GPF manages retirement savings of civil servants, with 1.27 million members and 1.49 trillion baht (US$46.87 billion) of assets under management as of end-2025.
