Japan's Government Pension Investment Fund reported ¥137.5 trillion ($1.14 trillion) in assets as of March 31, the end of its fiscal year, up 0.3% from three months earlier and up 8.6% from the year before.
An announcement Friday on the Tokyo-based fund's website reported a 2.2% investment gain for the quarter, and a 12.3% gain for the year amid continued progress in the fund's unprecedented shift into risk assets from Japanese government bonds over the past 12 months.
The latest asset allocation figures showed the GPIF rapidly closing in on the asset allocation targets announced in October 2014 of 35% for domestic bonds, 25% each for domestic and international equities and 15% for international bonds.
(The GPIF's previous targets had called for a 60% weighting in domestic bonds, 12% each in domestic and international equities, 11% in international bonds and 5% cash.)
As of March 31, the GPIF reported a weighting of 39.4% for domestic bonds, down from 43.1% three months earlier and 55.4% the year before.
Domestic equities accounted for 22% of the portfolio, up from 19.8% in the prior quarter and 16.5% the year before; international equities, meanwhile, stood at 20.9%, up from 19.6% at the end of December and 15.6% the year before.
International bonds stood at 12.6%, down from 13.1% in the prior quarter, but up from 11.1% the year before.
Cash stood at 5.1%, up from 4.3% the prior quarter and 1.5% the year before.
That shift into risk assets contributed to the fiscal-year gain, with domestic equities surging 31%, international equities up 22% and international bonds rising 13%. Domestic bonds edged up 2.8%.
The GPIF's report showed the actively managed portion of the fund's portfolio rising to ¥21.3 trillion, or 15.5% of the total, from ¥16.6 trillion, or 13.1% at the end of the prior fiscal year.
