Japan's Government Pension Investment Fund on Friday reported a 4.61%, or ¥7.361 trillion ($67 billion), investment gain for the quarter ended Dec. 31, lifting the value of its portfolio to ¥169 trillion.
Norihiro Takahashi, the giant Tokyo-based fund's president, in a statement posted on GPIF's website, said stock price gains at home and abroad, driven by progress in U.S.-China trade talks, boosted GPIF's portfolio returns for the latest quarter.
GPIF stopped providing asset allocation data late last year, ahead of a five-year review of the fund's asset allocation targets slated to be completed in coming months. But the fund reported returns of 9.7% for its foreign equity holdings; 8.6% for its domestic equity holdings and 0.9% for its foreign bond holdings. It suffered a negative return of 96 basis points on its holdings of domestic bonds.
For the quarter, the fund boosted its allocations to alternatives strategies by more than ¥200 billion, bringing its total holdings of alternative assets to roughly ¥830 billion, or just under half a percent of its portfolio.