Japan’s Government Pension Investment Fund, Tokyo, the world’s largest pension fund, reported a rate of investment return of 1.5% amounting to ¥2.95 trillion ($22.2 billion) for the fiscal year ended March 31.
The results brought the fund's total assets to ¥200.13 trillion, up from ¥196.59 trillion the previous year, according to a summary of its investment results posted on Friday.
Its fourth quarter saw a 5.4% return after four consecutive quarters of losses as domestic and global stock markets recovered. While each asset class contributed positive returns to the fund's portfolio in the fourth quarter of fiscal 2022, the fund's domestic and foreign bonds returned -1.7% and -0.1%, respectively, for the year.
Domestic bonds returned 2.1% for the quarter, while foreign bonds had 4.3% returns.
The fund's domestic equity portfolio returned 7% for the quarter, and 5.5% for the year, while its foreign equities had 8.2% returns for the quarter, and 1.8% for the year.
During the year, the fund also made allocation changes, adding ¥3.02 trillion to domestic bonds, ¥1.5 trillion to foreign bonds, and reducing exposure to domestic equities by ¥2 trillion and to foreign equities by ¥1.91 trillion, according to the report.
GPIF's asset allocation as of March 31 was 26.8% domestic bonds, 24.5% domestic equities, 24.4% foreign bonds and 24.3% foreign equities.