World’s Biggest Pension Fund Adds $2.4 Billion
The world’s biggest pension fund posted its second straight quarterly gain as overseas stocks and bonds generated returns even as most major currencies depreciated against the yen.
Japan’s Government Pension Investment Fund returned 0.2%, or 257 billion yen ($2.4 billion), in the three months ended June 30, with assets totaling 159.2 trillion yen, it said Friday in Tokyo. Overseas stocks were the fund’s best performing investment, returning 1.3%, followed by overseas debt and domestic bonds. Its Japanese stocks lost 2.3%. The allocation to foreign debt and equities reached record highs in percentage terms, according to the GPIF.
Despite weakness in the dollar and euro, assets abroad helped the GPIF extend its recovery from a record loss of 14.8 trillion yen during the final quarter of 2018. The fund revealed in its annual report last month it was buying overseas bonds with hedges against possible yen fluctuations for the first time.
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