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    At NPS, rates of return, which represent the investment performance of the Fund, are calculated in two ways: Money-Weighted Rate of Return (MWRR) and Time-Weighted Rate of Return (TWRR).

    Return by Asset Class

    (%, In billion won)

    자산별 성과내역(원화 기준): 성과내역(원화)를 2025년(잠정치), 2024년, 2022년 부터 2024년말(3개년), 1988~2024년 말(설정후) 로 나타낸 표
      2025 2024 3-Year
    (2022-2024)    		 Since Inception
    (1988~2024)
    Rate Rate Amount Rate Amount Rate Amount
    YTD
    Total

    17.34

    15.00

    159,712

    6.98

    206,875

    6.82

    737,711

    Welfare Sector

    1.73

    1.06

    2

    0.59

    3

    5.65

    603

       Financials

    17.36

    15.02

    159,681

    6.99

    206,799

    6.80

    717,728

       Domestic Equity

    70.07

    -6.94

    -10,240

    -4.64

    -20,258

    5.40

    94,824

       Global Equity

    20.44

    34.32

    112,097

    16.50

    139,160

    15.17

    279,603

       Domestic Fixed Income

    0.73

    5.27

    17,612

    2.35

    23,475

    3.71

    193,217

       Global Fixed Income

    6.34

    17.14

    13,309

    7.55

    16,113

    5.80

    33,196

       Alternatives

    5.89

    17.09

    29,535

    10.99

    49,987

    10.48

    117,657

       Short-term Assets

    2.25

    6.43

    263

    3.46

    413

    3.40

    2,030

    Others

    1.27

    2.14

    29

    1.79

    72

    1.52

    297
    Note:
    • 1) All the rates of return (%) in the table above are money weighted.
    • 2) Until a fund management assessment is completed, preliminary estimates are provided.
    • 3) In this table, the mid-year returns for Alternatives are on a pre-fair value basis.
    • 4) The return (investment income) might not add up due to rounding.
    • 5) When calculating a rate of return, the actual investment management fees, including "performance-based fees", are reflected.
    • 6) When calculating mid-year returns, the administrative expenses (internal investment management fees and other indiriect costs) are not deducted. However, they are deducted from the financial assets when calculating an end-year rate of return.

    Excess Return (in KRW)

                                                                                                                                                                                                                                                            (%, %p)

    초과성과 내역 (원화 기준): 초과성과(원화)를 2025년(잠정치), 2024년, 2022년 부터 2024년말(3개년)까지로 나타낸 표

    2025

    2024

    3-Year Average(2022~2024)
    Actual Benchmark Excess Actual Benchmark Excess Actual Benchmark Excess
    Domestic
    Equity

    70.70

    67.23

    3.47

    -6.96

    -7.71

    0.76

    -4.25

    -4.97

    0.66
    Global
    Equity

    20.25

    19.72

    0.53

    34.55

    35.37

    -0.83

    13.51

    13.87

    -0.36
    Domestic
    Fixed Income

    0.58

    0.51

    0.07

    5.47

    5.36

    0.11

    2.51

    2.40

    0.11
    Global
    Fixed Income

    5.67

    5.26

    0.41

    17.65

    18.16

    -0.51

    6.89

    6.83

    0.07


    ※ Benchmark

    • ㆍDomestic Equity: KOSPI
    • ㆍGlobal Equity: MSCI All Countries World Index (ex Korea, Unhedged-to-KRW, customized tax rate)
    • ㆍDomestic Fixed Income: Customized Index
    • ㆍGlobal Fixed Income: NPS Customized Index(ex KRW, Partial-hedged(Other Currencies-USD), Unhedged(USD-KRW))
    Note:
    • 1) All actual rates of return (%) in the table above are time weighted.
    • 2) Until a fund management assessment is completed, preliminary estimates are provided.
    • 3) When calculating a rate of return, actual investment management fees, including "performance-based fees", are deducted.
    • 4) Administrative expenses (internal management fees and other indirect costs) are not deducted.

    Excess Return (in USD)

                                                                                                                                                                                                                                      (%, %p)

    초과성과 내역 (달러 기준) 표: 초과성과(달러)를 2025년(잠정치) 로 나타낸 표

    2025
    Actual Benchmark Excess
    Global Equity

    20.69

    20.32

    0.37
    Global Fixed Income

    6.08

    5.79

    0.29

    Note:

    1) Actual rates of return (%) in the table above are time weighted.

    2) Until a fund management assessment is completed, preliminary estimates are provided.

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