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Portfolio Overview

Since the National Pension Fund (NPF) was established under the National Pension Act in 1988, the NPF has grown exponentially to reach KRW 1049 trillion at the end of January, 2024. The National Pension Service (NPS) focuses on delivering stable returns and better managing risks by scaling down the allocation to domestic fixed income and ramping up investments in overseas and alternative assets as part of its portfolio diversification strategy.

Fund Portfolio

(in trillion won, as of end-Jan. 2024)
Fund Portfolio
  • Total Fund
    • Financials 99.9%
    • Welfare·Other 0.1%
  • Financials
    • Equity 45.5%
    • Fixed Income* 38.2%
    • Altematives 16.2%

* Including Short-term Assets

Fund Portfolio list
Amount Weight
Total 1048.8 100%
Welfare Sector 0.2 0.0%
Financials* 1047.3 99.9%
Domestic Equity 138.1 13.2%
Global Equity 338.9 32.3%
Domestic Fixed Income 322.1 30.7%
Global Fixed Income 76.4 7.3%
Alternatives 170.0 16.2%
Short-term Assets 2.0 0.2%
Others 1.3 0.1%

* The figures include tactical foreign exchange exposure, etc.

Note:
  • To help better understand the composition of its portfolio, the NPS publishes the latest asset mix at the end of each month.
  • The figures above are preliminary estimates.

Portfolio Changes in Value

(in billion won, as of end-Jan. 2024)
Portfolio Changes in Value list
Current
(preliminary)
2024
(preliminary)
2023
(preliminary)
2022 2021 2020 2019
Total
(market value)
1,048,789 1,048,789 1,035,795 890,466 948,719 833,728 736,654
Public Sector - - - - - - -
Welfare Sector 207 207 202 204 201 180 166
Financials 1,047,330 1,047,330 1,035,198 889,835 948,106 833,138 736,079
Domestic Equity 138,074 138,074 148,042 125,373 165,808 176,696 132,261
Global Equity 338,930 338,930 320,361 240,894 256,625 192,752 166,528
Domestic Fixed Income 322,100 322,100 326,023 311,186 339,991 326,099 320,751
Global Fixed Income 76,395 76,395 73,673 63,288 63,896 44,883 30,462
Alternatives 169,970 169,970 164,204 146,232 119,305 90,660 84,295
Short-term Assets 2,020 2,020 2,480 2,017 2,481 2,049 1,782
Others 1,252 1,252 395 427 413 409 408
Note:
  • Until a fund management assessment is completed, preliminary estimates are provided.
  • The figures above might not add up due to rounding.
  • The figures in Financial Assets include tactical foregin exchange exposure, etc.