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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 984 trillion at the end of September, 2023. 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-Sep. 2023)
Fund Portfolio
  • Total Fund
    • Financials 99.9%
    • Welfare·Other 0.1%
  • Financials
    • Equity 44.0%
    • Fixed Income* 39.5%
    • Altematives 16.6%

* Including Short-term Assets

Fund Portfolio list
Amount Weight
Total 984.2 100%
Welfare Sector 0.2 0.0%
Financials* 983.1 99.9%
Domestic Equity 137.4 14.0%
Global Equity 295.1 30.0%
Domestic Fixed Income 314.1 31.9%
Global Fixed Income 72.2 7.3%
Alternatives 163.0 16.6%
Short-term Assets 1.7 0.2%
Others 0.8 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-Sep. 2023)
Portfolio Changes in Value list
Current
(preliminary)
2023
(preliminary)
2022 2021 2020 2019 2018
Total
(market value)
984,161 984,161 890,466 948,719 833,728 736,654 638,781
Public Sector - - - - - - -
Welfare Sector 214 214 204 201 180 166 145
Financials 983,133 983,133 889,835 948,106 833,138 736,079 638,217
Domestic Equity 137,419 137,419 125,373 165,808 176,696 132,261 108,914
Global Equity 295,056 295,056 240,894 256,625 192,752 166,528 112,961
Domestic Fixed Income 314,063 314,063 311,186 339,991 326,099 320,751 310,993
Global Fixed Income 72,193 72,193 63,288 63,896 44,883 30,462 26,587
Alternatives 162,980 162,980 146,232 119,305 90,660 84,295 76,620
Short-term Assets 1,691 1,691 2,017 2,481 2,049 1,782 2,143
Others 814 814 427 413 409 408 420
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.