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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 1224 trillion at the end of January, 2025. 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. 2025)
Fund Portfolio
  • Total Fund
    • Financials 99.9%
    • Welfare¡¤Other 0.1%
  • Financials
    • Equity 48.1%
    • Fixed Income* 35.3%
    • Altematives 16.6%

* Including Short-term Assets

Fund Portfolio list
Amount Weight
Total 1224.3 100%
Welfare Sector 0.2 0.0%
Financials* 1222.6 99.9%
Domestic Equity 149.3 12.2%
Global Equity 438.8 35.8%
Domestic Fixed Income 343.9 28.1%
Global Fixed Income 86.0 7.0%
Alternatives 203.5 16.6%
Short-term Assets 1.9 0.2%
Others 1.5 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. 2025)
Portfolio Changes in Value list
Current
(preliminary)
2025
(preliminary)
2024
(preliminary)
2023 2022 2021 2020
Total
(market value)
1,224,293 1,224,293 1,212,851 1,035,795 890,466 948,719 833,728
Public Sector - - - - - - -
Welfare Sector 212 212 205 202 204 201 180
Financials 1,222,630 1,222,630 1,212,257 1,035,198 889,835 948,106 833,138
Domestic Equity 149,258 149,258 139,722 148,042 125,373 165,808 176,696
Global Equity 438,823 438,823 430,997 320,361 240,894 256,625 192,752
Domestic Fixed Income 343,904 343,904 344,291 326,023 311,186 339,991 326,099
Global Fixed Income 85,958 85,958 88,293 73,673 63,288 63,896 44,883
Alternatives 203,466 203,466 206,884 164,204 146,232 119,305 90,660
Short-term Assets 1,889 1,889 3,474 2,480 2,017 2,481 2,049
Others 1,450 1,450 389 395 427 413 409
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.