국민연금기금운용본부

Investment Returns

(%, in billion won, as of end-Nov. 2024)

기금 적립금 현황 표

	2024 (Preliminary)		2023		3-Year (2021-2023)		Since Inception (1988~2023)
	Rate		Rate	Amount	Rate	Amount	Rate	Amount
	YTD	Annualized
Total	12.57	12.66	13.59	126.715	5.04	138,378	5.92	577,999
Welfare Sector	2.28	2.29	0.94	2	-0.46	-3	5.74	601
Financials	12.58	12.67	13.61	126,686	5.04	138,331	5.88	558,047
Domestic Equity	-4.94	-4.94	22.12	27,438	0.21	957	6.53	105,064
Global Equity	29.72	29.72	23.89	59,907	11.96	85,556	11.04	167,506
Domestic Fixed Income	5.96	6.18	7.40	24,492	0.15	1,519	3.61	175,606
Global Fixed Income	12.03	12.30	8.84	6,087	3.47	6,526	4.02	19,886
Alternatives	9.32	9.32	5.80	8,833	11.39	42,870	9.28	88,122
Short-term Assets	5.14	5.14	4.23	181	1.63	197	3.18	1,767
Others	1.49	1.63	2.09	28	1.22	50	1.48	269

Note:

• All the rates of return (%) in the table above are money weighted.
• Until a fund management assessment is completed, preliminary estimates are provided.
• In this table, the mid-year returns for Alternatives are on a pre-fair value basis.
• The return (investment income) might not add up due to rounding.
• When calculating a rate of return, the actual investment management fees, including "performance-based fees", are reflected.
• 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 Returns (KRW)

(%, %p, as of end-Nov. 2024)

Excess Returns (KRW) chart

	2024(Preliminary)			2023			3-Year Average(2021~2023)
	Actual	Benchmark	Excess	Actual	Benchmark	Excess	Actual	Benchmark	Excess
Domestic Equity	-4.98	-5.58	0.59	22.14	21.35	0.79	-0.04	-0.48	0.44
Global Equity	29.90	30.67	-0.77	24.27	24.90	-0.63	12.15	12.52	-0.38
Domestic Fixed Income	6.16	6.04	0.12	8.08	7.89	0.19	0.28	0.18	0.10
Global Fixed Income	12.35	12.60	-0.25	9.32	9.66	-0.34	3.65	3.65	0.00

※ 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:

• All actual rates of return (%) in the table above are time weighted.
• Until a fund management assessment is completed, preliminary estimates are provided.
• When calculating a rate of return, actual investment management fees, including "performance-based fees", are deducted.
• Administrative expenses (internal management fees and other indirect costs) are not deducted.

Excess Returns (USD)

(%, %p, as of end-Nov. 2024)

Excess Returns (USD) chart

	2024(Preliminary)
	Actual	Benchmark	Excess
Global Equity	20.09	20.58	-0.49
Global Fixed Income	3.92	3.91	0.01

Note:

• Actual rates of return (%) in the table above are time weighted.
• Until a fund management assessment is completed, preliminary estimates are provided.