Japan's Government Pension Investment Fund Friday reported investment gains of close to $100 billion for its fiscal third quarter ended Dec. 31, buoyed by double-digit equity returns at home and abroad.
The ¥10.4 trillion ($98.1 billion) windfall for the three-month period, which included ¥836 billion in interest and dividend income, lifted the value of the Tokyo-based pension giant's portfolio by roughly 6.3% to a record ¥177.7 trillion yen.
Masataka Miyazono, GPIF's president, in a statement said while the coronavirus pandemic resumed its spread globally during the quarter, expectations for the distribution of a vaccine and continued fiscal and monetary stimulus globally were able to ignite stock market gains at home and abroad.
GPIF's report for the quarter showed both domestic and foreign equities, accounting for roughly 25% each of the fund's portfolio, surging more than 11% for the period.
The fund's foreign equity holdings delivered the highest gains, at ¥5.2 trillion, but in a sign of possible rebalancing ended the period with a 25.36% share of the portfolio, down from 25.88% as of Sept. 30.
Domestic equities came next with a ¥4.7 trillion yen gain, lifting their share of the portfolio to 25.28% from 24.06%.
Overseas bonds, with a ¥524 billion yen gain, appeared to be the prime beneficiary of rebalancing, ending the quarter with a 25.71% share of the portfolio, up from 23.46% as of Sept. 30.
Domestic bonds, a category whose definition GPIF expanded in recent years to include yen-denominated cash holdings and yen-hedged foreign bonds, saw a scant ¥7.2 billion yen investment gain, with their share of the portfolio tumbling to 23.64% from 26.61%.
Following the ¥8.3 trillion yen investment loss reported for the three months ended March 31, the final quarter of the fund's prior fiscal year, the latest gains bring GPIF's returns for the first three quarters of the current fiscal year to ¥27.8 trillion yen – more than ¥10 trillion ahead of its previous record gain for a full fiscal year of ¥15.3 trillion for the 12 months ended March 31, 2015.
The fund's holdings of alternative assets – included within the four main asset segments of domestic and foreign stocks and bonds, depending on their characteristics – edged up to 67 basis points of the portfolio from 60 basis points at the close of the previous quarter.
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February 05, 2021 at 02:31PM
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Japan's GPIF reports close to $100 billion in quarterly investment gains - Pensions & Investments
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