5 According to Annual Report Fiscal Year 2021, GPIF 0 4 Investment assets as of September 2022, GPIF (Source: Aggregated data excluding in-house investment on “Investment assets by manager, etc. (market value at the end of fiscal 2021)”, Annual Report Fiscal Year 2021, GPIF) Government Pension Investment Fund (GPIF) If you look at pension funds, GPIF is one of the world’s largest public pension funds with assets under management of massive 190 trillion yen4. GPIF's asset allocation had been centered on domestic bonds in the past, while the foreign investment ratio has expanded to about 50% as a result of recent asset allocation review. GPIF - Who manages the assets？ The pension market is quite competitive as trust banks as well as asset managers are in the market to win the large mandates. Currently, about 90%5 of GPIF’s assets are managed passively. Consequently, overseas passive managers with strong capabilities could be positioned as the top-tier on the list. GPIF also seeks to improve performance by increasing allocations to alternative assets, such as private equity, infrastructure and real estate, up to 5% of total asset. GPIF Asset Under Management and Asset Mix25020015010050Mar2014Mar2015Mar2016ST Investments(Source: Our Performance, GPIF) (In JPY Trillion)Mar2017Mar2019Mar2018Japanese BondsMar2020303120211432183119705753353942373541393620242836484543376 Mar2021Mar2022Sep2022Global Bonds514748475047474949505354
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