日志
Japan pension fund posts US$21b investment gain in July-Sept quarter
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Japan pension fund posts US$21b investment gain in July-Sept quarter
Friday, 25 November 2016 | MYT 3:08 PM
TOKYO: Japan's Government Pension Investment Fund (GPIF), the world's largest pension fund, posted a gain of 2.37 trillion yen (US$20.9 billion) in the fiscal second quarter thanks to a rebound in global stock markets.
The result follows GPIF's historic policy shift in 2014 of increasing its investments in riskier assets such as stocks for higher returns.During the quarter, world stocks rebounded from lows hit after Britain voted in June to leave the European Union, which triggered a surge in the yen against the dollar.
"Global investors became more eager to take risks in their investments as oil prices turned stable, which sent the S&P 500 index to a historic high during the quarter," GPIF president Norihiro Takahashi said in a statement.
Stocks rose on expectation for the positive outcome from the government's economic stimulus measures, he added.
In the three months through September, Japan's benchmark Nikkei 225 gained 5.6%.
GPIF, which managed 132.8 trillion yen worth of assets as of September, had a return of 1.84% in the quarter, generating paper gains of 2.37 trillion yen.
Of GPIF's four asset classes, the Japanese stock portfolio had a return of 7.14%, while the Japanese bond portfolio had a negative return of 1.34%.
The GPIF's late 2014 investment shift saw it reduce its reliance on low-yielding domestic bonds and increase weightings of stocks and other riskier assets.
Of all the pension reserve which also included 8.4 trillion yen pooled at Japan's health ministry, 21.59% was allocated to Japanese stocks, underweighting the target set in 2014.
It allocated 36.15% of assets to the domestic bonds, overweighting the target.
GPIF said it had owned shares in 2,120 stocks through March 31, which included Toyota Motor Corp, Mitsubishi UFJ Financial Group, Nippon Telegraph & Telephone Corp, Honda Motor Co and KDDI Corp.
GPIF also had owned Japanese bonds issued by 488 entities, including the Japanese government, Japan Expressway Holding and Debt Repayment Agency and Japan Finance Organization for Municipalities.
GPIF directly invests only in a portion of bonds, while it asks other financial institutions to manage most of the bonds and all the stocks. - Reuters
连亏四个季度后 全球最大养老基金终于赚钱了
2016年11月25日 17:04:03
受益于股市反弹，全球最大养老基金终于摆脱四季度连亏的困境。
今日，日本政府养老投资基金(Government Pension Investment Fund, GPIF)公布，7-9月获利2.4万亿日元(210亿美元)，回报率1.84%，资产规模增至132.1万亿日元。
GPIF理事长高桥则广在声明中指出，政府推出的经济刺激措施为市场带来积极预期，推动股市上涨。
按资产类别来看，股票方面，日股占其投资组合的22%，回报率为7.14%，同期东证指数涨幅约6%，海外股票占投资组合比重为21%，回报率为3.7%，GPIF所持国内外股票价值增加3.1万亿日元；债券方面，日债亏损1.34%，海外债券亏损0.2%，所持债券共亏损7069亿日元。
（图片来自GPIF报告）
华尔街见闻此前提及，2014年11月日本政府批准GPIF增持日股风险敞口，长期占比由18%升至34%，日本债券持仓占比则由60%降至35%。GPIF从债市转向股市，这不免遭到来自反对党的压力，日本民主党秘书长Yukio此前表示，这完全是在利用国家的养老金赌博。
不过，GPIF三季度扭亏为盈，再加上特朗普当选后美股连连刷新纪录，日股涨幅扩大，股市前景相对较好，对于GPIF策略的批评声可能要减弱了。Shinkin Asset Management首席基金经理Naoki Fujiwara则警示称，本月GPIF的表现可能不错，不过这种情况能否长期保持还需谨慎。
