日志
World's Biggest Pension Fund Loses $52 Billion as Stocks Slump
|
The world’s biggest pension fund posted a $52 billion loss last quarter as stocks tumbled and the yen surged, wiping out all investment gains since it overhauled its strategy by boosting shares and cutting bonds.
Japan’s Government Pension Investment Fund lost 3.9 percent, or 5.2 trillion yen ($52 billion), in the three months ended June 30, reducing assets to 129.7 trillion yen, it said in Tokyo on Friday. That erases a 4.1 trillion yen investing return for the previous six quarters starting October 2014, the month it decided to put half its assets into equities.
More from Bloomberg.com: Uber Loses at Least $1.2 Billion in First Half of 2016
The quarterly decline follows a 5.3 trillion yen loss in the fiscal year through March, the worst annual performance since the global financial crisis. After benefiting from a surge in Japanese equities and a weaker yen earlier in Prime Minister Shinzo Abe’s term, GPIF has posted losses as domestic stocks tumble and gains in the currency reduce the value of overseas assets. Still, for Sumitomo Mitsui Trust Bank Ltd., that’s no reason to veer from the current approach.
“Since its investments are tied to market moves, it’s natural that this would happen and there’s no point looking at it with a short-term view,” said Ayako Sera, a Tokyo-based market strategist at the bank. “GPIF is so big that its losses look huge even though the fluctuations in its investments just mirror the market.”
More from Bloomberg.com: The Senator’s Daughter Who Raised Prices on the EpiPen
The fund’s Japanese shares sank 7.4 percent in the period as the benchmark Topix index lost 7.5 percent. More than 80 percent of GPIF’s local equity investments are passive. Overseas stocks lost 7.8 percent, while foreign debt fell 8 percent, as the yen surged 9.1 percent against the dollar. The only asset class to post a profit was domestic bonds, which rose in value as the Bank of Japan’s negative interest rates sent yields lower.
For a QuickTake on Japan’s pension fund, click here.
“We invest with a long-term view,” President Norihiro Takahashi said in a statement Friday. “Even if market prices fluctuate in the short term, it won’t damage pension beneficiaries. We are also strengthening risk management and continuing to hire experts.”
More from Bloomberg.com: How to Get a First Class Upgrade Every Time
GPIF held 21 percent of investments in local stocks at the end of June, and 39 percent in domestic bonds. Overseas equities made up 21 percent of assets, while foreign debt accounted for 13 percent. Alternative investments were 0.05 percent of holdings, down from 0.06 percent at the end of March. GPIF targets allocations of 25 percent each for Japanese and overseas stocks, 35 percent for local bonds and 15 percent for foreign debt.
More from Bloomberg.com
- Bond Traders Are Desperate for Direction From Yellen in Jackson Hole
- Chinese Takeovers Trigger Global Backlash Ahead of G-20 Summit
- A $67,000 Home Robbery Exposes $500 Billion Problem in Argentina
Read World’s Biggest Pension Fund Loses $52 Billion as Stocks Slump on bloomberg.com
全球最大养老基金季亏520亿美元 英国公投退欧惹的祸？
全球最大养老基金——日本政府年金投资基金（GPIF）今年第二季度投资巨亏，当季亏损额比上财年还高。GPIF将此归咎于英国公投退欧的结果导致日元升值。
当地时间本周五，GPIF公布财报显示，截至今年6月末的2016财年第一财季，GPIF投资亏损520亿美元，比上一财年510亿美元的亏损额还高。而2015财年已经是金融危机以来GPIF业绩最差的财年。
由于此巨亏，第一财季GPIF资产价值跌落1.3万亿美元，当季投资损失3.88%，继此前一季度报亏3.52%后跌幅又有扩大。以下2001到2016财年累计投资收益图表来自GPIF。
GPIF总裁Norihiro Takahashi称，今年第二季度大部分时间，美元对日元汇率的走势都“感觉没有清晰的方向。”但他特别提到，6月有两大因素导致日元走强、日股下跌：
Takahashi的看法不无道理，6月24日英国退欧结果公布当天，美元兑日元盘中一度跌破100整数关口，跌至99.02，日本东证指数暴跌7%。那天距离二季度结束还有不到一周。
不过，英国《金融时报》报道指出，即使在英国公投前，东证指数也已经在走低，今年4月到6月23日，该指数累计下跌8%，到6月末跌幅还收窄了3个百分点。
报道称，一些分析师认为，日股下跌体现出，投资者怀疑日本央行的负利率政策能有多大效果。
华尔街见闻本月初文章还提到，2015财年GPIF之所以出现巨亏，该基金持股价值缩水和日元升值只是表面原因，根本原因是日本央行的宽松政策。
2013年4月，日本央行推出规模史无前例的超级宽松项目，无限期、开放式大规模购买国债，短期内提高了GPIF所持国债的价值，却压低了收益率，迫使GPIF寻找回报更高的资产，否则长此以往将无法完成自身既定的收益率目标。
今年1月末日本央行宣布实行负利率后，日本10年期国债收益率逐渐滑入负值区间，更让GPIF对日本国债“唯恐避之不及”。GPIF持有的到期国债不可能再继续买入新发行利率为负的国债，只能购买股票和其他资产。
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%，日本债券持仓占比由60%降至35%。如今，GPIF的日本国债持仓占比仅剩37.55%。
目前，GPIF持有占市值1%的全球股票和占市值7%的日本股票，股票持仓占比为44%，较一年多前上升了近15个百分点，距目标占比还差5个百分点。
然而，今年第二季度GPIF的巨亏意味着，2014年10月以来该基金调整策略增持股票的所有收益都化为乌有。
