Government Pension Investment Fund
Headquarters at Toranomon Hills | |
Native name | 年金積立金管理運用独立行政法人 |
---|---|
Company type | Independent Administrative Institution |
Industry | Financial services |
Founded | 2006 |
Headquarters | Toranomon Hills, Toranomon, Minato, Tokyo, Japan |
Key people | Masataka Miyazono (President) |
AUM | ¥196.6 trillion (2022) (US$1.5 trillion)[1] |
Website | www |
Government Pension Investment Fund (年金積立金管理運用独立行政法人, Nenkin Tsumitate-kin Kanri Un'yō Dokuritsu-gyōsei-Hōjin), or GPIF, is an incorporated administrative agency (an independent administrative institution), established by the Japanese government. It is the largest pool of retirement savings in the world. Japan's GPIF is the largest public fund investor in Japan by assets and is a major proponent of the Stewardship Principles.[2]
Profile
The Government Pension Investment Fund (GPIF) states that it has been established on the following investment principles:
- The overarching goal should be achieve the investment returns required for the public pension system with minimal risks, solely for the benefit of pension recipients from a long-term perspective, thereby contributing to the stability of the system.
- The primary investment strategy should be diversification by asset class, region, and timeframe. While acknowledging fluctuations of market prices in the short term, we shall achieve investment returns in a more stable and efficient manner by taking advantage of our long-term investment horizon, whilst at the same time we shall secure sufficient liquidity to pay pension benefits.
- We formulate the policy asset mix, and manage and control risks at the levels of the overall asset portfolio, each asset class, and each asset manager. We employ both passive and active investments to benchmark returns (i.e. average market returns) set for each asset class, while seeking untapped profitable investment opportunities.
- By fulfilling our responsibilities, we shall continue to maximise medium-to long-term equity investment returns for the benefit of pension recipients.
Since April 2020, the GPIF invests in a mix of roughly 50% stocks and 50% bonds. This is subdivided into 25% domestic equities, 25% international equities, 25% domestic bonds, and 25% international bonds. The amount of each asset class is allowed to deviate up to 6–8 percentage points from its target allocation.[3]
In August 2023 the GPIF reported a record quarterly profit of ¥18.98 trillion ($133.2 billion). This strong performance was attributed to high global stock performance and the weakness of the Japanese Yen which increased overseas returns. [4]
Collaboration
The GPIF has diversified investments with the following external asset management institutions:
- Aberdeen Asset Management
- Allianz Global Investors
- Asset Management One
- AXA Investment Managers
- Baillie Gifford
- BNY Mellon Investment Management
- BlackRock
- Capital Group Companies
- Citigroup
- Crédit Agricole
- Dimensional Fund Advisors
- Fidelity Investments
- Goldman Sachs
- ING
- Invesco
- Janus Capital Group
- JP Morgan
- Lazard
- Mitsubishi UFJ Financial Group
- Mizuho Financial Group
- Morgan Stanley
- Natixis Investment Managers
- Nomura
- Northern Trust
- PIMCO
- Prudential
- PGIM
- Resona Holdings
- Russell Investments
- Société Générale
- State Street Global Advisors
- Sumitomo Mitsui Financial Group
- Sun Life
- Tokio Marine
- Wellington Management
- Wells Fargo
See also
- Pension fund
- Ministry of Health, Labor, and Welfare
- Social Insurance Agency
- National Pension (Japan)—mentions International (bilateral) Social Security Agreements
- Japan Pension Service
Notes
- ^ "GPIF's Investment Style" (PDF). www.gpif.go.jp. March 31, 2022. p. in PDF on Page 3 in part 2.
- ^ "Chat with the Chief: Hiromichi Mizuno". Sovereign Wealth Fund Institute. Archived from the original on 23 March 2020. Retrieved 21 May 2018.
- ^ "FAQ (Frequently Asked Questions): How does GPIF construct its portfolio?". Government Pension Investment Fund. Retrieved 15 May 2024.
- ^ Yamazaki, Makiko (4 August 2023). "Japan's GPIF posts record quarterly profit of $133 bln". Nasdaq.com. Retrieved 4 August 2023.
External links
- Official website (English)
- GPIF SWF Institute Profile
- v
- t
- e
- There are 102 institutions as of April 1, 2012. Bold institutions employ national public servants.
- National Archives of Japan
- ja:Northern Territories Issue Association
- ja:National Consumer Affairs Center of Japan
Internal Affairs
and
Communications
- National Institute of Information and Communications Technology (NICT)
- ja:National Statistics Center
- ja:Public Foundation for Peace and Consolation
- ja:Management Organization for Postal Savings and Postal Life Insurance
Foreign Affairs
Finance
- ja:National Research Institute of Brewing
- Japan Mint
- National Printing Bureau
- Commemorative Organization for the Japan World Exposition '70
Education,
Culture,
Sports,
Science and
Technology
- ja:National Institute of Special Education
- National Center for University Entrance Examinations
- ja:National Institution For Youth Education
- ja:National Women's Education Center
- National Museum of Nature and Science
- National Institute for Materials Science
- ja:National Research Institute for Earth Science and Disaster Prevention
- ja:National Institutes for Quantum and Radiological Science and Technology
- National Institutes for Cultural Heritage
- ja:National Institute of Radiological Sciences
ja:National Center for Teachers' Development- Japan Science and Technology Agency
- Japan Society for the Promotion of Science
- RIKEN
- Japan Aerospace Exploration Agency
- ja:National Agency for the Advancement of Sports and Health
- Japan Arts Council
- ja:Japan Student Services Organization
- Japan Agency for Marine-Earth Science and Technology
- ja:Institute of National Colleges of Technology
- National Institution for Academic Degrees and University Evaluation
- Japan Atomic Energy Agency
Health,
Labour, and
Welfare
- ja:National Institute of Health and Nutrition
- ja:National Institute of Occupational Safety and Health
- ja:Organization for Workers Retirement Allowance Mutual Aid
- ja:Japan Organization for Employment of the Elderly, Persons with Disabilities and Job
Seekers - ja:Welfare And Medical Service Agency
- ja:National Center for Persons with Severe Intellectual Disabilities, Nozominosono
- Japan Institute for Labour Policy and Training
- ja:Japan Labour Health and Welfare Organization
- ja:National Hospital Organization
- ja:Pharmaceutical and Medical Devices Agency
ja:National Institute of Biomedical Innovation- ja:Readjustment of Facilities for Insured Persons and Beneficiaries Organization
- Government Pension Investment Fund
- ja:National Cancer Center
- ja:National Cerebral and Cardiovascular Center Hospital
- ja:National Center of Neurology and Psychiatry
- ja:National Center for Global Health and Medicine
- ja:National Center for Child Health and Development
- ja:National Center for Geriatrics and Gerontrogy
Agriculture,
Forestry and
Fisheries
- ja:Food and Agricultural Materials Inspection Center
- ja:National Center for Seeds and Seedlings
- ja:National Livestock Breeding Center
- ja:National Fisheries University
- ja:National Agriculture and Food Research Organization
- ja:National Institute of Agrobiological Sciences
- ja:National Institute for Agro-Environmental Sciences
- ja:Japan International Research Center for Agricultural Sciences
- ja:Forestry and Forest Products Research Institute
- ja:Fisheries Research Agency
- ja:Agriculture & Livestock Industries Corporation
- ja:Farmer's Pension Fund
- ja:Agriculture, Forestry and Fisheries Credit Foundations
Economy,
Trade and
Industry
- ja:Information-Technology Promotion Agency
- ja:Research Institute of Economy, Trade and Industry
- ja:National Center for Industrial Property Information and Training
- Nippon Export and Investment Insurance
- National Institute of Advanced Industrial Science and Technology
- National Institute of Technology and Evaluation
- New Energy and Industrial Technology Development Organization
- Japan External Trade Organization
- ja:Japan Nuclear Energy Safety Organization
- ja:Information-technology Promotion Agency
Japan Oil, Gas and Metals National Corporation- ja:Organization for Small & Medium Enterprises and Regional Innovation
Land,
Infrastructure,
Transport
and Tourism
- ja:Public Works Research Institute
- ja:Building Research Institute
- ja:National Traffic Safety and Environment Laboratory
- ja:National Maritime Research Institute
- ja:Port and Airport Research Institute
- ja:Electronic Navigation Research Institute
- ja:National Institute for Sea Training
- ja:Marine Technical Education Agency
- ja:Civil Aviation College
- ja:National Agency of Vehicle Inspection:
- Japan Railway Construction, Transport and Technology Agency
- Japan National Tourism Organization
- ja:Japan Water Agency
- ja:National Agency for Automotive Safety & Victims' Aid
- ja:Organization for Environment Improvement around International Airports
- ja:Maritime Disaster Prevention Center
- ja:Urban Renaissance Agency
- ja:Fund for the Promotion and Development of the Amami Islands
- ja:Japan Expressway Holding and Debt Repayment Agency
ja:Japan Housing Finance Agency
Environment
- ja:National Institute for Environmental Studies
- ja:Environmental Restoration and Conservation Agency
Defense
- ja:Labor Management Organization for USFJ Employees
- ja:Act on General Rules for Independent Administrative Agency
- List of Independent Administrative Institutes in Japan
- ja:Japanese administrative reforms
- ja:Government Revitalization Unit
- ja:Japanese government program review
- ja:Japanese extra-governmental organizations