Government Pension Investment Fund
(Jul. 7, 2023)

Overview of Fiscal 2022
Investment Results

Fiscal 2022

Since Fiscal 2001

+1.50%+3.59%(annual rate)

Rate of return(annual rate)(annual returns)(cumulative returns)(+¥2,953.6    billion)(Returns)(+¥108,382.4    billion)

As of the end of fiscal 2022

¥200,132.8    billion

Asset size(Note) Rate of return and returns are marked to market as of the end of fiscal 2022 and include unrealized gains and losses.

Returns are marked to market as of the end of fiscal 2022, and include unrealized gains and losses. GPIF manages
pension reserve fund with long-term perspective. While short-term portfolio returns are influenced by the current market trends, investment results should be monitored with long-term horizon.
Regarding investment of pension reserve, while market fluctuations may cause capital losses (realized and unrealizedlosses due to price fluctuations) in the short term, investment income (interest dividend income), which has increased
steadily since fiscal 2001, is relatively immune to such volatility.

Cumulative returns since fiscal 2001(¥billion)
120,000

108,382.4

105,428.8
100,000

Capital gains

95,336.3

80,00063,441.3 65,820.8
50,733.8

40,00020,000013,425.8
537.8-587.4

1,189.6-3,040.5

2,021.1
1,851.1

4,463.8
3,127.0

4,474.9

20,751.8

17,370.3
6,115.5

11,852.5 10,315.7 12,509.4

23,005.0

25,547.4

28,080.830,859.7

33,900.6

37,141.2

40,154.0

43,352.3

47,052.7

14,602.6 16,636.7

11,689.3 11,389.4

8,116.4

57,537.7
45,423.9

35,441.5
25,220.9

53,360.3

18,610.7
13,998.6

2,504.3-20,000
FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022

Investment income

60,000Investment Results in Fiscal 2022
[1] Investment results
Rate of investment return / Amount of investment returns
The rate of investment return for fiscal 2022 is

The amount of investment returns for fiscal 2022 is+1.50%+¥2,953.6    billion

.

1Q.

2Q

3Q

4Q

Total

-1.91%-0.88%-0.97%

5.41%

1.50%

-¥3,750.1 billion-¥1,722.0 billion-¥1,853.0 billion¥10,278.8 billion¥2,953.6 billion-1.31%-0.79%-1.73%

2.12%-1.74%-¥638.2 billion-¥398.2 billion-¥847.5 billion¥1,032.3 billion-¥851.7 billion

2.71%-1.54%-5.33%

4.33%-0.12%¥1,315.0 billion-¥764.4 billion-¥2,665.1 billion¥2,058.2 billion-¥56.2 billion-3.68%-0.84%

3.24%

7.03%

5.54%

-¥1,812.0 billion-¥367.9 billion¥1,567.0 billion¥3,341.7 billion¥2,728.8 billion-5.36%-0.49%-0.05%

8.19%

1.84%

-¥2,614.9 billion-¥191.6 billion¥92.6 billion¥3,846.6 billion¥1,132.7 billion

Total

Domestic bonds

Foreign bonds

Domestic equities

Foreign equities(Note 1) Fiscal 2022 runs from April 1, 2022 to March 31, 2023.
(Note 2) The rate of return within total assets and each asset class is time-weighted, and is gross of fees (the same shall apply hereinafter).
(Note 3) Investment returns are gross of fees (the same shall apply hereinafter).
(Note 4) JPY hedged foreign bonds and yen-denominated short-term assets are classified as Domestic bonds, and foreign currency-denominated short-term assets areclassified as Foreign bonds.
(Note 5) Alternative asset funds contain a mixture of asset classes, and the investment returns of such funds are allocated to each asset on a pro-rata basis according to thetargeted asset composition ratio in the investment plan at the start of investment of such funds (the same shall apply hereinafter).
(Note 6) The rate of time-weighted investment return on total alternative assets for fiscal 2022 is 9.45% (infrastructure at 8.84%, private equity at 14.13%, and real estate
at 8.32%).
(Note 7) Due to rounding off, the sum of each item in individual quarters does not necessarily match the total.

  Cumulative returns and asset size since fiscal 2001
Cumulative returns from fiscal 2001 to fiscal 2022 are+¥108,382.4 billion
and the value of investment assets at the end of fiscal 2022 is¥200,132.8 billion.

Cumulative return(¥billion)

120,000+108,382.4+105,428.8
100,000+95,336.3

80,000+63,441.3 +65,820.8
60,000+50,733.8 +53,360.3+35,441.5

40,000+57,537.7+45,423.9+25,220.9+17,370.3+13,425.8+11,852.5 +11,689.3 +13,998.6+4,463.8+2,504.3+1,851.1+11,389.4

20,0000-587.4-3,040.5–20,000

FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022

Asset size(¥billion)

250,000
Market investments
FILP bonds

196,592.6 200,132.8
186,162.4

200,000

150,000
114,527.8 119,886.8 117,628.6
102,871.4

100,000

122,842.5

116,317.0 113,611.2 120,465.3126,577.1

137,476.9 134,747.5

156,383.2 159,215.4 150,633.2
144,903.4

87,227.8
70,341.1

50,000 38,601.4

050,214.3

FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022(Note) There were no FILP bonds outstanding as of the end of fiscal 2020.

  Investment assets and portfolio allocation(Reserve Funds managed by GPIF and the Pension Special Account)
Inside: policy asset mix (figures in parentheses
indicate deviation limits)
Outside: at the end of March 2023

Domestic bonds

Foreign equities

24.32%¥49,986.5 billion

25%

26.79%¥55,062.2 billion25%( ± 7%)( ± 7%)

50% 50%(±11%)

25%

25%( ± 8%)

Domestic equities(±11%)( ± 6%)

Foreign bonds

24.39%¥50,122.5 billion

24.49%¥50,333.7 billion

Market value(¥billion)

Allocation ofPension Reserve (1)Domestic bonds

55,062.2

26.79%

Foreign bonds

50,122.5

24.39%

Domestic equities

50,333.7

24.49%

Foreign equities

49,986.5

24.32%

Total

205,504.8

100.00%

Allocation ofPension Reserve (2)51.18%
48.82%
100.00%(Note 1) The figures above are rounded off, so the sum of each item does not necessarily match the total number.
(Note 2) The amounts in the Market value column include accrued income and accrued expenses.
(Note 3) While the pension reserve as a whole includes reserves managed under the pension special account as of the end of fiscal 2022 (about ¥5.4 trillion), this amount isprior to the adjustment for revenues and expenditures and differs from the amount in the final settlement of accounts.
(Note 4) JPY hedged foreign bonds and yen-denominated short-term assets are classified as Domestic bonds, and foreign currency-denominated short-term assets areclassified as Foreign bonds.
(Note 5) The percentage of the alternative investments: 1.38% (within maximum 5% of total portfolio)  Allocation changes for each asset class due to rebalancing

Allocated/withdrawn(Unit: ¥billion)

Domestic bonds

Foreign bonds

Domestic equities

Foreign equities+3,022.4+1,502.1-2,002.9-1,914.5(Note) Each figure shows the net rebalancing amount.