Investment results for 2Q of fiscal 2017
Government Pension Investment Fund, JapanThe Government Pension Investment Fund (GPIF) manages the public pension fund in the long-term and its investment results
should be assessed in the same manner. In addition to the annual report, which is legally required, the GPIF publishes
the quarterly report to enhance the transparency to the public.
Please note that the results include the change of the fair market value and that the results tend to fluctuate in accordancewith the market movement.
From fiscal 2001
to 2Q of fiscal 20172017 2Q＋２.９７％(Not annualized)
Rate of investment return(Investment income/loss (＋４,４５１.７ (Income and dividend(￥billion))income ５７３.９))＋３.２０％(Annualized)(＋６２,９２７.２ (Income anddividend income ２９,５５６.４))

1５６,８１７.７(End of the second quarter of fiscal 2017)

Total assets(￥billion)

Cumulative investment income (FY2001-2017 2Q)(￥billion)
70,00062,927.2

60,00053,360.3
50,733.8

50,00040,00045,423.9

35,441.5

30,00025,220.9
20,00013,425.8

17,370.3

11,689.3
11,852.5

10,0004,463.8
1,851.1

11,389.4
2,504.30-587.4-10,000

13,998.6

FY2001-3,040.5
FY2002

FY2003

FY2004

FY2005

FY2006

FY2007

FY2008FY2009FY2010FY2011FY2012FY2013

FY2014FY2015FY2016FY20172Q

Note1: The GPIF’s portfolio consists of the funds invested in the markets (hereinafter “market investment,” which is marked to market) and FILP bonds (Fiscal Investment and Loan Program bonds), which are held to maturity andNote0: valued at amortized costs.
Note2: Return figures are the average of returns of market investment and FILP bonds weighted with investment principal, and are gross of fees.
Note3: Period rate of return and period investment income are compared from the previous quarter.
Note4: Rate of investment return (Annualized) is calculated as a geometric mean.
Note5: Cumulative Income adds Investment income/loss of each fiscal year until the previous fiscal year and Investment income/loss of until this quarter.

-1-

Reference index : 2Q of fiscal 2017○Market Information
2017/3
Domesticbonds
Domestic
equities
Foreignbonds

FX

2017/82017/9

0.07

0.09

0.08

0.01

0.06

(points)

1,512.60

1,611.901,618.61

1,617.41

1,674.75(\)

18,909.26

20,033.43

19,925.18

19,646.24

20,356.28

2.39

2.30

2.30

2.12

2.34

Nikkei225

U.S. Treasury 10-year yield (%)

0.33

0.47

0.54

0.36

0.46

($)

20,663.22

21,349.63

21,891.12

21,948.10

22,405.09

DAX(points)

12,312.87

12,325.12

12,118.25

12,055.84

12,828.86

SSEC(points)

3,222.51

3,192.43

3,273.03

3,360.81

3,348.94\/$

111.43112.36110.50110.06112.57\/€119.18

128.15130.27130.85133.07

German Government Bond 10-year yield (%)
NY Dow

Foreignequities

2017/7(%)

JGB 10-year yield
TOPIX

2017/6○Benchmarks2017 2Q

Domestic bonds
Composite Benchmark
NOMURA-BPI non-ABS

Domestic equities
TOPIX (incl. dividends)
Foreign bonds
Citi World Government Bond Index (not incl. JPY, no hedge/JPY basis)
cf. Citi World Government Bond Index (not incl. JPY, Local currency basis)

Foreign equities
MSCI ACWI (not incl. JPY, JPY basis, incl. dividends, after taking into account our dividend tax factors)
cf. MSCI ACWI (not incl. JPY, Local currency basis, incl. dividends, after taking into account our dividend tax factors)-2-2017 1Q-2Q

0.15%

0.12%

0.18%

0.20%

4.74%

11.82%

2.46%

7.34%

0.38%

1.10%

5.58%

11.08%

4.47%

7.60%

Investment assets and portfolio allocation（Reserve Funds managed by GPIF and the Pension Special Account）
End of September 2017

Asset allocation at the end of September 2017
Short-term
assets

Allocation ofReserve Funds
Domestic bonds

28.50%

Domestic equities

24.35%

Foreign bonds

14.02%

Foreign equities

24.03%

Short-term assets

9.10%Total

100.00%9.10%

Foreignequities
24.03%

Foreignbonds
14.02%

Note１: Policy Asset Mix (Domestic bonds 35%(±10%), Domestic equities 25%(±9%), Foreign bonds 15%(±4%), Foreign equities 25%(±8%))Note２: The percentage of the alternative investments ：0.10% (within maximum 5% of total portfolio)-3-

Domesticbonds
28.50%

Domesticequities
24.35%

Investment results for 2Q of fiscal 2017
≪Total investments（market investments＋FILP bonds）≫
2016

2017

Fiscal year
1Q

2Q

3Q

4Q

Total

1Q

2Q

3Q

4Q

Total

-3.88

1.847.98

0.21

5.86

3.54

2.97

0.00

0.00

6.58

Investment income/loss (￥billion)-5,234.2

2,374.6

10,497.1

298.8

7,936.3

5,115.3

4,451.7

0.0

0.0

9,566.9

Total assets (￥billion)

129,701.2

132,075.1

144,803.6

144,903.4

144,903.4

149,198.7

156,817.7

0.0

0.0

156,817.7

Rate of investment return (%)≪Reference≫（Market investments）（FILP bonds）
2017

Fiscal year

2017

2016

Fiscal year
1Q

2016

2Q

Modified total return (%)（Time-weighted return）

5.94

3.57

2.99

(5.93)(3.58)(2.96)

Investment income/loss (￥billion)

7,889.9

5,108.1

Total assets (￥billion)

143,256.2

147,777.7

1Q2Q

Rate of investment return (%)

1.77

0.45

0.45

4,445.5

Investment income/loss (￥billion)

46.4

7.2

6.2

155,620.8

Total assets (￥billion)

1,647.2

1,421.0

1,196.9Note1: Fiscal year ends on March 31.
Note2: FILP bonds; Fiscal Investment and Loan Program bonds.

-4-

Investment return≪Total investments≫
Fiscal year(unit：%)
2017

2016

Rate of investment return

1Q

5.86

2Q

3Q

2.97 ‐

3.54

4Q

Total‐6.58≪Reference≫（Market investments）
Fiscal year

(unit : %)
2017

2016

Modified total return

1Q

5.94

2Q

3Q

2.99 ‐

3.57

4Q

Total

‐

6.64
(unit : %)Fiscal year

2017

2016

1Q

2Q

3Q

4Q

Total

Time-weighted return

5.93

3.58

2.96 ‐‐

6.64

Domestic bonds

-0.85

-0.01

0.16 ‐‐

0.15

Domestic equities

14.89

6.59

4.79 ‐‐

11.69

Foreign bonds

-3.22

4.45

2.49 ‐‐

7.05

Foreign equities

14.20

5.48

5.55 ‐‐

11.33（FILP bonds）
Fiscal year
Rate of investment return(unit：%)
2017

2016

1Q

1.772Q

0.45

3Q

0.45 ‐-5-4Q‐

Total

0.89

Investment income/loss≪Total investments≫
Fiscal year
Investment income/loss(unit：￥billion)
2017

2016

1Q

7,936.3

2Q

5,115.3

3Q

4,451.7

4Q

0.00.0Total

9,566.9≪Reference≫（Market investments）

Fiscal year

(unit：￥billion)
2017

2016

1Q

2Q

3Q

4Q

Total

Investment income/loss

7,889.9

5,108.1

4,445.5

0.0

0.0

9,553.5

Domestic bonds-395.8

-1.4

74.8

0.0

0.0

73.3

Domestic equities

4,554.6

2,316.1

1,795.9

0.0

0.0

4,112.0

Foreign bonds-596.2

880.9

539.9

0.0

0.0

1,420.9

Foreign equities

4,327.3

1,912.4

2,034.9

0.0

0.0

3,947.3

Short-term assets

0.0

0.1

0.0

0.0

0.0

0.1

（FILP bonds）

Fiscal year
Investment income/loss(unit：￥billion)
2017

2016

1Q

46.4

2Q

7.2

3Q

6.2

-6-

4Q

0.0

0.0

Total

13.4

Historical data on investment income and investment return

Cumulative investment income (FY2001-2017 2Q)(￥billion)
70,00062,927.2

60,00053,360.3
50,733.8

50,00040,00045,423.9

35,441.5

30,00025,220.9
20,00013,425.8

17,370.3
11,852.5

10,0004,463.8
1,851.1

11,389.4
2,504.3

0-587.4-10,000

13,998.6

11,689.3-3,040.5

FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017
2Q
FY2001

FY2002

FY2003 FY2004

FY2005

FY2006

FY2007

FY2008FY2009FY2010FY2011FY2012FY2013

FY2014FY2015FY2016FY2017
Apr to Sep

FY2006-2017 FY2001-2017
2Q
2Q

Investment income(￥billion)-587.4-2,453.0 4,891.6 2,612.7

8,961.9

3,944.5-5,517.8-9,348.1

9,185.0-299.92,609.2 11,222.2 10,220.7

15,292.2-5,309.8

7,936.3

9,566.9

49,501.5

62,927.2

Rate of investment return-1.80%-5.36%

9.88%

3.70%

-4.59%-7.57%

7.91%-0.25%

2.32%

12.27%-3.81%

5.86%

6.58%

3.40%

3.20%

8.40%

3.39%

Note: Fiscal year ends on March 31.

-7-10.23%

8.64%