Investment results for 1Q of fiscal 2023(update report)

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, GPIF publishes thequarterly update report to enhance the transparency to the public.
Please note that returns, which are marked to market as of the end of each quarter, include unrealized gains and losses andare influenced by the market trends.
Cumulative returns and quarterly rate of return（FY2001-FY2023 1Q）

FY2023 1Q

FY2001-FY2023 1Q

Rate of investment return＋9.49% (Not annualized)＋3.97% (Annualized)

Investment returns(￥billion)＋18,983.4 (Interest and dividend
income 1,359.1)＋127,365.8 (Interest and dividend
income 48,411.7)

Total assets(￥billion)

219,173.6(End of FY2023 1Q)

Note1: Rate of investment return and investment returns are gross of fees. The same applies hereinafter.
Note2: The rate of investment return from FY2001 to FY2019 is the average of the modified total return of the funds invested in the markets (market investment) and the return of FILP bonds weighted with investment principal, andthe rate of investment return from FY2020 is time-weighted. The same applies hereinafter.
Note3: Periodic rate of investment return and periodic investment returns are compared from the end of the previous quarter. The same applies hereinafter.
Note4: Rate of investment return (annualized) is calculated as a geometric mean of the annual rate of return from FY2001 to this quarter.
Note5: Cumulative returns indicate the total investment returns so far (from FY2001 to this quarter).
Note6: As these figures are preliminary, they may be subject to change in the Annual Report, etc. The same applies hereinafter.

-1-

Cumulative returns since fiscal 2001

Investment returns and rate of investment return for individual fiscal years
FY2001

FY2002

FY2003

FY2004

FY2005

FY2006

FY2007

FY2008FY2009FY2010FY2011FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023
1Q

Investment returns(￥billion)-587.4-2,453.0

4,891.6

2,612.7

8,961.9

3,944.5-5,517.8-9,348.19,185.0-299.92,609.2

11,222.2

10,220.7

15,292.2-5,309.8

7,936.3

10,081.0

2,379.5-8,283.1

37,798.6

10,092.5

2,953.6

18,983.4

113,940.0

127,365.8

Investment income（￥billion）

537.8

651.8

831.4

1,106.0

1,347.9

1,640.7

2,000.8

2,199.4

2,193.7

2,093.2

2,034.1

1,973.9

2,141.1

2,253.2

2,542.4

2,533.4

2,778.9

3,040.9

3,240.6

3,012.8

3,198.3

3,700.3

1,359.1

43,936.9

48,411.7

Rate of investment return-1.80%-5.36%

8.40%

3.39%

9.88%

3.70%

-4.59%-7.57%

7.91%-0.25%

2.32%

10.23%

8.64%

12.27%-3.81%

5.86%

6.90%

1.52%

-5.20%

25.15%

5.42%

1.50%

9.49%

4.34%

3.97%

Note: The figures above are rounded off, so the sum of each item does not necessarily match the total number.

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FY2006-FY2023
1Q

FY2001-FY2023
1Q

Investment assets and portfolio allocation（Pension reserves managed by GPIF and the Pension Special Account）
End of June 2023
Market value(￥billion)
Domestic bonds

54,029.1

Allocation ofPension Reserve (1)Allocation ofPension Reserve (2)24.47%
48.76%

Foreign bonds

53,631.2

24.29%

Domestic equities

55,504.9

25.14%
51.24%

Foreign equities

57,614.7

26.10%

Total

220,779.9

100.00%100.00%Note1: The figures above are rounded off, so the sum of each item does not necessarily match the total number.
Note2: The pension reserves as a whole include reserves managed under the pension special account (about ¥1.6 trillion as of the end of June 2023).
Note3: JPY hedged foreign bonds and yen-denominated short-term assets are classified as Domestic bonds, and foreign currency-denominated short-term assets are classified as Foreign bonds.
Note4: The percentage of the alternative investments: 1.47% (within maximum 5% of total portfolio)-3-Investment results for 1Q of fiscal 2023
2023
Fiscal year

2022
1Q

2Q

3Q

4Q

Total

Rate of investment return (%)

1.50

9.49

9.49

Investment returns (￥billion)

2,953.6

18,983.4

18,983.4

Total assets (￥billion)

200,132.8

219,173.6

219,173.6

Note: Rate of investment return in FY2022 is annualized and others are period rate.

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Rate of investment return / Amount of investment returns
2023
Fiscal year

2022
1Q

2Q

3Q

4Q

Total

1.50%

9.49%

9.49%

¥2,953.6 billion¥18,983.4 billion¥18,983.4 billion-1.74%

0.36%

0.36%

-¥851.7 billion¥176.1 billion¥176.1 billion-0.12%

8.08%

8.08%

-¥56.2 billion¥3,899.0 billion¥3,899.0 billion

5.54%

14.37%

14.37%¥2,728.8 billion¥7,088.6 billion¥7,088.6 billion

1.84%

15.43%

15.43%¥1,132.7 billion¥7,819.6 billion¥7,819.6 billion

TotalDomestic bonds

Foreign bonds

Domestic equities

Foreign equities

Note1: JPY hedged foreign bonds and yen-denominated short-term assets are classified as Domestic bonds, and foreign currency-denominated short-term assets are classified as Foreign bonds.
Note2: The figures above are rounded off, so the sum of each item does not necessarily match the total number.
Note3: Rate of investment return in FY2022 is annualized and others are period rate.

-5-Reference index: 1Q of fiscal 2023
○Market Information

2023/3
Domesticbonds

2023/42023/52023/6JGB 10-year yield (%)

0.35

0.39

0.44

0.40

Foreignbonds

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

3.47

3.42

3.64

3.84

German Government Bond 10-year yield (%)

2.29

2.31

2.28

2.39

Domestic
equities

TOPIX(points)

2,003.50

2,057.48

2,130.63

2,288.60

Nikkei225(\)

28,041.48

28,856.44

30,887.88

33,189.04

NY Dow($)

33,274.15

34,098.16

32,908.27

34,407.60

DAX(points)

15,628.84

15,922.38

15,664.02

16,147.90

SSEC(points)

3,272.86

3,323.28

3,204.56

3,202.06\/$

133.09136.17139.72

144.54\/€144.60150.33148.95

157.69Foreignequities

FX○Benchmarks

2023 1Q

Domestic bonds

0.41%

NOMURA-BPI non-ABS

Foreign bonds
FTSE World Government Bond Index (not incl. JPY, CNY, no hedge/JPY basis)

Domestic equities

7.80%
14.45%TOPIX (incl. dividends)

Foreign equities
MSCI ACWI (not incl. JPY, JPY basis, incl. dividends, before deducting taxes)-6-

15.49%