Investment results for 1Q of fiscal 2024(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, are influenced by the market trends.
Cumulative returns and quarterly rate of return（FY2001-FY2024 1Q）

FY2024 1Q

FY2001-FY2024 1Q

Rate of investment return＋3.65% (Not annualized)＋4.47% (Annualized)

Investment returns(￥billion)＋8,973.2 (Interest and dividend
income 1,507.1)＋162,770.8 (Interest and dividend
income 52,697.2)

Total assets(￥billion)

254,702.7(End of FY2024 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: Figures from fiscal 2023 are based on transaction date. It also includes notional amount of stock index futures transactions.
Note7: As these figures are preliminary, they may be subject to change in the Annual Report, etc. The same applies hereinafter.

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Cumulative returns since fiscal 2001

Investment returns and rate of investment return for individual fiscal years

Note1: The figures above are rounded off, so the sum of each item does not necessarily match the total number.
Note2: Figures from fiscal 2023 are based on transaction date. It also includes notional amount of stock index futures transactions.

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Investment assets and portfolio allocation（Pension reserves managed by GPIF and the Pension Special Account）

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 ¥3.3 trillion as of the end of June 2024).
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: 1.59% (within maximum 5% of total portfolio)
Note5: Calculated on transaction date basis. Notional amount of stock index futures transactions is included.

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Investment results for 1Q of fiscal 2024

Note1: Rate of investment return in FY2023 is annualized and others are period rate.
Note2: Calculated on transaction date basis. Notional amount of stock index futures transactions is included.

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Rate of investment return / Amount of investment returns

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 FY2023 is annualized and others are period rate.
Note4: Calculated on transaction date basis. Notional amount of stock index futures transactions is included.

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Reference index: 1Q of fiscal 2024
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