Government Pension Investment Fund
(Jul. 5, 2024)

Overview of Fiscal 2023
Investment Results

Fiscal 2023

Since Fiscal 2001

+22.67%+4.36%(annual rate)

Rate of return(annual rate)(annual returns)(cumulative returns)(+¥45,415.3    billion)(+¥153,797.6    billion)

As of the end of fiscal 2023

Asset size

¥245,981.5    billion(Note) Rate of return and returns are marked to market as of the end of fiscal 2023 and include unrealized gains and losses.

Returns are marked to market as of the end of fiscal 2023, and include unrealized gains and losses. GPIF manages
pension reserve fund with long-term perspective. While short-term portfolio returns are affected 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 and dividend, which has increased
steadily since fiscal 2001, is relatively unaffected by such volatility.

Cumulative returns since fiscal 2001(¥billion)
160,000

153,797.6

120,000

105,428.8
95,336.3

100,000

63,441.3
60,00050,733.8
35,441.5

40,00025,220.9
13,425.8 17,370.3 11,852.5 10,315.7 12,509.4 14,602.6 16,636.7

20,000537.8
0-20,000

1,189.6 2,021.1 4,463.8

11,689.3 11,389.4

13,998.6

23,005.0

65,820.8 57,537.7

53,360.3
45,423.9
25,547.4 28,080.8

30,859.7

33,900.6 37,141.2

40,154.0 43,352.3

47,052.7

51,190.1

18,610.7 20,751.8

Investment income

80,000108,382.4

Capital gains

140,000

6,115.5 8,116.4 2,504.3-587.4 -3,040.5 1,851.1 3,127.0 4,474.9
FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

From the 2023 annual report, transaction date (execution date of the sale) is used as the record date in principle toreflect changes in principal. The figures also reflect notional amount of stock index futures transactions in in-house
investment. (In the annual reports in fiscal 2022 and before, settlement date was used as the record date to reflectchanges in principal. The figures did not reflect notional amount of stock index futures transactions.)Investment Results in Fiscal 2023
[1] Investment results
Rate of investment return / Amount of investment returns
The rate of investment return for fiscal 2023 is

The amount of investment returns for fiscal 2023 is+22.67%+¥45,415.3    billion

.

1Q.

2Q

3Q

4Q

Total

9.49%

-0.31%

2.62%

9.52%

22.67%¥18,983.4 billion-¥683.2 billion¥5,728.7 billion¥21,386.3 billion¥45,415.3 billion

0.36%-2.71%

0.95%-0.57%-2.00%¥178.0 billion-¥1,522.7 billion¥531.3 billion-¥328.7 billion-¥1,142.1 billion

8.07%-0.80%

2.55%

5.36%

15.83%¥3,899.1 billion-¥403.7 billion¥1,363.2 billion¥3,010.8 billion¥7,869.4 billion

14.46%

2.46%

1.99%

18.24%

41.41%¥7,086.7 billion¥1,334.3 billion¥1,112.0 billion¥9,859.8 billion¥19,392.8 billion

15.46%-0.15%

4.91%

15.80%

40.06%¥7,819.6 billion-¥91.1 billion¥2,722.3 billion¥8,844.5 billion¥19,295.2 billion

Total

Domestic bonds

Foreign bonds

Domestic equities

Foreign equities(Note 1) Fiscal 2023 runs from April 1, 2023 to March 31, 2024.
(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 are classified into assets according to their risk-return characteristics (the same shall apply hereinafter).
(Note 6) The rate of time-weighted investment return on private equity is 21.53% in JPY terms. The rate of time-weighted investment return on both infrastructure and realestate portfolio is 6.47% in JPY terms, which includes foreign exchange adjustment factors, -7.86%.
(Note 7) Due to rounding effect, the sum of each item in individual quarters does not necessarily match the total.
(Note 8) Calculated on transaction date basis. Notional amount of stock index futures transactions is included.
(Note 9) Figures for annual report in the annual reports in fiscal 2022 and before are based on settlement date. The figures did not reflect notional amount of stock index
futures transactions. The rate of return based upon the prior calculation method used in fiscal 2022 and before is 22.67% for total assets, -2.04% for domestic
bonds, 15.86% for foreign bonds, 41.29% for domestic equities, and 40.04% for foreign equities. The change in the calculation method does not affect the total
return on all investment assets.
(Note 10) The first, second and third quarterly results of fiscal 2023, disclosed before February 2024, do not correspond to the above quarterly figures, because the rates ofinvestment return and the amounts of investment returns were calculated in the same manner as in the annual reports in fiscal 2022 and before.

  
Cumulative returns and asset size since fiscal 2001
Cumulative returns from fiscal 2001 to fiscal 2023 are+¥153,797.6 billion
and the value of investment assets at the end of fiscal 2023 is¥245,981.5 billion.

Cumulative return(¥billion)

180,000+153,797.6

160,000
140,000+108,382.4+105,428.8+95,336.3

120,000
100,000
80,000+63,441.3 +65,820.8+50,733.8 +53,360.3+57,537.7+35,441.5+45,423.9+25,220.9+17,370.3+11,689.3 +13,998.6+13,425.8+11,852.5+11,389.4+4,463.8+2,504.3+1,851.1

60,00040,00020,0000-587.4-3,040.5–20,000

FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

Asset size(¥billion)

300,000
Market investments
FILP bonds

250,000

245,981.5

200,000

186,162.4

196,592.6 200,132.8

156,383.2 159,215.4
150,633.2
144,903.4
137,476.9 134,747.5
119,886.8
122,842.5
126,577.1
117,628.6
116,317.0 113,611.2120,465.3
114,527.8
102,871.4

150,000

100,000

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 FY2023(Note 1) There were no FILP (Fiscal Investment and Loan Program) bonds outstanding as of the end of fiscal 2020.
(Note 2) Figures for fiscal 2023 are based on transaction date. It also includes notional amount of stock index futures transactions.

  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 2024

Domestic bonds

Foreign equities

24.86%¥62,898.9 billion

25%

26.95%¥68,171.4 billion25%( ± 7%)( ± 7%)

50% 50%(±11%)

25%

25%( ± 8%)

Domestic equities(±11%)( ± 6%)

Foreign bonds

23.86%¥60,372.1 billion

24.33%¥61,553.2 billion

Market value(¥billion)

Allocation ofPension Reserve (1)Domestic bonds

68,171.4

26.95%

Foreign bonds

60,372.1

23.86%

Domestic equities

61,553.2

24.33%

Foreign equities

62,898.9

24.86%

Total

252,995.5

100.00%

Allocation ofPension Reserve (2)50.81%
49.19%
100.00%(Note 1) Due to rounding effect, 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) The Pension Special Account as of the end of fiscal 2023 is approximately ¥7.0 trillion, this amount is tentative and may differ from the official amount, which isconfirmed later.
(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 is 1.46%, which is within maximum 5% of total portfolio.
(Note 6) Calculated on transaction date basis. Notional amount of stock index futures transactions, is included.

  Net inflow for each asset class

Net inflow(Unit: ¥billion)

Domestic bonds

Foreign bonds

Domestic equities

Foreign equities+12,478.0+2,820.9-7,987.2-6,822.1(Note 1) Each figure shows the net rebalancing amount.
(Note 2) Calculated on transaction date basis.