远离国债，日本年金巨头大举押注另类资产

Group 1 - Japanese traditional pension funds are increasingly allocating more capital to alternative assets to enhance returns, with Daiwa House Industry's pension fund reaching 57% allocation to private equity, private debt, and hedge funds as of March [1] - The allocation to alternative assets has risen from approximately 30% when Toru Yamane joined in 2006, with a target of 60% set for 2023 [1] - The fund manages about 587 billion yen (approximately 4 billion USD) and has shown little interest in traditional safe-haven assets like government bonds, which constituted only 1% of its holdings as of March 31 [1] Group 2 - In late May, Japanese government bonds experienced a significant drop due to weak auctions, with 30-year and 40-year yields reaching record highs [4] - Yamane emphasized the importance of diversification to build a portfolio that can withstand major market downturns, stating that the company does not consider shifting assets to government bonds [4] - Despite the overall increase in alternative asset allocation among Japanese pension funds, the average allocation remains at only 20%, significantly lower than Daiwa House's allocation [4] Group 3 - The company's pension plan aims to further diversify its alternative asset allocation, with private assets (including private equity/debt, infrastructure, and real estate) exceeding 30% and plans to increase hedge fund allocation from 14% to 18% [5] - Yamane expressed caution regarding Japanese government bonds, questioning the value of taking interest rate risks for a return of 3% [5] - A survey by J.P. Morgan Asset Management indicated that 30% of 80 Japanese corporate pension and mutual associations plan to increase their allocation to alternative assets, with a focus on lower-volatility private assets [5]