NIFD季报：机构投资者的资产管理

Group 1: Overview of Japan's Public Pension System - Japan's public pension system consists of National Pension (NP) and Employee's Pension Insurance (EPI), covering approximately 67.29 million people[10] - The National Pension requires contributions from all citizens aged 20 to 60, with the government covering 50% of the costs since 2009[9] - The EPI covers employees in the private sector and public servants, with approximately 45.35 million participants in 2021[12] Group 2: GPIF's Role and Governance - The Government Pension Investment Fund (GPIF) manages the largest portion of Japan's pension reserves, with assets totaling 200 trillion yen (approximately $1.3 trillion) as of the end of FY2022[18] - GPIF aims for a real investment return of 1.7% after adjusting for nominal wage growth, as part of its medium-term plan[20] - The governance structure includes a Board of Governors appointed by the Ministry of Health, Labour and Welfare, ensuring compliance with investment regulations[26] Group 3: Investment Strategy and Performance - GPIF's asset allocation has shifted significantly, with domestic bonds decreasing from 75% to 50% and equities increasing from 20% to 50% in the latest investment plan[33] - In FY2022, GPIF's total portfolio return was approximately 1.5%, with domestic bonds yielding -1.74% and domestic equities yielding 5.54%[43] - Since its establishment, GPIF has achieved a cumulative investment return of 108.38 trillion yen, representing over 54% of its total assets[48] Group 4: Risk Management - GPIF employs a diversified investment strategy to minimize risks while achieving required returns, focusing on long-term stability[50] - The risk management framework includes monitoring at the total portfolio level and individual asset classes to ensure alignment with benchmark returns[50]