JAPAN - The country's Government Pension Investment Fund (GPIF) returned 3.89% in the quarter ending June 30, it's first positive quarter since the same time last year.
The investment return translates to a gain of JPY4.6trn (US$49bn). GPIF, the largest pension fund in the world, reported total assets of JPY121.9trn, up form JPY117.6trn the previous quarter.
The scheme's asset mix at the end of June consisted of a 70.72% allocation to domestic bonds, 11.28% to domestic stocks, 8.35% to international bonds, 8.76% to international stocks and 0.89% in short-term assets.
GPIF's market investments, which exclude it's 19.62% weighting to Fiscal Investment and Loan Program (FILP) bonds, returned 4.85%, driven by strong domestic and international equity returns.
Domestic stocks performed strongest in the quarter with returns of 20.55%, followed by a 17.64% return by international stocks. Domestic bonds returned 0.62% while international bonds returned 1.68%.
FILP bonds returned 0.31% for the quarter.
The pension fund's fiscal year ends March 31, with June 30 marking the end of the first quarter of fiscal year 2009.
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