Reference index : 1Q of fiscal Market Information Domestic bonds Domestic equities Foreign bonds Foreign equities FX /3 /4 /5 /6 JGB 10-year yield (%)
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1 Investment results for 1Q of fiscal (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 the quarterly update report to enhance the transparency to the public. Please note that the results include the change of the fair market value and that the results tend to fluctuate in accordance with the market movement. 1Q From fiscal 2001 to 1Q of fiscal (Investment income/loss ( billion)) +1.68%(Not annualized) (+2,622.7 (Interest and dividend income 1,004.2)) +3.18%(Annualized) (+66,064.0 (Interest and dividend income 31,863.9)) 35% Total assets ( billion) 158,580.0 (End of 1Q of fiscal ) Cumulative returns and quarterly rate of return(fy2001-1q) +66,064.0 billion 70,000 30% Rate of return+3.18%(annual rate) 60,000 Returns+ 66,064.0 billion(cumulative returns) 50,000 20% 40,000 15% 30,000 10% 20,000 5% 10,000 0% 0-5% -10,000 Cumulative returns Quarterly rate of return -10% -20,000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY FY Note1: The GPIF s portfolio consists of the funds invested in the markets (hereinafter market investment, which is marked to market) and FILP bonds (Fiscal Investment and Loan Program bonds), which are held to maturity and Note0: valued at amortized costs. Note2: Return figures are the average of returns of market investment and FILP bonds weighted with investment principal, and are gross of fees. Note3: Periodic rate of return and periodic investment income are compared from the previous quarter. Note4: (annualized) is calculated as a geometric mean of the annual rate of return from FY2001 to this quarter. Note5: Cumulative income indicates the total investment income/loss so far (from FY2001 to this quarter). Note6: As these figures are preliminary, they may be subject to change in the Annual Report etc
2 Reference index : 1Q of fiscal Market Information Domestic bonds Domestic equities Foreign bonds Foreign equities FX /3 /4 /5 /6 JGB 10-year yield (%) TOPIX (points) 1, , , , Nikkei225 (\) 21, , , , U.S. Treasury 10-year yield (%) German Government Bond 10-year yield (%) NY Dow ($) 24, , , , DAX (points) 12, , , , SSEC (points) 3, , , , \/$ \/ Benchmarks Domestic bonds Composite Benchmark NOMURA-BPI non-abs 0.20% Domestic equities TOPIX (incl. dividends) Foreign bonds FTSE World Government Bond Index (not incl. JPY, no hedge/jpy basis) cf. FTSE World Government Bond Index (not incl. JPY, Local currency basis) -0.29% Foreign equities MSCI ACWI (not incl. JPY, JPY basis, incl. dividends, after taking into account our dividend tax factors) cf. MSCI ACWI (not incl. JPY, Local currency basis, incl. dividends, after taking into account our dividend tax factors) 2.99% 1Q 0.13% 1.05% 0.76% 5.16% - 2 -
3 Investment assets and portfolio allocation (Reserve Funds managed by GPIF and the Pension Special Account) End of June Market value ( billion) Allocation of Reserve Funds Short-term assets 6.65% 10,708.0 billion inside: policy asset mix (figures in parentheses indicate deviation limits) outside:at the end of June Domestic bonds Domestic equities 43, % 41, % Foreign equities 25.32% 40,775.3 billion (±8%) 35% (±10%) Domestic bonds 27.14% 43,705.8 billion Foreign bonds Foreign equities Short-term assets Total 24, % 40, % 10, % 161, % Foreign bonds 15.34% 24,706.0 billion 15% (±4%) (±9%) Domestic equities 25.55% 41,139.9 billion Note1: Policy Asset Mix (Domestic bonds 35%(±10%), Domestic equities (±9%), Foreign bonds 15%(±4%), Foreign equities (±8%)) Note2: The percentage of the alternative investments :0.17% (within maximum 5% of total portfolio) - 3 -
4 Investment results for 1Q of fiscal Total investments(market investments+filp bonds) (%) Investment income/loss ( billion) 5, , , , , , ,622.7 Total assets ( billion) 149, , , , , , ,580.0 Reference (Market investments) (FILP bonds) 1Q 1Q Modified total return (%) (Time-weighted return) (6.99) (1.68) (%) Investment income/loss ( billion) 10, ,618.4 Investment income/loss ( billion) Total assets ( billion) 155, ,684.2 Total assets ( billion) Note1: ends on March 31. Note2: FILP bonds; Fiscal Investment and Loan Program bonds
5 Investment return Total investments (unit:%) Reference (Market investments) Modified total return (unit : %) Time-weighted return (unit : %) Domestic bonds Domestic equities Foreign bonds Foreign equities Short-term assets (FILP bonds) (unit:%)
6 Investment income/loss Total investments (unit: billion) Investment income/loss 10, , ,622.7 Reference (Market investments) (unit: billion) Investment income/loss 10, , ,618.4 Domestic bonds Domestic equities 5, Foreign bonds Foreign equities 3, , ,003.0 Short-term assets (FILP bonds) Investment income/loss (unit: billion)
7 Historical data on investment income and investment return 35% Cumulative returns and quarterly rate of return(fy2001-1q) +66,064.0 billion 70,000 30% Rate of return+3.18%(annual rate) 60,000 Returns+ 66,064.0 billion(cumulative returns) 50,000 20% 40,000 15% 30,000 10% 20,000 5% 10,000 0% 0-5% -10% -10,000 Cumulative returns Quarterly rate of return -20,000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY FY Investment income ( billion) FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY FY FY2006- FY2001- Apr to Jun 1Q 1Q , , , , , , , , , , , , , , , , , , % -5.36% 8.40% 3.39% 9.88% 3.70% -4.59% -7.57% 7.91% % 10.23% 8.64% 12.27% -3.81% 5.86% 6.90% 1.68% 3.36% 3.18% Note: ends on March
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