Government Pension Investment Fund
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Pension fund | |
Industry | Financial services |
Founded | Apr 1, 2006 |
Headquarters | 1-4-1 Kasumigaseki, Chiyoda-ku, Tokyo Japan |
Key people | Takahiro Mitani (CEO) |
Total assets | approx US$ 1,162 billion (Dec-end 2015) [1] |
Website |
Government Pension Investment Fund (年金積立金管理運用独立行政法人 Nenkin Tsumitate-kin Kanri Un'yō Dokuritsu-gyōsei-Hōjin), or GPIF, is an independent administrative institution, under the jurisdiction of Ministry of Health, Labour, and Welfare, established by the Government of Japan. It handles fund management and operation of Japan's both National Pension and Employees' Pension. It is known as the world's largest public pension fund.[2]
Investment principles
GPIF has established “Investment Principles”[3] as set forth below:
- Overarching goal should be to achieve the investment returns required for the public pension system with minimal risks, solely for the benefit of pension recipients from a long-term perspective, thereby contributing to the stability of the system.
- Primary investment strategy should be diversification by asset class, region, and timeframe. While acknowledging fluctuations of market prices in the short term, we shall achieve investment returns in a more stable and efficient manner by taking full advantage of our long-term investment horizon. At the same time we shall secure sufficient liquidity to pay pension benefits.
- Formulate the policy asset mix and manage and control risks at the levels of the overall asset portfolio, each asset class, and each investment manager. We employ both passive and active investments to attain benchmark returns (i.e., average market returns) set for each asset class, while seeking untapped profitable investment opportunities.
- By fulfilling our stewardship responsibilities, we shall continue to maximize medium- to long-term equity investment returns for the benefit of pension recipients.
Investment assets and portfolio allocation
As of Jun-end 2016, GPIF sets the policy asset allocation as following:[4]
- Domestic bonds: 35% (± 10%)
- Domestic equities: 25% (± 9%)
- International bonds: 15% (± 4%)
- International equities: 25% (± 8%)
List of external asset managers
Below is the list of some of, if not all, external asset managers employed by GPIF:[5]
Aberdeen Asset Management
Allianz
AXA
Baillie Gifford
Bank of New York Mellon
BlackRock
Capital Group Companies
Citigroup
Credit Agricole
Dimensional Fund Advisors
Fidelity
Goldman Sachs
ING
Invesco
Janus Capital Group
JP Morgan
Lazard
Mitsubishi UFJ Financial Group
Mizuho Financial Group
Morgan Stanley
Natixis
Nomura
Northern Trust
PIMCO
Prudential
Prudential Financial
Resona Holdings
Russell Investments
Societe Generale
State Street
Sumitomo Mitsui Financial Group
Sun Life
Tokio Marine
Wellington Management
Wells Fargo
See also
- Pension fund
- Ministry of Health, Labor, and Welfare
- Social Insurance Agency
- National Pension (Japan)—mentions International (bilateral) Social Security Agreements
- Japan Pension Service
References
External links
This article is issued from Wikipedia - version of the 9/4/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.