Lost approximately (1.9%) in the first quarter of 2026 alone.
The fund has since recovered significantly, booking a in the October–December 2025 quarter, despite 1.53 trillion yen in losses on domestic bonds. Wider Industry Impact and Trends Broad Market Declines : World’s Largest Pension Fund Lost the Equivalen...
Primary drivers included a sustained market selloff in tech stocks following coordinated strikes between the US, Israel, and Iran in February 2026. : Lost approximately (1
: Major funds are increasingly sensitive to the performance of a small number of US tech megacaps. : : Major funds are increasingly sensitive to
The total decline in fund value reached when accounting for currency movements as the Norwegian krone strengthened.
: For funds like the GPIF, a depreciating dollar has historically dragged down the value of overseas securities.
: Conflict-related market shocks, such as the Iran war, have severely impacted high-multiple growth stocks.