GPIF pins active equity overhaul on ‘scientific’ manager selection
A quest for manager and fund strategy diversification has led the largest pension fund in the world, Japan’s Government Pension Investment Fund, to reach a decade-high allocation to active global equities.
Actively managed assets now make up 17.8 per cent of GPIF’s ¥61.9 trillion ($423.6 billion) foreign equities portfolio as of March 2025, according to its annual report published last week.
The overhaul of GPIF’s active equities portfolio, whose centrepiece is a “scientific framework” of manager selection, began in 2021 when the seven active foreign equity managers GPIF employed at the time simultaneously underperformed their benchmarks.
Last fiscal year, the $1.7 trillion pension fund said it had finished dividing…
