GPIF 101: the real picture of the world's largest public pension fund

This report, "GPIF 101," provides a comprehensive analysis of Japan's Government Pension Investment Fund (GPIF), covering its historical background, latest investment performance, and future strategies. 1. History and objectives: Following reflections on the low-yield investments and loose management during the fiscal investment and loan program (FILP) era, the fund transitioned to market-based management in 2001, and GPIF was established in 2006. Its objective is to manage the pension reserves safely and efficiently, solely for the benefit of the insured from a long-term perspective. 2. Organization and principles: The 2017 governance reform established the separation of decision-making and supervision from execution, where the Board of Governors holds decision-making and supervisory authority, while the executive team manages operations. In its investment activities, GPIF strictly adheres to "long-term, diversified, and regular" investing. 3. Investment performance and targets: Since