SEOUL, April 09 (AJP) -South Korea’s National Pension Service, one of the world's largest with 1,540.4 trillion won worth assets under management as of January, saw its value of its holdings in domestic equities stretch by 80 trillion won ($54 billion) in the first quarter thanks to the spikes in memory stocks.
According to financial data tracker FnGuide, the NPS stakes in 291 listed companies subject to disclosure with holding ratio of more than 5 percent were valued at 323.76 trillion won as of Tuesday, up 78.55 trillion won from 245.21 trillion won at end-2025 to deliver a return rate of 32.0 percent. The increase exceeded the gain of 69.69 trillion won in the prior quarter.
As of Wednesday, the KOSPI was 39.4 percent higher from the end of December, and KOSDAQ 17.76 percent up. Shares of Samsung Electronics have surged around 75.6 percent, and SK hynix 59 percent during the same period.
The NPS’ stake in Samsung Electronics remained unchanged at 7.75 percent, but the holding value jumped 63.8 percent to 90.12 trillion won. Its stake in SK hynix rose to 7.50 percent from 7.35 percent, with the value climbing 40.7 percent to 48.99 trillion won. Together, the two accounted for 62.7 percent of the value bump-up for NPS holdings.
Other notable contributors included Hyundai Motor, Hanwha Aerospace and Mirae Asset Securities, with the NPS raising its stake in the brokerage by 1.18 percentage points.
Portfolio shifts pointed to a growing tilt toward KOSDAQ-listed names. The NPS newly added 22 stocks with stakes of 5 percent or more in the first quarter, while 15 fell below the threshold. Of the additions, 14 were on the KOSDAQ.
Daejoo Electronic Materials stood out with a 10.01 percent stake, alongside Vinattech (8.68 percent) and RF Materials (7.43 percent). Among KOSPI additions, Kakao Pay had the largest stake at 6.10 percent.
By sector, semiconductors and related equipment led new additions, followed by electrical equipment, biotech, commercial services, and metals and minerals.
The number of holdings with stakes of 5 percent or more rose to 276 from 269, while those above 10 percent increased to 37 from 34. Stakes were unchanged in 114 companies, increased in 105 and reduced in 74. HD Hyundai Infracore was among the most heavily sold, with its stake falling below 5 percent from 13.21 percent.
The strong first-quarter performance extends a record year for the pension fund.
NPS said its fund delivered 231.6 trillion won in investment income for 2025, posting a preliminary return of 18.82 percent — the highest since its inception — and lifting total assets under management to 1,458 trillion won. The annualized return since 1988 stood at 8.04 percent.
The 2025 performance outpaced major global peers, including Japan’s GPIF (12.3 percent), Norway’s GPFG (15.1 percent), Canada’s CPPIB (7.7 percent), and the Netherlands’ ABP (–1.6 percent).
Domestic equities led returns with a surge of 82.44 percent, driven by an AI-fueled semiconductor rally and policy-driven market optimism. Global equities returned 19.74 percent, while alternative investments gained 8.03 percent. Fixed income also posted positive returns despite rate volatility.
As of January, domestic equity investment by the fund represented 21.4 percent of its portfolio.
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