Japan's GPIF logs first quarterly investment loss in two years
The world's largest pension fund's 1.1 per cent negative return on its overall assets during the three months compares with a 2.81 per cent gain in the previous quarter, it said in a statement.
The fund wrote down the value of its Russia-related assets to zero due to sanctions and difficulties in completing transactions. As of March last year, it held Russian assets worth about 220 billion yen ($1.6 billion), representing 0.1 per cent of the total assets.
During the quarter, the Dow Jones Industrial Average dropped 5 per cent, while Japan's Nikkei stock average fell 3 per cent. The GPIF's foreign stock portfolio posted a loss of 0.55 per cent, while its Japanese stock portfolio had a loss of 1.22 per cent.
Its foreign and Japanese bond portfolios posted losses of 1.22 per cent and 1.54 per cent respectively. ...continue reading

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