The World's Biggest Pension Fund Needs U.S. Bull Run to Last

GPIF is now a top 10 shareholder in 265 firms outside Japan
Most foreign holdings are in U.S., where FAANGs helped returns

The world’s largest pension fund is betting the U.S. bull market will last for a bit longer. Min Jeong Lee reports.(Source: Bloomberg)

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By Min-Jeong Lee and Shigeki Nozawa

August 21, 2018 at 4:00 PM UTC

Updated on

August 22, 2018 at 3:19 AM UTC

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The world’s biggest pension fund, always a giant within its home country of Japan, has been expanding its reach in other stock markets -- and becoming increasingly dependent on a U.S. bull run that’s poised to be the longest in history.

The $1.4 trillion Government Pension Investment Fund has doubled its foreign shares since a strategy overhaul in 2014, and is now a top 10 holder in more than 260 companies outside Japan, according to a Bloomberg analysis of GPIF’s individual equity positions after they were released last month.