국민연금기금운용본부

Investment Returns

(%, in billion won, as of end-Jan. 2024)

기금 적립금 현황 표

	2024 (Preliminary)		2023 (Preliminary)		3-Year (2021-2023 P)		Since Inception (1988~2023)
	Rate		Rate	Amount	Rate	Amount	Rate	Amount
	YTD	Annualized
Total	1.09	1.96	13.59	126.715	5.04	138,378	5.92	577,999
Welfare Sector	0.01	0.10	0.94	2	-0.46	-3	5.74	601
Financials	1.10	1.96	13.61	126,686	5.04	13,833	5.88	558,047
Domestic Equity	-5.98	-5.98	22.12	27,438	0.21	957	6.53	105,064
Global Equity	5.17	5.17	23.89	59,907	11.96	85,556	11.04	167,506
Domestic Fixed Income	-0.58	1.77	7.40	24,492	0.15	1,519	3.61	175,606
Global Fixed Income	2.56	4.16	8.84	6,087	3.47	6,526	4.02	19,886
Alternatives	2.55	2.55	5.80	8,833	11.39	42,870	9.28	88,122
Short-term Assets	0.54	0.54	4.23	181	1.63	197	3.18	1,767
Others	0.12	1.45	2.09	28	1.22	50	1.48	269

Note:

• All the rates of return (%) in the table above are money weighted.
• Until a fund management assessment is completed, preliminary estimates are provided.
• In this table, the mid-year returns for Alternatives are on a pre-fair value basis.
• The return (investment income) might not add up due to rounding.
• When calculating a rate of return, the actual investment management fees, including "performance-based fees", are reflected.
• When calculating mid-year returns, the administrative expenses (internal investment management fees and other indiriect costs) are not deducted. However, they are deducted from the financial assets when calculating an end-year rate of return.

Excess Returns (KRW)

(%, %p, as of end-Jan. 2024)

Excess Returns (KRW) chart

	2024(Preliminary)			2023(Preliminary)			3-Year Average(2021~2023, Preliminary)
	Actual	Benchmark	Excess	Actual	Benchmark	Excess	Actual	Benchmark	Excess
Domestic Equity	-5.95	-5.88	-0.07	22.14	21.35	0.79	-0.04	-0.48	0.44
Global Equity	5.17	4.96	0.21	24.27	24.90	-0.63	12.15	12.52	-0.38
Domestic Fixed Income	-0.59	-0.58	-0.01	8.08	7.89	0.19	0.28	0.18	0.10
Global Fixed Income	2.60	2.61	-0.01	9.32	9.66	-0.34	3.65	3.65	0.00

※ Benchmark

• ㆍDomestic Equity: KOSPI
• ㆍGlobal Equity: MSCI All Countries World Index (ex Korea, Unhedget-to-KRW, customized tax rate)
• ㆍDomestic Fixed Income: Customized Index
• ㆍGlobal Fixed Income: NPS Customized Index(ex KRW, Partial-hedged(Other Currencies-USD), Unhedged(USD-KRW))

Note:

• All actual rates of return (%) in the table above are time weighted.
• Until a fund management assessment is completed, preliminary estimates are provided.
• When calculating a rate of return, actual investment management fees, including "performance-based fees", are deducted.
• Administrative expenses (internal management fees and other indirect costs) are not deducted.

Excess Returns (USD)

(%, %p, as of end-Jan. 2024)

Excess Returns (USD) chart

	2024(Preliminary)
	Actual	Benchmark	Excess
Global Equity	1.92	1.69	0.23
Global Fixed Income	-0.58	-0.59	0.02

Note:

• Actual rates of return (%) in the table above are time weighted.
• Until a fund management assessment is completed, preliminary estimates are provided.