The National Pension Service recorded a 189.5684 trillion won increase in its domestic stock portfolio valuation during Q2, driven by a KOSPI bull market. The valuation of 270 listed companies in which NPS holds 5% or more stakes rose from 296.4433 trillion won at the end of March to 486.0118 trillion won as of July 6, representing a 63.9% return. Samsung Electronics and SK Hynix accounted for 151.3033 trillion won of the gain—79.8% of the total increase—raising concentration concerns as their combined portfolio weight expanded from 40.4% to 55.7%. The Q2 gain exceeded the Q1 increase of 78.5507 trillion won by over 100 trillion won, marking an estimated record for a single quarter. The surge reflects the outsized impact of semiconductor stock rallies on the national pension fund's domestic equity exposure.
Samsung Electronics and SK Hynix Drive 151 Trillion Won Gain
SK Hynix valuation increased 82.1407 trillion won from 43.1560 trillion won at the end of March to 125.2968 trillion won, a 190.3% gain. Samsung Electronics valuation rose 69.1626 trillion won from 76.6842 trillion won to 145.8467 trillion won, with NPS ownership expanding from 7.75% to 7.84%. The two stocks' combined share of the NPS domestic equity portfolio rose from 40.4% at the end of March to 55.7% as of July 6. SK Square ranked third in valuation gains at 11.9953 trillion won, followed by Samsung Electro-Mechanics at 10.4072 trillion won despite a slight reduction in shareholding percentage. Mirae Asset Securities posted the largest valuation decline at 1.0717 trillion won, while LG Energy Solution (-573.7 billion won), Hanwha Systems (-451 billion won), Kakao (-447 billion won), and Naver (-415.3 billion won) also recorded losses.
NPS Adds 19 Stocks to 5% Holdings, Removes 21
During Q2, NPS added 19 stocks to its 5%-or-above holdings list, including Simpac and SK Eternix. Twenty-one stocks, including LX Semicon and Hanatour, fell below the 5% threshold and were removed from the disclosed holdings roster.
Rebalancing Moratorium Ends, Market Eyes Potential Selling Pressure
The NPS domestic stock rebalancing moratorium concluded at the end of June. Market participants are monitoring potential selling volume as the fund adjusts portfolio weights. An industry source stated, "NPS Q2 returns were essentially driven by the Samsung Electronics and SK Hynix stock surges. However, if domestic equity weight significantly exceeds target levels, rebalancing sales could become a market variable in the second half."
FAQ
What was the National Pension Service's Q2 domestic stock portfolio gain?
The National Pension Service's domestic stock portfolio valuation increased 189.5684 trillion won during Q2, from 296.4433 trillion won at the end of March to 486.0118 trillion won as of July 6, representing a 63.9% return.
How much did Samsung Electronics and SK Hynix contribute to the NPS Q2 gain?
Samsung Electronics and SK Hynix accounted for 151.3033 trillion won of the total 189.5684 trillion won increase—79.8% of the Q2 gain. SK Hynix valuation rose 82.1407 trillion won (190.3%), while Samsung Electronics valuation increased 69.1626 trillion won.
What changes did NPS make to its 5% holdings list in Q2?
NPS added 19 stocks to its 5%-or-above holdings list, including Simpac and SK Eternix, while 21 stocks such as LX Semicon and Hanatour fell below the 5% threshold and were removed.
