'Rebalancing Moratorium' National Pension Increases Domestic Equity Holdings to 21.4% (2026.04.01)

(As of January 2026, the rebalancing moratorium would have generated considerable gains;

however, in March — when the KOSPI plunged and the exchange rate surged sharply (i.e., the won depreciated) — the opportunity cost

attributable to the rebalancing moratorium is likely to have been quite substantial!)

 

According to the National Pension Fund's Fund Management Headquarters, as of the 31st, the assessed value of domestic equity holdings in the National Pension stood at 330.419 trillion won as of the end of January, accounting for 21.4% of the total portfolio.

This figure substantially exceeds the National Pension's domestic equity target allocation of 14.9% for this year.

In January of this year, the National Pension Fund Management Committee resolved to temporarily suspend

portfolio rebalancing even when deviations from the strategic asset allocation (SAA) permissible range occur, thereby effectively allowing domestic equity holdings to be expanded without restriction.

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