[Exclusive] National Pension to Raise Domestic Stock Holdings Ceiling by 5 Percentage Points to Maximum 24.9% (May 21, 2026)

Samsung Electronics has reached a provisional labor-management agreement to avert a strike, enabling the domestic stock market to rally, while the National Pension is reportedly planning to raise its domestic stock holdings ceiling by 5 percentage points from the current level.

With the KOSPI index surging, the existing ceiling is already fully utilized, and raising it is necessary to avoid the National Pension being forced to mechanically sell approximately 150 trillion won worth of stocks. Such sales could potentially roil the stock market, prompting the government to deliberate on response measures.

According to relevant ministries on the 21st, the government is reviewing a plan to raise the domestic stock holdings ceiling from 14.9% to 19.9% of the total portfolio—a 5 percentage point increase.

(Omitted)

The government is reportedly scheduled to confirm this measure at the fifth meeting of the National Pension Fund Management Committee on the 28th, at which time it will establish the medium-term asset allocation plan for 2027–2031.

(Omitted)

Based on the medium-term asset allocation plan established last year, the target portfolio for this year comprises domestic stocks (14.9%), overseas stocks (37.2%), domestic bonds (24.9%), overseas bonds (8%), and alternative investments (15%). In addition, the National Pension can employ Strategic Asset Allocation (SAA) and Tactical Asset Allocation (TAA) to add up to an additional 5 percentage points, enabling it to hold up to 19.9% in domestic stocks.

If the government increases the domestic stock allocation by 5 percentage points as proposed, the National Pension's ceiling for domestic stock holdings will rise to a maximum of 24.9%, enabling the fund to continue holding the vast majority of its domestic stock portfolio.

https://n.news.naver.com/article/009/0005683461?sid=101