To Sell or to Buy — the National Pension Stands Before ‘KOSPI 5000’ (January 26, 2026)

As of October of last year, if the National Pension's total assets equaled 100, domestic equities accounted for 17.9.

The original plan was to hold no more than 14.9, but it has gone well past that. That is because, back in October of last year too, the KOSPI rose more than expected. The KOSPI's closing price on October 31 of last year was 4,107 points. The clothes (the asset-allocation weights) were not yet torn, but the sleeves had grown short and the pants had ridden up. This year is even more of a problem. As is well known, 'KOSPI 5000' is right around the corner. Just looking at the period since October 31 of last year, the KOSPI has risen more than 21%. This means that, as of now, there is a strong likelihood that the National Pension's domestic equity weight has exceeded at least 20. This year's target for the domestic equity weight is set even lower than last year's. The 2026 target weights by asset class that the National Pension announced in May of last year are: ▲overseas equities 38.9% ▲domestic bonds 23.7% ▲alternative investments 15.0% ▲domestic equities 14.4% ▲overseas bonds 8.0%.

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■ Today's Meeting — What to Watch For

Let's turn to today's (the 26th's) first Fund Management Committee meeting. A single meeting cannot decide these enormous issues all at once. Nor should it. Still, it is clear that the decision can no longer be put off. In the short term, the gap between the domestic equity weight and the target cannot keep being left unaddressed. Over the medium to long term as well, a new framework is unavoidable, one that takes into account the reversal of the National Pension's income and expenditure and the impact on the won-dollar exchange rate. Since there is no shortage of headache-inducing topics, it appears the first meeting has been moved up and convened early. After today's first meeting, when and what message will the National Pension send? Whichever way it goes, the National Pension's choice could become the watershed that determines whether the era of KOSPI 5,000 takes hold. https://n.news.naver.com/article/056/0012112040?sid=101