[Editorial] The National Pension Raised Its Domestic Equity Weighting — It Must Keep to the Principle of Old-Age Funds (January 27, 2026)

The National Pension Fund, a "big player" with assets reaching 1,500 trillion won, has decided to modestly raise its domestic equity investment weighting. This is a measure to avoid the "mechanical selling" required by its rules during the current KOSPI bull phase.

It is, in some respects, unavoidable for the National Pension to review and adjust its asset allocation strategy in light of market conditions and profitability. That said, the National Pension's foremost goal remains, first and last, the sustainable payment of pensions. It should be managed in keeping with its original character as the public's old-age funds — not as a tool for boosting the economy or defending the exchange rate.

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But domestic investment — combining stocks and bonds — already accounts for more than 40% of the National Pension's total assets. Korea's stock market is highly dependent on specific industries such as semiconductors and tends to be volatile, which could add to the burden from a risk-management standpoint over the long run. Increasing the domestic equity weighting merely to prop up the stock market or chase a policy effect must be guarded against.

https://n.news.naver.com/article/005/0001828526?sid=110