The value of domestic listed stocks held by the National Pension Service rose more than 90% in a year. Helped by a boom in the semiconductor cycle, the total valuation increased sharply, but performance gaps by sector and stock were pronounced.
On the 14th, according to corporate data research firm CEO Score, the value of shares in 272 domestic listed corporations in which the National Pension Service held 5% or more equity as of the end of 2025 totaled 247.4114 trillion won. That was up 117.9312 trillion won (91.1%) from a year earlier (129.4802 trillion won).
Large caps centered on semiconductors led the improvement in the National Pension Service's returns. Samsung Electronics saw its equity stake increase by only 0.32 percentage points, but its share price jumped 125.4% in a year, lifting the value of its holdings by 30.6908 trillion won. SK hynix also had no change in its stake, but its share price surged 274.4%, increasing the value of its holdings by 25.5139 trillion won.
Not only semiconductors but also shipbuilding and defense-related stocks showed strong price momentum. SK Square, Doosan Enerbility, and Hanwha Aerospace, among others, contributed to expanding the National Pension Service's revenue as rising share prices coincided with expanded equity.
By contrast, despite the market's overall strength, sectors with heavy domestic demand exposure—such as retail, gaming, and bio—were generally sluggish.
At CJ CheilJedang, the National Pension Service cut its stake by 4.64 percentage points, reducing the value of its holdings by 234 billion won, the largest drop. Gaming names such as Krafton and SHIFT UP also saw valuations fall as weaker share prices coincided with stake reductions. In addition, the value of the National Pension Service's holdings decreased in Korean Air, SK Telecom, LG H&H, and SK Innovation.
The National Pension Service increased equity in 171 listed companies last year, more than the 127 where it reduced holdings. The corporation with the biggest increase in stake was HD Hyundai Marine Engine, up 8.26 percentage points in a year. MNC Solution, Samsung Bioepis Holdings, POSCO DX, and LG CNS were also among the names where equity was expanded alongside new purchases. Conversely, STX Engine, Hansae Co., CJ CheilJedang, Nongshim, and DL E&C saw stake ratios trimmed, reducing their weight in the portfolio.
The stock in which the National Pension Service holds the most equity is LS, with 13.49% of common shares. It was followed by Hyundai Department Store (13.46%), Shinsegae (13.42%), and CJ (13.40%), placing retail and holding companies near the top.
By sector, the value held in the IT electrical and electronics sector, which includes semiconductors, rose 64.2374 trillion won (139.4%), marking the biggest increase. Shipbuilding, machinery, and equipment also posted a 148.3% growth rate, while holding companies, securities, and construction and building materials were also analyzed to have contributed to the overall rise in the National Pension Service's stock value.