The National Pension Fund Management Committee held a meeting on the 15th and received an interim report related to the medium-term asset allocation plan that will set the direction for asset allocation for five years starting in 2027. The medium-term asset allocation plan is expected to be finalized on the 28th.
The National Pension Fund Management Committee held the fourth meeting for 2026 at 4 p.m. at Government Complex Seoul and received an interim report on the establishment of the 2027–2028 medium-term asset allocation plan.
Medium-term asset allocation is a plan that determines the target weights and management direction by asset class—such as stocks, bonds, and alternative investments—for the next five years to enhance the fund's long-term profitability and stability.
The final medium-term asset allocation plan is scheduled to be decided at the fund committee meeting on the 28th. The committee deliberates and votes by the end of May each year on target weights by asset class for the next five years. There is also talk that it is unusual for the committee to meet twice this month.
With the KOSPI recently surging past the 8,000 level, attention is focusing on whether the National Pension Service will adjust its domestic stock allocation.
The National Pension Service's domestic stock target weight for this year is 14.9%. Adding ±3 percentage points from the strategic asset allocation (SAA) benchmark weight and ±2 percentage points from the tactical asset allocation (TAA), it can be managed flexibly within a range of "±5 percentage points." Accordingly, domestic stocks are analyzed to be able to be held up to a maximum of 19.9% (14.9% + 5 percentage points).
However, as the KOSPI has surged this year, the National Pension Service's domestic stock weight is expected to exceed that level. The committee's earlier decision at the start of the year to defer mechanical rebalancing until June also appears to have contributed to the increased weight. Depending on what decision the committee makes at the meeting on the 28th, concerns are being raised that selling pressure on domestic stocks by the National Pension Service could emerge.
Meanwhile, the committee also received a report at the meeting on the fund management status as of the end of February this year.
Minister Jung Eun-kyeong of the Ministry of Health and Welfare said, "Recently, the National Pension Fund has continued to post strong results, backed by the performance of major asset classes including domestic stocks, supporting the fiscal stability of the National Pension Service."
She added, "Medium-term asset allocation is an important decision that determines the fund's long-term profitability and stability, and we will actively support the committee so that a reasonable plan can be prepared."
Kim Sung-joo, chairman of the National Pension Service, said, "We are struggling with a situation we have never experienced before."