The world’s largest pension funds – 2025 - Thinking Ahead Institute
Lost approximately (1.9%) in the first quarter of 2026 alone.
Reported an investment loss of (3.4%) in the January–March 2025 period.
: Conflict-related market shocks, such as the Iran war, have severely impacted high-multiple growth stocks.
Primary drivers included a sustained market selloff in tech stocks following coordinated strikes between the US, Israel, and Iran in February 2026. :
The fund has since recovered significantly, booking a in the October–December 2025 quarter, despite 1.53 trillion yen in losses on domestic bonds. Wider Industry Impact and Trends Broad Market Declines :
: Major funds are increasingly sensitive to the performance of a small number of US tech megacaps.
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