Japan’s public pension ‘dolphins’ outperform GPIF whale

Equity bull market lifts portfolios of smaller funds weighted toward stocks Smaller pension funds outperformed the GPIF by as much as 2 percentage points for fiscal 2025. (Source photos by Nikkei) TOKYO — Smaller Japanese pension funds are outperforming the country's massive Government Pension Investment Fund (GPIF) by capitalizing on stock market gains.

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