World’s biggest pension fund drops $51bn in shares rout

The world’s biggest pension fund posted the worst annual performance since the global financial crisis, with losses exacerbated by unfavourable currency moves and a foray into equity markets.

Japan’s $1.3tn (€1.1tn) Government Pension Investment Fund (GPIF) lost 3.8% in the year to the end of March, or $51bn, the retirement manager yesterday said.

That’s the biggest drop since 2009. GPIF lost 10.8% on domestic equities and 9.6% on shares in other markets, while Japanese bonds handed the fund a 4.1% gain.