For information and research only. Not investment advice.
13F filings13F is partial
NPS (Korea)
National Pension Service
Performance
Assuming an initial $100,000 · Benchmark: S&P 500
Hypothetical
Replication modeTop 5Top 10>1%
YTD1Y5Y8YAll
CompoundFixed
Gains are reinvested — principal and returns grow together.
Backtest through 2026-07-28
After filingAt quarter endBenchmark · S&P 500
After filing — buys the holdings only once the filing is public — about 45 days after the quarter ends. The path someone could actually have taken.
At quarter end — pretends the same holdings were bought on the last day of the quarter, before anyone could have known them. Not possible in reality — shown dashed for comparison only.
Benchmark — S&P 500 (SPY) total return over the same window — what doing nothing but holding the market would earn.
Hypothetical backtest — not a real trading record. Simulated on public data from 2014-11: each position is bought only after the filing became public (using no information unavailable at the time), with trading costs deducted, on a total-return basis. Past performance does not predict future results.
All metrics below are computed on the After-filing curve.
Return?
18.1%
Compound annual return over the sample.
Risk?
20.9%
How much returns swing (annualized stdev); lower is steadier.
Return vs risk?
0.90
Return ÷ volatility; higher is better.
Beat SPX?
+4.6%
Annualized gain over the S&P.
Excess?
+2.9%
The strategy's own annual excess, apart from the market.
Significance?
t=1.31 · moderate
t-value: how solid the excess is — higher is more reliable.
Max DD?
−35.5%
Largest peak-to-trough fall.
Leverage?
1.12×
How many times it rises and falls together with the market.
Longest recovery?
23 mo
Longest wait from a peak back to a new high.
About
National Pension Service
Korea’s National Pension Service (NPS) is one of the world’s largest pension funds and a household name in Korea. Its US 13F is highly diversified and close to a broad-market allocation — one slice of a global multi-asset portfolio, reflecting passive allocation more than active stock selection. Investors interested in how Korean national pension capital is allocated to US equities can follow its filings over time.
Holdings & changes
Replication modeTop 5Top 10>1%
Current holdingsPosition changes
2026-Q1 filing · filed 2026-05-12
>1% · filed weights
Others 60.8%
Ticker
Name
Weight
vs last filing
NVDA
Nvidia Corp
6.8%
—
AAPL
Apple Inc.
6.0%
—
MSFT
Microsoft Corp
4.2%
−1.0 ▼
AMZN
Amazon.Com Inc
3.2%
—
GOOGL
Alphabet Inc. Class A Common Stock
2.8%
—
PBUS
PBUS
2.4%
—
GOOG
Alphabet Inc. Class C Capital Stock
2.3%
—
AVGO
Broadcom Inc. Common Stock
2.2%
—
IVV
iShares Core S&P 500 ETF
2.0%
—
META
Meta Platforms, Inc. Class A Common Stock
2.0%
−0.2 ▼
TSLA
Tesla, Inc. Common Stock
1.7%
−0.2 ▼
JPM
JPMorgan Chase & Co.
1.2%
—
XOM
ExxonMobil Holdings Corporation
1.2%
+0.4 ▲
LLY
Eli Lilly & Co.
1.2%
—
Risk
13F is partial — One of the world’s largest pension funds; the US 13F is highly diversified and close to broad passive allocation — one slice of a global multi-asset portfolio, not a stock-picking book.
The replication is built from public filings: ~45-day lag, US long stock positions only; replication returns are not the fund’s real returns, and the manager may have traded since.
Past / backtested performance does not predict the future. Masterfolio is an information service / publisher, not an investment adviser.