South Korea’s National Pension Service delivered a preliminary 27.22% return in the first half of 2026, already surpassing its all-time full-year record of 18.82% set last year. The world’s third-largest pension fund saw total assets grow to 1,866 trillion won (approximately $1.35 trillion) by end of June, up from 1,458 trillion won at the close of 2025, with investment income alone accounting for 401.4 trillion won. Domestic equities returned 107.37%, driven by a KOSPI index that roughly doubled over six months, fueled by semiconductor giants Samsung Electronics and SK hynix benefiting from AI-linked demand. The fund reported no digital asset holdings during this period, while a sharp pullback reportedly began in July, suggesting the second half of 2026 could look markedly different.
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