Korea’s $1 Trillion Pension Fund Has Record Gains on Kospi Rally

South Korea’s National Pension Service, one of the world’s largest public pension funds, posted its strongest-ever annual return in 2025 as a semiconductor- and artificial intelligence–driven stock rally boosted performance.

The fund, which managed 1,458 trillion won ($1.02 trillion) as of end-2025, returned 18.82% for the year, according to a statement Friday, marking a third straight year of record gains. That surpassed its previous high-water mark of 15% set a year earlier and the best result since its establishment in 1988.