Korea's $1.35 Trillion Pension Fund Posts Record 27% Return - With Zero Bitcoin

South Korea's National Pension Service (NPS) posted a record 27.22% investment return in the first half of 2026, driven almost entirely by a historic domestic stock rally tied to the AI boom.

Bitcoin, by contrast, played no meaningful role in that result, exposing a sharp divide between traditional and digital growth assets.

AI, Not Crypto, Drove the Record Gains

The National Pension Service, the world's third-largest pension fund, saw assets under management climb to 1,866 trillion won (~$1.35 trillion) by the end of June. That figure jumped from 1,458 trillion won (~$1.05 trillion) at the end of 2025, itself a record year.

Domestic equities delivered a staggering 107.37% return over the six-month period, the largest single contributor.

The KOSPI index more than doubled between January and June, fueled by heavy AI-related investment and blockbuster earnings from chipmakers. Samsung Electronics and SK Hynix alone accounted for roughly 80% of the fund's unrealized gains during the second quarter.

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