South Korea’s National Pension Service posted a record 27.22% investment return in the first half of 2026, lifting assets under management to about ₩1,866 trillion, or roughly $1.35 trillion, from ₩1,458 trillion at the end of 2025. Domestic equities returned 107.37% as the KOSPI more than doubled on an AI-linked semiconductor rally, with Samsung Electronics and SK Hynix accounting for roughly 80% of the fund’s second-quarter unrealized gains and the value of NPS stakes above 5% in domestic companies surging by nearly ₩190 trillion between April and June. Foreign equities returned 17.81% and alternative investments 9.6%, while domestic bonds fell 3%. The fund holds no direct Bitcoin or spot crypto ETF allocation, with only modest indirect exposure through equity stakes such as about 614,000 Strategy shares, equivalent to roughly 1,800 BTC. Chair Kim Sung-joo credited favorable equity markets and said solid performance continued despite second-half volatility, after the Kospi later slid about 18.5% from end-June levels.