NPS Posts $23 Billion Gain on U.S. Stocks as Big Tech, Chips Rally

Дата публикации: 14-08-2026 14:33:48

South Korea’s National Pension Service (NPS) posted a record valuation gain of about 33 trillion won, or $23.32 billion, on its U.S. stock holdings in the second quarter, as gains in major technology and semiconductor stocks lifted the value of its portfolio.According to a report the NPS filed with

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South Korea’s National Pension Service (NPS) posted a record valuation gain of about 33 trillion won, or $23.32 billion, on its U.S. stock holdings in the second quarter, as gains in major technology and semiconductor stocks lifted the value of its portfolio.

According to a report the NPS filed with the U.S. Securities and Exchange Commission on Aug. 13, it held shares in 552 U.S.-listed companies as of the end of June, with the total value of its holdings reaching $155.08 billion. The portfolio value jumped $23.4 billion, or 17.8%, from $131.68 billion at the end of the first quarter, even as the number of holdings fell by 10. The number of shares held rose 2.1% to 928.05 million.

Semiconductor stocks were among the biggest contributors to the increase. The value of the NPS’s holdings in Micron Technology surged 242.9% from the previous quarter to $3.33 billion as the chipmaker’s shares rallied sharply between April and June. The valuation of its holdings in AMD and Applied Materials also rose 189.5% and 111.6%, respectively, on gains in their share prices.

The NPS took a selective approach within the semiconductor sector. It increased its holdings in Broadcom and Texas Instruments, while trimming positions in Intel by 2.0%, Lam Research by 0.1% and ON Semiconductor by 19.9%. It also reduced its Nvidia holdings by 0.9%, although Nvidia remained the NPS’s largest U.S. stock holding, accounting for 6.56% of its portfolio.

The pension fund also expanded its exposure to emerging industries. It acquired 3.5 million shares of space company SpaceX, which went public in June, with the stake valued at $598.01 million at the end of the month. In Rocket Lab, the NPS reduced its holdings by 1.4%, but the value of its stake rose to $69.31 million as the stock price surged.

Investments in cryptocurrency-related and fintech companies also increased. The NPS raised its holdings in Bitcoin-related company Strategy and Coinbase Global by 10.4% and 23.8%, respectively. However, the value of its Strategy stake fell 23.1% during the period as the stock price declined sharply. The pension fund also increased its holdings in online trading platform Robinhood by 5.1% and game developer Roblox by 34.0%.

The NPS also increased its exposure to major U.S. defense companies amid heightened geopolitical risks. Its holdings in Boeing, Lockheed Martin, Northrop Grumman, Palantir and RTX rose between 1.0% and 4.3%.

Its moves in the media sector were mixed. The NPS nearly halved its holdings in News Corp., the parent company of The Wall Street Journal, while increasing its holdings in Fox Corp., the parent company of Fox News, by 53.0%.

As of the end of the second quarter, Nvidia was the NPS’s largest U.S. stock holding, followed by Apple, Alphabet, Microsoft and Amazon. Alphabet’s Class A and Class C shares are combined in the portfolio ranking.

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