Benchmark index
The fund’s investments are measured against a benchmark index set by the Ministry of Finance on the basis of indices from FTSE Group and Bloomberg Barclays Indices.
The benchmark index is made up of global equity and bond indicies. The equity portion of the benchmark index is based on the FTSE Global All Cap index and comprised 44 countries and 7,397 listed companies at the end of 2025. The fixed-income portion of the benchmark index is based on indicies from Bloomberg and comprised 19,193 bonds from 2,543 issuers. The fixed-income investments are allocated 70 percent to bonds issued by government and related institutions and 30 percent to securities issued by the corporate sector.
The benchmark index is made up of global equity and bond indicies.
Benchmark index
As at 31 December 2025
| Asset class | Strategic benchmark indices | Actual benchmark indices |
|---|---|---|
| Equity | 70.00 | 72.20 |
| Fixed income | 30.00 | 27.80 |
| Total | 100.00 | 100.00 |
Equity
As at 31 December 2025
| Region | Percent |
|---|---|
| North America | 56.53 |
| United States | 54.08 |
| Canada | 2.46 |
| Europe | 21.58 |
| United Kingdom | 4.73 |
| Switzerland | 3.23 |
| Germany | 3.07 |
| France | 3.02 |
| Netherlands | 1.53 |
| Spain | 1.29 |
| Sweden | 1.22 |
| Italy | 1.21 |
| Denmark | 0.68 |
| Finland | 0.41 |
| Belgium | 0.41 |
| Polen | 0.21 |
| Austria | 0.14 |
| Ireland | 0.12 |
| Turkey | 0.11 |
| Greece | 0.09 |
| Portugal | 0.07 |
| Hungary | 0.04 |
| Czech Republic | 0.01 |
| Asia | 18.15 |
| Japan | 6.49 |
| China | 3.68 |
| Taiwan Province of China | 2.66 |
| India | 2.14 |
| Korea | 1.72 |
| Hong Kong SAR | 0.53 |
| Singapore | 0.39 |
| Malaysia | 0.19 |
| Thailand | 0.16 |
| Indonesia | 0.14 |
| Philippines | 0.05 |
| Oceania | 1.90 |
| Australia | 1.83 |
| New Zealand | 0.07 |
| Latin America | 0.76 |
| Brazil | 0.40 |
| Mexico | 0.26 |
| Chile | 0.08 |
| Colombia | 0.01 |
| Middle East | 0.59 |
| United Arab Emirates | 0.20 |
| Israel | 0.20 |
| Kuwait | 0.10 |
| Qatar | 0.09 |
| Africa | 0.49 |
| South Africa | 0.49 |
| Egypt | 0.01 |
Fixed income
As at 31 December 2025
| Currency | Percent |
|---|---|
| US dollar | 52.34 |
| Euro | 28.48 |
| British pound | 5.48 |
| Japanese yen | 4.90 |
| Canadian dollar | 3.69 |
| Australian dollar | 2.11 |
| Swiss franc | 1.00 |
| Swedish krona | 0.68 |
| Singapore dollar | 0.49 |
| Danish krone | 0.48 |
| New Zealand dollar | 0.32 |
| Hong Kong dollar | 0.04 |
Benchmark description
The Government Pension Fund Global has been measured against a benchmark index assigned by the Ministry of Finance since 1998. The current strategic benchmark weights are 70 percent equity and 30 percent fixed income, effective from 1 May 2019.
The equity part of the benchmark is based on the FTSE Global All Cap Index, market capitalisation weighted with country factors applied. The fixed-income part consists of 70 percent developed market government debt and 30 percent developed market corporate debt across major currencies.
Benchmark rebalancing
The actual benchmark weights may differ from the strategic weights due to market price movements. Rebalancing takes place when the equity share in the actual benchmark index differs by more than 2 percentage points from the strategic equity weight on the last trading day of the month.
For detailed information on benchmark construction — including country factors, index composition, rebalancing provisions, and fund, asset class and management area specific benchmarks — please refer to the GIPS report.