Smaller public pension funds in Japan have outperformed the country's largest pension fund, the Government Pension Investment Fund (GPIF), by as much as 2 percentage points during fiscal 2025.

The GPIF, often referred to as the "whale" due to its massive asset size, was surpassed by these smaller funds, sometimes called "dolphins," in terms of investment returns. This performance gap highlights the competitive dynamics within Japan's public pension investment landscape.

The information was reported by Nikkei Asia on July 29, 2026, emphasizing the notable achievement of these smaller pension funds amid the broader Asian financial environment.

Sources