The National Pension Service (NPS), regarded as a major player in the domestic stock market, strengthened its position as the largest shareholder of NAVER by increasing its equity in the first quarter of this year. It also focused on buying financial stocks, considered as dividend stocks, and low-volatility domestic stocks. In contrast, it sold shares of Jeju Air and JIN AIR, low-cost carriers (LCC).
According to the Financial Supervisory Service's electronic disclosure system on the 3rd, the National Pension Service purchased 1,272,797 NAVER shares on the 13th of last month. The total holdings increased to 14,638,337 shares, raising its equity in NAVER from 8.23% as of March last year to 9.24%, an increase of 1.01 percentage points. The total purchase amount, based on the acquisition price of 216,000 won per share, is estimated to be about 275 billion won.
Previously, the National Pension Service, the largest shareholder of NAVER, voted in favor of the appointment of Lee Hae-jin, the founder of NAVER, as an inside director. The founder is returning to management this year after a seven-year hiatus.
In the first quarter, several financial stocks were included among the stocks in which the National Pension Service increased its investment ratio. The equity in Korea Financial Group rose from 9.73% to 11.80%, BNK Financial Group from 8.61% to 9.63%, DGB Financial Group from 6.77% to 7.78%, Mirae Asset Securities from 5.14% to 6.15%, and KakaoBank from 5.01% to 6.01%, all increasing by over 1 percentage point.
The financial stocks appear to have increased their investment appeal as the dividend reference date was set for early March.
It was also notable that the investment proportion in domestic stocks was expanded. Shinsegae, which represents the retail industry, increased its equity from 10.51% to 11.59%, Emart from 10.01% to 12.25%, and Hyundai Department Store from 9.84% to 10.88%, all showing an increase of over 1 percentage point. Interest in domestic stocks, which have been relatively good at defending their share prices amid uncertainty regarding tariffs from the U.S., seems to have grown.
On the other hand, the National Pension Service reduced its investment ratio in low-cost carriers (LCC) due to anticipated poor performance from intensified competition.
Last month, the National Pension Service sold 829,647 shares of Jeju Air, reducing its total holdings to 4,069,604 shares. The equity ratio fell from 6.08% to 5.05%, a decrease of 1.03 percentage points.
It sold 522,345 shares of JIN AIR in January this year. The remaining holdings are 2,092,467 shares. The equity ratio decreased from 5.01% at the end of last year to 4.01%, a 1 percentage point reduction.
Additionally, it increased its equity in Binggrae from 5.00% to 6.09%, POSCO Holdings from 7.28% to 8.29%, Hanwha from 5.16% to 6.16%, and Kolmar Korea from 11.39% to 13.49%. In contrast, it reduced its equity in OliX Pharmaceuticals from 5.10% to 3.78%, Poongsan from 9.20% to 8.17%, and HD Hyundai Mipo from 12.26% to 11.22%.
According to the National Pension Fund's asset management headquarters, as of the end of January this year, the fund's management return rate was 5.38% for domestic stocks and 1.27% for overseas stocks. The annual return rate for domestic stocks last year was minus (-)6.94%, while for overseas stocks, it was 34.32%.