Asset Class/ Investment Style and Benchmark

（1）Asset Class/ Investment Style
　Active Investment of Japanese Equities
　Passive Investment of Japanese Equities

（2）Benchmark
　①Active Investment
　Benchmark in accordance with investment products proposal.
　The major active investment benchmarks adopted by GPIF are as follows:

• TOPIX (incl. dividends)
• RUSSELL /NOMURA Large Cap Value Index (incl. dividends)
• RUSSELL/NOMURA Small Cap Index (incl. dividends)
• RUSSELL/NOMURA Small Cap Growth Index (incl. dividends)
• MSCI Japan Small (gross)

　②Passive Investment
　The benchmark for passive investment will be assigned by GPIF.
　The major passive investment benchmarks adopted by GPIF are as follows:

• TOPIX (incl. dividends)
• RUSSELL/NOMURA Prime Index (incl. dividends)

2.Application Process

Please visit here for details on the registration process.

3.Application Deadline

GPIF does not have a deadline for accepting applications, so please apply at any time. We will review your application as needed.

4.Notes

（1）When selecting passive investment managers, GPIF will evaluate the manager's overall business model, including investment process, stewardship policy, organization, and fee structure.

（2）GPIF requests passive investment managers to add value in excess of the benchmark within a certain range of tracking error.

（3）GPIF accepts not only individual submissions of ESG fund but also joint proposals submitted by multiple entities that include both an ESG index and an ESG fund. In such cases, the ESG index should be submitted via the Index Posting System, and the ESG fund via the Manager Entry. GPIF requests that the joint nature of the submission be clearly indicated at the time of application. For further details on the submission procedures for ESG indexes and ESG funds, please refer to this page.