Request for Asset Manager Applications
- Asset Class/ Investment Style and Benchmark
（1）Asset Class / Investment Style
Active Investment of non-Japanese Bonds
Passive Investment of non-Japanese Bonds
Benchmark in accordance with investment products proposal (in JPY).
The major active investment benchmarks adopted by GPIF are as follows:
- Bloomberg Global Aggregate Index (ex-JPY Unhedged)
- Bloomberg US Aggregate Bond Index (Unhedged)
- Bloomberg Euro Aggregate Bond Index
- Bloomberg U.S. High Yield 2% Issuer Capped Bond Index
- Bloomberg Euro High Yield 2% Issuer Capped Bond Index
- J.P. Morgan GBI-EM Global Diversified Index
- J.P. Morgan EMBI Global Diversified Index
The benchmark for passive investment will be assigned by GPIF.
The major passive investment benchmarks adopted by GPIF are as follows:
- FTSE World Government Bond Index (ex Japan and China, Unhedged, in JPY terms) and Other Regional Index
- Bloomberg U.S. High Yield 2% Issuer Capped Bond Index (Unhedged, in JPY terms)
- Bloomberg Euro High Yield 2% Issuer Capped Bond Index (Unhedged, in JPY terms)
- Application Process
Please visit here for details on the registration process.
- Application Deadline
GPIF does not have a deadline for accepting applications, so please apply at any time. We will review your application as needed.
（1）Bonds eligible for investment are stated in the Operation Policy. In addition, GPIF's investment guidelines exclude the following from investable instruments:
List of non-investable instruments
- Defaulted securities
- Non-rated securities (except for those with an issuer rating or guarantor rating)
- ABS (only those considered "securities" according to the Japanese Financial Instruments and Exchange Act)
- MTNs with the above characteristics
（2）GPIF requests passive investment managers to add value in excess of the benchmark within a certain range of tracking error.