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Call for Applications of Asset Managers for non-Japanese Bonds

  1. Asset Class/ Investment Style and Benchmark

    (1) Asset Class/ Investment Style
    Active Investment and Passive Investment of non-Japanese Bonds

    (2) Benchmark
    ①Active Investment

    • Bloomberg Barclays Global Aggregate Index (ex-JPY Unhedged/ in JPY terms)
    • Bloomberg Barclays US Aggregate Bond Index (Unhedged/ in JPY terms)
    • Bloomberg Barclays Euro Aggregate Bond Index
    • Bloomberg Barclays U.S. High Yield 2% Issuer Capped Bond Index
    • Bloomberg Barclays Euro High Yield 2% Issuer Capped Bond Index
    • J.P. Morgan GBI-EM Global Diversified Index
    • J.P. Morgan EMBI Global Diversified Index
    • Bloomberg Barclays World Government Inflation-Linked Bond Index (ex-JPY Unhedged/ in JPY terms)
    • Any other benchmark (Unhedged/ in JPY terms) in accordance with investment products proposals

    ②Passive Investment
    The benchmark for passive investment will be assigned by GPIF.

  2. Application Process
    Please visit here for details of the registration.
    In case of applying for passive investment, please provide the track record of FTSE World Government Bond Index (ex-JPY Unhedged/ in JPY terms) or other non-Japanese Bond benchmark.
  3. Offering period
    GPIF does not have a deadline for offering, so please apply at any time. We will review your application as needed.
    Upon consideration of diversifying the passive fund benchmarks, we will start reviewing the passive fund managers on May 22, 2020. We seek asset managers with broad expertise and access to various benchmarks, such as Corporate HY indices, EM-related indices as well as aggregate indices.
  4. Notices

    ① Investable bonds are stated in the Operation Policy. In addition, the GPIF's investment guideline excludes the following from the investable instruments.

    List of non-investable instruments

    • Options
    • Defaulted securities
    • Non-rated securities (except for those with issuer's rating or guarantor's rating)
    • ABS (only those that count as "security" in Japanese Financial Instruments and Exchange Act)
    • MTNs with the above characteristics

    ② GPIF requests passive investment managers to add value against benchmark within a certain range of tracking error.