NPS’s stock holdings lose $136bn in Q3 amid Samsung, SK hynix slump

South Korea’s National Pension Service (NPS), a major player in the domestic stock market, is estimated to have suffered nearly 200 trillion won ($149.8 billion) in losses in about 100 days, marking its worst performance on record.

According to financial data tracker FnGuide on Sunday, the market value of shares in 287 listed companies in which the NPS disclosed stakes of at least 5 percent stood at an estimated 333.53 trillion won as of October 15. The figure compares with 515.93 trillion won at the end of June, representing a decline of 182.4 trillion won, or 35.3 percent, in about three and a half months.

The NPS recorded its first quarterly decline in the value of its stock holdings in seven quarters, since the fourth quarter of 2024. The loss was also the largest on record.

The pension fund had posted a record gain of 189 trillion won between April 1 and July 6, a period that included the second quarter, effectively giving back those gains in a single quarter.

The stocks of SK hynix Inc. and Samsung Electronics Co., which had been the biggest contributors to its earlier gains, fell sharply.

The two stocks generated valuation losses of 74.23 trillion won and 56.9 trillion won, respectively, totaling 131.1 trillion won, or 71.8 percent of the overall loss.

During the period, Samsung Electronics shares plunged from 334,000 won to 210,000 won, while SK hynix fell from 2.65 million won to 1.262 million won. As of October 15, the NPS held stakes of 7.84 percent in Samsung Electronics and 7.32 percent in SK hynix.

Among major losses, SK square Co. shed 10.87 trillion won in value, while Samsung Electro-Mechanics Co. lost 7.59 trillion won. Overall, 176 of the 287 stocks posted losses.

SK innovation Co. was the biggest gainer, generating a valuation profit of 904.1 billion won as its stock price rose from 94,900 won to 155,000 won. The NPS increased its stake in the company from 6.03 percent to 7.14 percent over the period.

S-Oil Corp. followed with a valuation gain of 710.7 billion won, ahead of LG Energy Solution Ltd. at 580.8 billion won and Hanwha Solutions Corp. at 434.7 billion won.

The NPS increased its stakes in 84 companies, including seven Kosdaq-listed firms such as PharmaResearch Co., RF Materials Co. and Doosan Tesna Inc. It reduced its holdings in 82 companies, including 21 Kosdaq-listed firms.

The NPS is believed to have bought shares in a number of Kosdaq-listed companies in the first half of the year, partly in response to government policies to boost the Kosdaq market, before selling many of those holdings in the third quarter.