The National Pension Service's domestic stock portfolio shifted dramatically over the past year. SK Square, which has climbed to fourth place by market capitalization this year, already vaulted from 40th to 7th in the pension fund's internal valuation rankings as of end-2025. Semiconductor, defense, shipbuilding, nuclear power and electricity infrastructure stocks that led the market last year also gained a stronger foothold in the fund's portfolio.
A comparison of the National Pension Service's end-2025 domestic stock holdings — disclosed Tuesday — against the prior year showed Samsung Electronics and SK hynix holding the top two spots by valuation. The assessed value of the fund's Samsung Electronics stake rose from 23.04 trillion won ($16.3 billion) at end-2024 to 55.11 trillion won at end-2025. SK hynix climbed from 9.56 trillion won to 37.43 trillion won over the same period. The sharp gains in both stocks cemented their first- and second-place standing in the pension fund's domestic equity portfolio.
The most striking change among top holdings was SK Square's surge. The fund's assessed value of its SK Square stake jumped from 773.4 billion won at end-2024 to 4.14 trillion won at end-2025, a gain of 3.37 trillion won. Its ranking leapt 33 places, from 40th to 7th. The primary driver appears to be the stock price, which soared roughly 364 percent over the same period — from 79,300 won to 368,000 won — on shares the fund already held at end-2024.
SK hynix, SK Square's core investment asset, was at the center of the rally. SK Square is SK hynix's largest shareholder, holding roughly a 20 percent stake. As SK hynix's corporate value surged on rising demand for high-bandwidth memory (HBM) driven by expanding AI investment, the value of SK Square's stake rose in tandem. Perceptions that SK Square's share price was undervalued relative to its SK hynix stake, along with expectations of a narrowing holding-company discount, further supported the stock's rerating.
SK Square's advance has continued this year. The company has risen to fourth place by market capitalization, emerging as a core market stock trailing only Samsung Electronics, SK hynix and Samsung Electronics preferred shares. The momentum represents a continuation of the 40th-to-7th jump already recorded in the pension fund's books at end-2025.
Beyond SK Square, the broader outperformance of last year's market-leading sectors was reflected throughout the pension fund's valuation rankings. Among defense and shipbuilding stocks, Hanwha Aerospace rose from 21st to 9th, and HD Hyundai Heavy Industries climbed from 12th to 6th. Hanwha Ocean also advanced from 45th to 19th.
Nuclear power and electricity infrastructure stocks — another group that led the market last year — also moved rapidly up the pension fund's rankings. Doosan Enerbility jumped 25 places, from 35th to 10th, breaking into the top 10. Hyosung Heavy Industries rose from 60th to 27th, while LS Electric climbed from 61st to 39th.
On the other side of the ledger, several previously high-ranked stocks fell sharply. SK Telecom dropped from 24th to 63rd, and Krafton slid from 27th to 64th. CJ CheilJedang also tumbled, from 57th to 132nd.
kacew@heraldcorp.com
