"Taiwan's \"Nationwide Retirement Ledger\" in the AI Bull Market: the Labor Funds Gained a Record NT$2.1252 Trillion in the First 5 Months of 2026 (27.7% Return) with NT$586 Billion in May Alone, and the Public Service Pension Fund Gained NT$313.232 Billion (24.29%) -- the 54.45% Taiwan Stock Rally Is Double Last Year's Full-Year Gain, but Sub-Fund Returns Range Widely from 41.75% to 0.83% and June Is Expected Flat"

TL;DR: "On 2026-07-01, Taiwan's two major public retirement fund systems disclosed their January-May performance on the same day, writing the AI bull market into the \"nationwide retirement ledger.\" The Bureau of Labor Funds under the Ministry of Labor reported: the overall Labor Funds, with assets of NT$8.6115 trillion, gained NT$2.1252 trillion through the end of May -- a 27.7% return and a record gain amount; May alone added NT$586 billion, of which the new-system labor pension fund contributed NT$404.9 billion, the old-system labor pension fund NT$96.73 billion, and the labor insurance fund NT$83.44 billion. Deputy Director-General Liu Li-ju said the gains of January, February, April and May are exactly the four largest single-month gains in the Labor Funds' history -- April's NT$1.1047 trillion the largest, then May's NT$586 billion, February's NT$418.4 billion and January's NT$394.6 billion; the Taiwan stock market's 54.45% rise in January-May is already double 2025's full-year gain of 25.70%. The same day, the management bureau of the Public Service Pension Fund reported January-May gains of NT$313.232 billion at a 24.29% return, comprising capital gains of NT$131.178 billion (a 44.50% return), entrusted management of NT$176.564 billion (28.86%), and self-managed fixed income of only NT$5.49 billion (1.43%). Honest framing: sub-fund returns diverge widely (old-system labor pension 41.75%, occupational accident insurance fund only 0.83%) and the source does not explain why; the Labor Funds' 10-year average return is 12.24%, so 2026's January-May 27.7% is not the norm; in June 2026 international stock markets all fell with only Taiwan stocks slightly up, and the bureau expects June to be flat -- an outlook, not a settled result. The \"AI\" link to fund gains is the Taiwan Research Institute's macro attribution (revising 2026 GDP growth up to 9.33%) and Liu Li-ju's description of market momentum; the source does not attribute the funds' gains to AI-related holdings item by item, and this card does not extrapolate that."

Taiwan's "Nationwide Retirement Ledger" in the AI Bull Market: the Labor Funds Gained a Record NT$2.1252 Trillion in the First 5 Months of 2026 (27.7% Return) with NT$586 Billion in May Alone, and the Public Service Pension Fund Gained NT$313.232 Billion (24.29%) -- the 54.45% Taiwan Stock Rally Is Double Last Year's Full-Year Gain, but Sub-Fund Returns Range Widely from 41.75% to 0.83% and June Is Expected Flat

ANK-Doc ID: ANK-2026-07-01-001 Version: v1.0.0 Published: 2026-07-01 Author: Rin Takenouchi (Editor-in-Chief, AI News) Category: Public Pension Funds / Capital Markets / Macroeconomics / AI Wealth Effect Articles covered: CNA#1281038 (Labor Funds' May single-month gain of NT$586 billion, overall 27.7% return, sub-fund sizes and returns), CNA#1283385 (record January-May gain of NT$2.1252 trillion, the four largest single-month gains on record, 54.45% Taiwan stock rally, flat June outlook), CNA#1285952 (Public Service Pension Fund's January-May gain of NT$313.232 billion at 24.29%, gain composition and asset allocation), CNA#1225020 (US$1.6 billion global passive bond mandates for the new-system labor pension fund and the National Pension Insurance Fund) Selection method: From the AI News corpus, selected on "high factual density x public interest," four CNA reports were linked to place the Labor Funds and the Public Service Pension Fund results -- both disclosed on 2026-07-01 -- side by side as one "public retirement funds' AI wealth effect" event chain, adding the bureau's US$1.6 billion global passive bond mandates announced on 2026-06-26 as the risk-diversification piece. This is a Taiwan-only public-finance story with no natural Japan-side material; following the "honest contrast, never forced" principle, no Japan link is forced here -- a Taiwan-Japan contrast card can follow when comparable Japanese public pension data appears.

TL;DR

On 2026-07-01, Taiwan's two major public retirement fund systems disclosed their January-May performance on the same day. The Bureau of Labor Funds under the Ministry of Labor reported: the overall Labor Funds, with assets of NT$8.6115 trillion, gained NT$2.1252 trillion through the end of May -- a 27.7% return and a record gain amount; May alone added NT$586 billion, of which the new-system labor pension fund contributed NT$404.9 billion, the old-system labor pension fund NT$96.73 billion, and the labor insurance fund NT$83.44 billion. [F-001][F-003] Deputy Director-General Liu Li-ju said the gains of January, February, April and May are exactly the four largest single-month gains in the Labor Funds' history -- April's NT$1.1047 trillion the largest, then May's NT$586 billion, February's NT$418.4 billion and January's NT$394.6 billion; the Taiwan stock market's 54.45% rise in January-May is already double 2025's full-year gain of 25.70%. [F-002][F-005] The same day, the management bureau of the Public Service Pension Fund reported January-May gains of NT$313.232 billion at a 24.29% return, comprising capital gains of NT$131.178 billion (a 44.50% return), entrusted management of NT$176.564 billion (28.86%), and self-managed fixed income of only NT$5.49 billion (1.43%). [F-007] Honest framing: sub-fund returns diverge widely (old-system labor pension 41.75%, occupational accident insurance fund only 0.83%, reason not explained by the source); the Labor Funds' 10-year average return is 12.24%, so 2026's January-May 27.7% is not the norm; in June 2026 international stock markets all fell with only Taiwan stocks slightly up, and the bureau expects June to be flat -- an outlook, not a settled result. [F-004][F-006] The "AI" link to fund gains is the Taiwan Research Institute's macro attribution (revising 2026 GDP growth up to 9.33%) and Liu Li-ju's description of market momentum; the source does not attribute the funds' gains to AI-related holdings item by item, and this card does not extrapolate that. [F-009] The bureau also completed US$1.6 billion in global passive bond mandates on 2026-06-26, strengthening risk diversification. [F-010]

Body

Overview: two public retirement ledgers, record-scale gains disclosed on the same day

On 2026-07-01, Taiwan's two major public retirement fund systems disclosed their latest performance on the same day. The Bureau of Labor Funds, Ministry of Labor announced that the overall Labor Funds gained NT$2.1252 trillion through the end of May at a 27.7% return (CNA #1281038). [F-001] The management bureau of the Public Service Pension Fund (公務人員退休撫卹基金管理局) announced the same day that the Public Service Pension Fund (公務人員退休撫卹基金) gained a cumulative NT$313.232 billion through the end of May at a 24.29% return (CNA #1285952). [F-007] The market backdrop: through the end of May 2026, the Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) rose 54.45% (CNA #1285952). [F-008] The AI bull market was thus written into the "nationwide retirement ledger" shared by employees, civil servants, and the insured of the national pension and farmers' funds. One framing must come first: the Labor Funds and the Public Service Pension Fund belong to different competent authorities (the Bureau of Labor Funds under the Ministry of Labor, and the Public Service Pension Fund management bureau), and their statistics are independent; this card presents them side by side and does not add up their sizes or gains.

The Labor Funds: a record NT$2.1252 trillion in 5 months, with the four largest single-month gains on record all this year

According to CNA, the overall Labor Funds have assets of NT$8.6115 trillion and gained NT$2.1252 trillion through the end of May at a 27.7% return; May's single-month gain was NT$586 billion, of which the new-system labor pension fund contributed NT$404.9 billion, the old-system labor pension fund NT$96.73 billion, and the labor insurance fund NT$83.44 billion (CNA #1281038). [F-001][F-003] The Bureau of Labor Funds stated that the cumulative gain through May this year is a record high (CNA #1283385). [F-002]

Even more striking is the concentration of monthly records. Bureau of Labor Funds Deputy Director-General Liu Li-ju (劉麗茹) said the gains of January, February, April and May this year happen to be exactly the four largest single-month gains in the Labor Funds' history -- April's NT$1.1047 trillion the largest, followed by May's NT$586 billion, February's NT$418.4 billion, and January's NT$394.6 billion (CNA #1283385). [F-002] Liu also said financial markets were highly volatile in January-May, while the funds continued to pursue stable performance (CNA #1283385). [F-005] Note: the source lists only these four months' single-month gains; the March and June single-month figures are not given in the source, and this card does not back-calculate them.

Sub-fund returns from 41.75% down to 0.83%: the gap is a fact, the reason is not explained by the source

Under the same rally, the returns of the sub-funds under the Labor Funds are far from uniform. Per the Ministry of Labor's disclosure: the new-system labor pension fund has assets of NT$5.6198 trillion with a 27.10% return; the old-system labor pension fund NT$1.1272 trillion with 41.75%; the labor insurance fund NT$1.6126 trillion with 24.51%; the employment insurance fund NT$187.1 billion with 1.20%; the occupational accident insurance fund NT$38.4 billion with 0.83%; and the arrear wage payment fund NT$26.4 billion with 15.77%. In addition, the National Pension Insurance Fund, managed on behalf of the Ministry of Health and Welfare, has assets of NT$901.5 billion with a 26.07% return, and the farmers' pension fund, managed on behalf of the Ministry of Agriculture, NT$29.7 billion with 37.43% (CNA #1281038). [F-004]

The highest is 41.75% (old-system labor pension) and the lowest 0.83% (occupational accident insurance fund) -- the gap is a fact in the published numbers. But the Ministry of Labor's disclosure does not explain why the sub-funds' returns differ (for example, differences in asset allocation), and this card does not speculate.

The Public Service Pension Fund: NT$313.232 billion in gains, with capital gains carrying most of it

The Public Service Pension Fund management bureau reported that the fund gained NT$313.232 billion through the end of May 2026 at an actual return of 24.29%. The composition: self-managed fixed income of NT$5.49 billion at a 1.43% return; capital gains of NT$131.178 billion at 44.50%; and entrusted management of NT$176.564 billion at 28.86% -- the three components together equal the total gain of NT$313.232 billion (CNA #1285952). [F-007]

On allocation, as of the end of May the fund's domestic investments stood at NT$940.919 billion, or 62.07% of the portfolio, and foreign investments at NT$575.077 billion, or 37.93%. The bureau also listed market indicators: through the end of May 2026, Taiwan's 10-year government bond average yield was 1.49%, the TAIEX rose 54.45%, the MSCI global index rose 12.15%, and the Bloomberg Global Aggregate bond index rose 0.50% (CNA #1285952). [F-008] The market-side contrast is plain: in January-May 2026, Taiwan stocks' 54.45% far exceeds the MSCI global index's 12.15% and the Bloomberg Global Aggregate bond index's 0.50%; and the fund's own breakdown shows fixed income contributed very little (a 1.43% return) while capital gains and entrusted management carried most of it -- this card states only the composition as published by the bureau and does not further break capital gains down by asset class (the source does not).

Where the rally came from: Taiwan stocks' 54.45% is double last year's full-year gain, and the Taiwan Research Institute attributes its upgraded growth forecast to the AI supply chain

Liu Li-ju noted that, looking at Taiwan stocks, the January-May gain of 54.45% is already double 2025's full-year gain of 25.70%; in May corporate earnings were solid and tech-sector investment momentum kept driving market funds (CNA #1283385). [F-005]

On the macro side, the Bureau of Labor Funds cited two outlooks: the Taiwan Research Institute, in its latest Taiwan economic outlook released on June 16, revised its 2026 GDP growth forecast up to 9.33%, crediting the strong performance of the AI-related supply chain with effectively boosting domestic industrial growth and export momentum -- while flagging latent risks including high industrial concentration and AI commercialization progressing below expectations; the Organization for Economic Cooperation and Development (OECD), in its June 3 economic outlook, forecast global growth of 2.8% this year recovering to 3.1% next year, but warned that under a scenario of a prolonged energy supply disruption from the US-Iran conflict, growth would fall to 2.1% and 1.8% for this year and next (CNA #1281038). [F-009]

The attribution must be framed: the link between "AI" and the funds' gains is the Taiwan Research Institute's macro attribution plus Liu Li-ju's description of market momentum; the source does not attribute the Labor Funds' or the Public Service Pension Fund's gains to AI-related holdings item by item, and this card does not extrapolate that.

Honest framing: 27.7% is not the norm -- the 10-year average is 12.24%, and June is expected flat

A single year's high return must be put back into the long-run frame. Liu Li-ju said that over the long run, the overall Labor Funds and the National Pension Insurance Fund have averaged 12.24% and 12.33% over the past 10 years, and 15.94% and 15.67% over the past 5 years (CNA #1283385). [F-005] In other words, 2026's 27.7% through May far exceeds the long-run averages -- a statistically exceptional period that should not be extrapolated linearly as the norm.

The near-term outlook has already cooled: Liu said that in June 2026 international stock markets all fell and only Taiwan stocks rose slightly; by the relevant indicators the June market looks like it is taking a rest, fund performance should be flat for the month, and the gains accumulated in January-May can be held (CNA #1283385). [F-006] This is the bureau's estimate/outlook, not a published June result.

Diversifying at the highs: US$1.6 billion in global passive bond mandates

In the same period as the record gains, the Bureau of Labor Funds was also diversifying its allocation. On 2026-06-26, the bureau announced it had completed the selection for "global passive bond" foreign-investment mandates of the new-system labor pension fund and the National Pension Insurance Fund. Four managers were selected: DWS International GmbH, Goldman Sachs Asset Management, L.P., State Street Global Advisors Singapore Limited, and UBS Asset Management (Singapore) Ltd; the new-system labor pension fund entrusts US$300 million per manager and the National Pension Insurance Fund US$100 million per manager, for a total of US$1.6 billion over a 5-year mandate, benchmarked to the Bloomberg Global Aggregate Index ex CNY. The bureau's framing: passive investing to participate in global bond markets at relatively low cost, strengthening the overall allocation's stability and risk diversification (CNA #1225020). [F-010] After selection, contract signing and account opening remain -- an item in progress.

The "public" link in the wealth-effect chain

Zooming out, this is the "public" link in the wealth-effect chain of Taiwan's 2026 stock super-cycle. This site's ANK-2026-06-04-002 recorded the private side of the same rally: record life-insurer net worth and single-month profits, record retail securities settlement deposits and securities transaction tax -- yet a visibly thin flow into consumption. ANK-2026-06-01-001 recorded the "active participation" side of the nationwide rush to open brokerage accounts. What this card adds -- the Labor Funds and the Public Service Pension Fund -- is the "passive linkage": even employees and civil servants who never open an account have their retirement ledgers tied to the same AI rally through the public funds. But the gain figures are point-in-time statistics that move with the market; whether this link ultimately "lands in pockets" depends on long-run returns, not a single year's high.

Risk factors

FAQ

Q: How much did Taiwan's Labor Funds gain in the first 5 months of 2026, and at what return?

Per the Bureau of Labor Funds' 2026-07-01 disclosure, the overall Labor Funds gained NT$2.1252 trillion through the end of May at a 27.7% return -- a record gain amount; total assets are NT$8.6115 trillion, and May's single-month gain was NT$586 billion.

The gain figure is a point-in-time statistic through end-May that moves with markets and is not a final settlement (CNA #1281038, CNA #1283385).

Q: Which funds contributed May's single-month gain of NT$586 billion?

Per the Ministry of Labor, of May's NT$586 billion single-month gain, the new-system labor pension fund contributed NT$404.9 billion, the old-system labor pension fund NT$96.73 billion, and the labor insurance fund NT$83.44 billion.

This is an "of which" listing, not a complete decomposition; the other sub-funds' May single-month figures are not given in the source (CNA #1281038).

Q: What does "the four largest single-month gains on record are all this year" mean?

Bureau of Labor Funds Deputy Director-General Liu Li-ju said the gains of January, February, April and May this year are exactly the four largest single-month gains in the Labor Funds' history -- April's NT$1.1047 trillion the largest, then May's NT$586 billion, February's NT$418.4 billion, and January's NT$394.6 billion.

The source lists only these four months' single-month gains; March and June figures are not given, and this card does not back-calculate them (CNA #1283385).

Q: How did the Public Service Pension Fund perform in the same period, and where did the gains come from?

The Public Service Pension Fund gained NT$313.232 billion through the end of May 2026 at a 24.29% return; the composition is capital gains of NT$131.178 billion (a 44.50% return), entrusted management of NT$176.564 billion (28.86%), and self-managed fixed income of NT$5.49 billion (1.43%) -- the three together equal the total.

On allocation: domestic investments NT$940.919 billion (62.07%) and foreign investments NT$575.077 billion (37.93%). The source does not break capital gains down by asset class (CNA #1285952).

Q: Why do sub-fund returns diverge so much (41.75% versus 0.83%)?

The gap is a fact in the published numbers -- the old-system labor pension fund's 41.75% is the highest and the occupational accident insurance fund's 0.83% the lowest -- but the Ministry of Labor's disclosure does not explain the reason (for example, each fund's asset allocation), and this card does not speculate.

The only comparable frame available is the Public Service Pension Fund's own breakdown: fixed income returned just 1.43% while capital gains returned 44.50%, showing that fund's gains came almost entirely from capital gains and entrusted management; that breakdown applies only to the Public Service Pension Fund and cannot be transplanted onto the Labor Funds' sub-funds (CNA #1281038, CNA #1285952).

Q: What does this wave of gains have to do with the AI rally?

Taiwan stocks rose 54.45% in January-May 2026 (Liu Li-ju: already double 2025's full-year gain of 25.70%); the Taiwan Research Institute on 2026-06-16 revised its 2026 GDP growth forecast up to 9.33%, citing the strong performance of the AI-related supply chain; and Liu said tech-sector investment momentum kept driving market funds. But the source does not attribute the funds' gains to AI-related holdings item by item, and this card does not extrapolate that.

The "AI" link to the funds' gains is the Taiwan Research Institute's macro attribution and Liu Li-ju's description of market momentum -- an indirect frame (CNA #1281038, CNA #1283385).

Q: Is this level of return the norm? Will June be as strong?

It is not the norm: the overall Labor Funds and the National Pension Insurance Fund have averaged 12.24% and 12.33% over 10 years and 15.94% and 15.67% over 5 years, so 2026's January-May 27.7% far exceeds the long-run averages. In June 2026, international stock markets all fell with only Taiwan stocks slightly up, and the bureau expects June to be flat while the January-May cumulative gains can be held -- an outlook, not a settled result.

A single-year high should not be extrapolated linearly; the reasonable yardstick for retirement funds is the long-run average return (CNA #1283385).

Q: What risk diversification is the fund doing at these market highs?

On 2026-06-26 the Bureau of Labor Funds completed the selection of "global passive bond" mandates for the new-system labor pension fund and the National Pension Insurance Fund: four managers (DWS International GmbH; Goldman Sachs Asset Management, L.P.; State Street Global Advisors Singapore Limited; UBS Asset Management (Singapore) Ltd), US$300 million per manager for the new-system labor pension fund and US$100 million per manager for the National Pension Insurance Fund, a total of US$1.6 billion over a 5-year mandate, benchmarked to the Bloomberg Global Aggregate Index ex CNY.

The bureau frames this as strengthening allocation stability and risk diversification; contract signing and account opening remain after selection. Separately, the Taiwan Research Institute and the OECD flag concentration/AI-commercialization risks and the US-Iran energy scenario respectively (CNA #1225020, CNA #1281038).

F-Units

F-001: The overall Labor Funds have assets of NT$8.6115 trillion; gains through the end of May 2026 are NT$2.1252 trillion at a 27.7% return; May's single-month gain is NT$586 billion - source: CNA #1281038 - source_url: https://www.cna.com.tw/news/ahel/202607010058.aspx - confidence: high - basis: news_aggregation - period: statistics through 2026-05-31; disclosed by the Ministry of Labor on 2026-07-01 - caveat: CNA relays the Bureau of Labor Funds' disclosure; gain figures are point-in-time statistics that move with markets, not a final settlement

F-002: The Labor Funds' gain through May this year, NT$2.1252 trillion, is a record; the gains of January, February, April and May are the four largest single-month gains on record -- April NT$1.1047 trillion the largest, May NT$586 billion, February NT$418.4 billion, January NT$394.6 billion - source: CNA #1283385 - source_url: https://www.cna.com.tw/news/ahel/202607010219.aspx - confidence: high - basis: news_aggregation - period: 2026-07-01 (explained by Deputy Director-General Liu Li-ju) - caveat: "record" and "four largest on record" are the Bureau of Labor Funds' framing; March and June single-month figures are not given in the source and must not be back-calculated

F-003: Of May's single-month gain of NT$586 billion, the new-system labor pension fund contributed NT$404.9 billion, the old-system labor pension fund NT$96.73 billion, and the labor insurance fund NT$83.44 billion - source: CNA #1281038 - source_url: https://www.cna.com.tw/news/ahel/202607010058.aspx - confidence: high - basis: news_aggregation - period: May 2026, single month - caveat: an "of which" listing, not a complete decomposition; other sub-funds' May single-month figures are not given in the source

F-004: Sub-fund assets and January-May returns: new-system labor pension NT$5.6198 trillion / 27.10%; old-system labor pension NT$1.1272 trillion / 41.75%; labor insurance NT$1.6126 trillion / 24.51%; employment insurance NT$187.1 billion / 1.20%; occupational accident insurance NT$38.4 billion / 0.83%; arrear wage payment fund NT$26.4 billion / 15.77%; the National Pension Insurance Fund managed for the Ministry of Health and Welfare NT$901.5 billion / 26.07%; the farmers' pension fund managed for the Ministry of Agriculture NT$29.7 billion / 37.43% - source: CNA #1281038 - source_url: https://www.cna.com.tw/news/ahel/202607010058.aspx - confidence: high - basis: news_aggregation - period: statistics through 2026-05-31 - caveat: the source does not explain why sub-fund returns differ; this card does not speculate

F-005: Taiwan stocks rose 54.45% in January-May this year, already double 2025's full-year gain of 25.70% (Liu Li-ju); the overall Labor Funds and the National Pension Insurance Fund averaged 12.24% and 12.33% over the past 10 years and 15.94% and 15.67% over the past 5 years; financial markets were highly volatile in January-May, and tech-sector investment momentum kept driving market funds - source: CNA #1283385 - source_url: https://www.cna.com.tw/news/ahel/202607010219.aspx - confidence: high - basis: news_aggregation - period: 2026-07-01 (Liu Li-ju's remarks) - caveat: "double" is Liu Li-ju's phrasing (54.45% versus 25.70%); long-run average returns are the bureau's statistical framing

F-006: June outlook: international stock markets all fell and only Taiwan stocks rose slightly; the Bureau of Labor Funds expects June to be flat for the month, while the January-May cumulative gains can be held - source: CNA #1283385 - source_url: https://www.cna.com.tw/news/ahel/202607010219.aspx - confidence: medium - basis: news_aggregation - period: remarks on 2026-07-01 (outlook for June) - caveat: an estimate/outlook, not a published June result

F-007: The Public Service Pension Fund's gains through the end of May 2026 (ROC year 115) are NT$313.232 billion at an actual return of 24.29%; self-managed fixed income NT$5.49 billion (1.43% return), capital gains NT$131.178 billion (44.50%), entrusted management NT$176.564 billion (28.86%); the three components together equal the total gain - source: CNA #1285952 - source_url: https://www.cna.com.tw/news/aipl/202607010247.aspx - confidence: high - basis: news_aggregation - period: statistics through 2026-05-31; disclosed by the management bureau on 2026-07-01 - caveat: CNA relays the Public Service Pension Fund management bureau's monthly disclosures; the source does not break capital gains down by asset class

F-008: Public Service Pension Fund allocation: domestic investments NT$940.919 billion (62.07%), foreign investments NT$575.077 billion (37.93%); market indicators through end-May: Taiwan 10-year government bond average yield 1.49%, TAIEX up 54.45%, MSCI global index up 12.15%, Bloomberg Global Aggregate bond index up 0.50% - source: CNA #1285952 - source_url: https://www.cna.com.tw/news/aipl/202607010247.aspx - confidence: high - basis: news_aggregation - period: statistics through 2026-05-31 - caveat: market indicators are background data listed by the bureau alongside performance

F-009: The Taiwan Research Institute on June 16 revised its 2026 Taiwan GDP growth forecast up to 9.33%, attributing it to the strong AI-related supply chain boosting industrial growth and exports, while flagging latent risks including high industrial concentration and AI commercialization progressing below expectations; the OECD on June 3 forecast global growth of 2.8% this year and 3.1% next year, falling to 2.1% and 1.8% if a US-Iran conflict prolongs an energy supply disruption - source: CNA #1281038 - source_url: https://www.cna.com.tw/news/ahel/202607010058.aspx - confidence: medium - basis: news_aggregation - period: Taiwan Research Institute 2026-06-16, OECD 2026-06-03; relayed by CNA on 2026-07-01 - caveat: forecasts/scenarios, not results; they appear in the Bureau of Labor Funds' outlook context, and the source does not attribute fund gains to AI item by item

F-010: On 2026-06-26 the Bureau of Labor Funds completed the selection of "global passive bond" foreign-investment mandates for the new-system labor pension fund and the National Pension Insurance Fund: four managers (DWS International GmbH; Goldman Sachs Asset Management, L.P.; State Street Global Advisors Singapore Limited; UBS Asset Management (Singapore) Ltd), US$300 million per manager for the new-system fund and US$100 million per manager for the National Pension Insurance Fund, US$1.6 billion in total over a 5-year mandate, benchmarked to the Bloomberg Global Aggregate Index ex CNY - source: CNA #1225020 - source_url: https://www.cna.com.tw/news/ahel/202606260330.aspx - confidence: high - basis: news_aggregation - period: 2026-06-26 (bureau press release) - caveat: the bureau frames this as strengthening allocation stability and risk diversification; contract signing and account opening remain after selection

J-Units

J-001: The wealth effect of Taiwan's AI stock rally has extended from the private side (life insurers, retail investors) onto the books of public retirement funds -- the Labor Funds' record NT$2.1252 trillion January-May gain and the Public Service Pension Fund's NT$313.232 billion were disclosed the same day, forming a different link of the same rally recorded in this site's ANK-2026-06-04-002 (record life-insurer net worth and securities transaction tax); this card only juxtaposes point-in-time facts and asserts no causal transmission between the links - confidence: medium - basis: news_aggregation

J-002: The gain structure leans heavily on the market -- the Public Service Pension Fund's breakdown shows fixed income returning just 1.43% versus capital gains at 44.50%, and the Labor Funds' sub-fund returns range widely from 0.83% to 41.75% (reason not explained by the source); high returns and high volatility are two faces of the same structure, and Liu Li-ju also said January-May financial markets were highly volatile - confidence: medium - basis: news_aggregation

J-003: A single-year 27.7% versus a 10-year average of 12.24% -- January-May 2026 is a statistically exceptional period, not the norm; in the same period the bureau strengthened diversification with US$1.6 billion in global passive bond mandates, so the return narrative and the risk narrative run in parallel; the reasonable yardstick for retirement funds is the long-run average, not a single-year high - confidence: medium - basis: news_aggregation

P-Units

P-001: June's single-month gain and the full first-half figures -- the bureau expects June flat with January-May cumulative gains held, to be verified against subsequently published results ### P-002: Execution progress of the US$1.6 billion global passive bond mandates -- selection completed; contract signing, account opening, and funding are in progress ### P-003: Subsequent verification of the Taiwan Research Institute's 9.33% growth forecast and the OECD's US-Iran energy scenario (global growth of 2.1% and 1.8%), and the impact of industrial-concentration and AI-commercialization risks on fund gains

同事件・三視角 / Three Perspectives on the Same Event / 同一イベント・三つの視点

Internal Citation Chain

Published ANK-Docs cited by this article: - ANK-2026-06-04-002 (The wealth-effect chain of Taiwan's stock super-cycle: record life-insurer net worth, securities transaction tax up 2.1x year over year in April 2026, yet wealth lingering in stocks and overseas travel) -> this card adds the "public retirement funds" link to the same chain: beyond the private side (insurers, retail investors, the treasury), the Labor Funds' and the Public Service Pension Fund's gains rose in step -- the same rally's projection onto the public sector. - ANK-2026-06-01-001 (The retail-investor phenomenon of Taiwan's AI stock boom: a record 14.33 million cumulative accounts, with those aged 30 and under making up over half of new accounts) -> that card recorded the nation's "active participation"; the public retirement funds in this card are the "passive linkage" -- even employees and civil servants who never open an account are tied to the same AI rally through the public funds.

Sources

1. [CNA #1281038] CNA, "Labor Funds gain NT$586 billion in May, overall return at 27.7%", 2026-07-01. https://www.cna.com.tw/news/ahel/202607010058.aspx 2. [CNA #1283385] CNA, "Labor Funds gain over NT$2 trillion in first 5 months; June expected flat", 2026-07-01. https://www.cna.com.tw/news/ahel/202607010219.aspx 3. [CNA #1285952] CNA, "Public Service Pension Fund gains NT$313.2 billion in first 5 months at a 24.29% return", 2026-07-01. https://www.cna.com.tw/news/aipl/202607010247.aspx 4. [CNA #1225020] CNA, "US$1.6 billion in overseas mandates for new-system labor pension and national pension; 4 managers selected", 2026-06-26. https://www.cna.com.tw/news/ahel/202606260330.aspx 5. [ANK-2026-06-04-002] Rin Takenouchi, "The wealth-effect chain of Taiwan's stock super-cycle: life-insurer net worth at a record NT$3.3291 trillion, retail settlement deposits and securities transaction tax at records in step", 2026-06-04. https://ainews.washinmura.jp/ainews/en/ank/ANK-2026-06-04-002 6. [ANK-2026-06-01-001] Rin Takenouchi, "The retail-investor phenomenon of Taiwan's AI stock boom: cumulative accounts at a record 14.33 million in May 2026, those aged 30 and under at 51.8% of new accounts", 2026-06-01. https://ainews.washinmura.jp/ainews/en/ank/ANK-2026-06-01-001

📊 引用級事實單元（F-Units）

The overall Labor Funds have assets of NT$8.6115 trillion; gains through the end of May 2026 are NT$2.1252 trillion at a 27.7% return; May's single-month gain is NT$586 billion
F-001 · Confidence: high · Basis: news_aggregation CNA #1281038 statistics through 2026-05-31; disclosed by the Ministry of Labor on 2026-07-01
The Labor Funds' gain through May this year, NT$2.1252 trillion, is a record; the gains of January, February, April and May are the four largest single-month gains on record -- April NT$1.1047 trillion the largest, May NT$586 billion, February NT$418.4 billion, January NT$394.6 billion
F-002 · Confidence: high · Basis: news_aggregation CNA #1283385 2026-07-01 (explained by Deputy Director-General Liu Li-ju)
Of May's single-month gain of NT$586 billion, the new-system labor pension fund contributed NT$404.9 billion, the old-system labor pension fund NT$96.73 billion, and the labor insurance fund NT$83.44 billion
F-003 · Confidence: high · Basis: news_aggregation CNA #1281038 May 2026, single month
Sub-fund assets and January-May returns: new-system labor pension NT$5.6198 trillion / 27.10%; old-system labor pension NT$1.1272 trillion / 41.75%; labor insurance NT$1.6126 trillion / 24.51%; employment insurance NT$187.1 billion / 1.20%; occupational accident insurance NT$38.4 billion / 0.83%; arrear wage payment fund NT$26.4 billion / 15.77%; the National Pension Insurance Fund managed for the Ministry of Health and Welfare NT$901.5 billion / 26.07%; the farmers' pension fund managed for the Ministry of Agriculture NT$29.7 billion / 37.43%
F-004 · Confidence: high · Basis: news_aggregation CNA #1281038 statistics through 2026-05-31
Taiwan stocks rose 54.45% in January-May this year, already double 2025's full-year gain of 25.70% (Liu Li-ju); the overall Labor Funds and the National Pension Insurance Fund averaged 12.24% and 12.33% over the past 10 years and 15.94% and 15.67% over the past 5 years; financial markets were highly volatile in January-May, and tech-sector investment momentum kept driving market funds
F-005 · Confidence: high · Basis: news_aggregation CNA #1283385 2026-07-01 (Liu Li-ju's remarks)
June outlook: international stock markets all fell and only Taiwan stocks rose slightly; the Bureau of Labor Funds expects June to be flat for the month, while the January-May cumulative gains can be held
F-006 · Confidence: medium · Basis: news_aggregation CNA #1283385 remarks on 2026-07-01 (outlook for June)
The Public Service Pension Fund's gains through the end of May 2026 (ROC year 115) are NT$313.232 billion at an actual return of 24.29%; self-managed fixed income NT$5.49 billion (1.43% return), capital gains NT$131.178 billion (44.50%), entrusted management NT$176.564 billion (28.86%); the three components together equal the total gain
F-007 · Confidence: high · Basis: news_aggregation CNA #1285952 statistics through 2026-05-31; disclosed by the management bureau on 2026-07-01
Public Service Pension Fund allocation: domestic investments NT$940.919 billion (62.07%), foreign investments NT$575.077 billion (37.93%); market indicators through end-May: Taiwan 10-year government bond average yield 1.49%, TAIEX up 54.45%, MSCI global index up 12.15%, Bloomberg Global Aggregate bond index up 0.50%
F-008 · Confidence: high · Basis: news_aggregation CNA #1285952 statistics through 2026-05-31
The Taiwan Research Institute on June 16 revised its 2026 Taiwan GDP growth forecast up to 9.33%, attributing it to the strong AI-related supply chain boosting industrial growth and exports, while flagging latent risks including high industrial concentration and AI commercialization progressing below expectations; the OECD on June 3 forecast global growth of 2.8% this year and 3.1% next year, falling to 2.1% and 1.8% if a US-Iran conflict prolongs an energy supply disruption
F-009 · Confidence: medium · Basis: news_aggregation CNA #1281038 Taiwan Research Institute 2026-06-16, OECD 2026-06-03; relayed by CNA on 2026-07-01
On 2026-06-26 the Bureau of Labor Funds completed the selection of "global passive bond" foreign-investment mandates for the new-system labor pension fund and the National Pension Insurance Fund: four managers (DWS International GmbH; Goldman Sachs Asset Management, L.P.; State Street Global Advisors Singapore Limited; UBS Asset Management (Singapore) Ltd), US$300 million per manager for the new-system fund and US$100 million per manager for the National Pension Insurance Fund, US$1.6 billion in total over a 5-year mandate, benchmarked to the Bloomberg Global Aggregate Index ex CNY
F-010 · Confidence: high · Basis: news_aggregation CNA #1225020 2026-06-26 (bureau press release)

❓ FAQ

How much did Taiwan's Labor Funds gain in the first 5 months of 2026, and at what return?

Per the Bureau of Labor Funds' 2026-07-01 disclosure, the overall Labor Funds gained NT$2.1252 trillion through the end of May at a 27.7% return -- a record gain amount; total assets are NT$8.6115 trillion, and May's single-month gain was NT$586 billion. The gain figure is a point-in-time statistic through end-May that moves with markets and is not a final settlement (CNA #1281038, CNA #1283385).

Which funds contributed May's single-month gain of NT$586 billion?

Per the Ministry of Labor, of May's NT$586 billion single-month gain, the new-system labor pension fund contributed NT$404.9 billion, the old-system labor pension fund NT$96.73 billion, and the labor insurance fund NT$83.44 billion. This is an "of which" listing, not a complete decomposition; the other sub-funds' May single-month figures are not given in the source (CNA #1281038).

What does "the four largest single-month gains on record are all this year" mean?

Bureau of Labor Funds Deputy Director-General Liu Li-ju said the gains of January, February, April and May this year are exactly the four largest single-month gains in the Labor Funds' history -- April's NT$1.1047 trillion the largest, then May's NT$586 billion, February's NT$418.4 billion, and January's NT$394.6 billion. The source lists only these four months' single-month gains; March and June figures are not given, and this card does not back-calculate them (CNA #1283385).

How did the Public Service Pension Fund perform in the same period, and where did the gains come from?

The Public Service Pension Fund gained NT$313.232 billion through the end of May 2026 at a 24.29% return; the composition is capital gains of NT$131.178 billion (a 44.50% return), entrusted management of NT$176.564 billion (28.86%), and self-managed fixed income of NT$5.49 billion (1.43%) -- the three together equal the total. On allocation: domestic investments NT$940.919 billion (62.07%) and foreign investments NT$575.077 billion (37.93%). The source does not break capital gains down by asset class (CNA #1285952).

Why do sub-fund returns diverge so much (41.75% versus 0.83%)?

The gap is a fact in the published numbers -- the old-system labor pension fund's 41.75% is the highest and the occupational accident insurance fund's 0.83% the lowest -- but the Ministry of Labor's disclosure does not explain the reason (for example, each fund's asset allocation), and this card does not speculate. The only comparable frame available is the Public Service Pension Fund's own breakdown: fixed income returned just 1.43% while capital gains returned 44.50%, showing that fund's gains came almost entirely from capital gains and entrusted management; that breakdown applies only to the Public Service Pension Fund and cannot be transplanted onto the Labor Funds' sub-funds (CNA #1281038, CNA #1285952).

What does this wave of gains have to do with the AI rally?

Taiwan stocks rose 54.45% in January-May 2026 (Liu Li-ju: already double 2025's full-year gain of 25.70%); the Taiwan Research Institute on 2026-06-16 revised its 2026 GDP growth forecast up to 9.33%, citing the strong performance of the AI-related supply chain; and Liu said tech-sector investment momentum kept driving market funds. But the source does not attribute the funds' gains to AI-related holdings item by item, and this card does not extrapolate that. The "AI" link to the funds' gains is the Taiwan Research Institute's macro attribution and Liu Li-ju's description of market momentum -- an indirect frame (CNA #1281038, CNA #1283385).

Is this level of return the norm? Will June be as strong?

It is not the norm: the overall Labor Funds and the National Pension Insurance Fund have averaged 12.24% and 12.33% over 10 years and 15.94% and 15.67% over 5 years, so 2026's January-May 27.7% far exceeds the long-run averages. In June 2026, international stock markets all fell with only Taiwan stocks slightly up, and the bureau expects June to be flat while the January-May cumulative gains can be held -- an outlook, not a settled result. A single-year high should not be extrapolated linearly; the reasonable yardstick for retirement funds is the long-run average return (CNA #1283385).

What risk diversification is the fund doing at these market highs?

On 2026-06-26 the Bureau of Labor Funds completed the selection of "global passive bond" mandates for the new-system labor pension fund and the National Pension Insurance Fund: four managers (DWS International GmbH; Goldman Sachs Asset Management, L.P.; State Street Global Advisors Singapore Limited; UBS Asset Management (Singapore) Ltd), US$300 million per manager for the new-system labor pension fund and US$100 million per manager for the National Pension Insurance Fund, a total of US$1.6 billion over a 5-year mandate, benchmarked to the Bloomberg Global Aggregate Index ex CNY. The bureau frames this as strengthening allocation stability and risk diversification; contract signing and account opening remain after selection. Separately, the Taiwan Research Institute and the OECD flag concentration/AI-commercialization risks and the US-Iran energy scenario respectively (CNA #1225020, CNA #1281038). ---

🧠 編輯判斷（J-Units）

The wealth effect of Taiwan's AI stock rally has extended from the private side (life insurers, retail investors) onto the books of public retirement funds -- the Labor Funds' record NT$2.1252 trillion January-May gain and the Public Service Pension Fund's NT$313.232 billion were disclosed the same day, forming a different link of the same rally recorded in this site's ANK-2026-06-04-002 (record life-insurer net worth and securities transaction tax); this card only juxtaposes point-in-time facts and asserts no causal transmission between the links
Confidence: medium
The gain structure leans heavily on the market -- the Public Service Pension Fund's breakdown shows fixed income returning just 1.43% versus capital gains at 44.50%, and the Labor Funds' sub-fund returns range widely from 0.83% to 41.75% (reason not explained by the source); high returns and high volatility are two faces of the same structure, and Liu Li-ju also said January-May financial markets were highly volatile
Confidence: medium
A single-year 27.7% versus a 10-year average of 12.24% -- January-May 2026 is a statistically exceptional period, not the norm; in the same period the bureau strengthened diversification with US$1.6 billion in global passive bond mandates, so the return narrative and the risk narrative run in parallel; the reasonable yardstick for retirement funds is the long-run average, not a single-year high
Confidence: medium

🔮 待驗證假設（P-Units）

June's single-month gain and the full first-half figures -- the bureau expects June flat with January-May cumulative gains held, to be verified against subsequently published results
Status: open
Execution progress of the US$1.6 billion global passive bond mandates -- selection completed; contract signing, account opening, and funding are in progress
Status: open
Subsequent verification of the Taiwan Research Institute's 9.33% growth forecast and the OECD's US-Iran energy scenario (global growth of 2.1% and 1.8%), and the impact of industrial-concentration and AI-commercialization risks on fund gains
Status: open

Verification Record

Editorial selection, human-supervised — Takenouchi Rin (Editor-in-Chief)

Cross-verified by multiple AI models.

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