A $1.35T Pension Fund Returned 27% - With Zero Direct $BTC South Korea’s National Pension Service just reported a record 27.22% return for H1 2026, taking its assets to roughly $1.35T (for some context, Bitcoin finished the same 6 months down around 33%) And the star of the portfolio wasn’t crypto... it was (of course) AI: 🇰🇷 Korean equities → +107.37% 🇰🇷 foreign equities → +17.81% 🇰🇷 alternatives → +9.60% 📉 domestic bonds → -3.00% The KOSPI roughly doubled in H1, with semiconductor giants Samsung and SK Hynix doing much of the heavy lifting. Now for the crypto part: NPS holds no $BTC or spot crypto ETFs directly. But it isn’t completely crypto-free either - the fund owns shares in companies including Strategy and Coinbase, giving it indirect exposure. So “zero Bitcoin” is technically true. Zero crypto exposure definitely isn’t. #Macro Insights# #BTC Price Analysis#