Funds managed by the Bureau of Labor Funds in July brought returns of more than NT$154 billion (US$4.83 billion), data released yesterday by the bureau showed, gains that market analysts attributed to the strong performance of the local stock market.
Funds managed by the bureau, including the Labor Pension Fund, the Labor Retirement Fund, the Labor Insurance Fund, the Employment Insurance Fund and the Arrears Wage Payment Fund, reported combined returns of NT$154.4 billion in the month, the data showed, boosting returns for the first seven months of the year to NT$625.42 billion, a return rate of 11.36 percent, as global financial markets began showing signs of stabilization from a year earlier amid aggressive rate hikes by the world’s major central banks.
The TAIEX rose 377.39 points, or 2.23 percent, in July, driven by a worldwide frenzy over advances in artificial intelligence development.
Photo: CNA
In the first seven months, the TAIEX has risen by 3,119.83 points, or 22.01 percent, which analysts said was the main factor behind the labor fund gains.
The funds reported combined losses of NT$352.9 billion last year, when the TAIEX plunged 4,081.15 points, or 22.4 percent, the data showed.
Contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC), the most heavily weighted stock on the local market, is seen as the company that has the greatest effect on the labor funds. Its shares surged 26.4 percent in the first seven months.
In June alone, the bureau reported NT$178.08 billion in returns on its funds, the third-highest figure ever after NT$240.23 billion in November 2020 and NT$191.32 billion in November last year, the data showed.
As of the end of July, the combined assets of the funds totaled NT$5.95 trillion, with the Labor Pension Fund, which was launched in 2015, having the greatest contribution of NT$3.86 trillion, the bureau said,.
The rate of return on the Labor Pension Fund was 11.24 percent in the first seven months, it said.
The Labor Retirement Fund, which has been running since 1984, had about NT$1 trillion in assets as of the end of July, with a rate of return of 13.12 percent in the seven-month period, it said.
The bureau said that there are positive signs for global financial markets, including lower inflationary pressure worldwide, but weakness in China needs to be watched.
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