According to financial data provider FnGuide, the combined market value of the NPS's stakes in 287 listed companies, in which it disclosed holdings of at least 5 percent as of June 30 or Oct. 15, fell from 515.9 trillion won to 333.5 trillion won.
The decline of 35.3 percent marked the first negative quarterly performance in the disclosed holdings' market value since the fourth quarter of 2024, ending a six-quarter run of gains.
Samsung Electronics and SK hynix, which had previously driven much of the pension fund's investment gains, accounted for 131.1 trillion won, or 71.8 percent, of the total decline.
The estimated value of its SK hynix holdings dropped by 74.2 trillion won, while Samsung Electronics accounted for another 56.9 trillion won.
During the period, Samsung Electronics shares fell from 334,000 won to 210,000 won, while SK hynix shares plunged from 2.65 million won to 1.26 million won.
As of Oct. 15, the NPS held stakes of 7.84 percent in Samsung Electronics and 7.32 percent in SK hynix.
Other major declines included SK Square, whose holdings lost 10.9 trillion won in value, and Samsung Electro-Mechanics, which recorded a decline of 7.6 trillion won.
Overall, 176 of the 287 companies recorded decreases in the estimated value of the pension fund's holdings.
However, some investments posted gains. SK Innovation led with an increase of 904.1 billion won as the NPS raised its ownership stake from 6.03 percent to 7.14 percent. S-Oil and LG Energy Solution followed with gains of 710.7 billion won and 580.8 billion won, respectively.
The NPS increased its stakes in 84 companies while reducing its holdings in 82 others.
Among the largest increases were GS Engineering & Construction, Hyundai Marine & Fire Insurance and Binggrae, while stakes in Paradise and Samsung Biologics were significantly reduced.
The NPS also trimmed its holdings in several Kosdaq-listed companies, with 21 Kosdaq stocks among those seeing ownership reductions, compared with seven among those receiving increased investment.
The decline comes amid criticism that the NPS failed to cushion the market against heavy selling by foreign investors.
However, the figures reflect changes in the estimated market value of disclosed shareholdings between June 30 and Oct. 15, rather than realized investment losses or the NPS's overall investment return.
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