Japan Science & Technology Agency

Investment Strategy

JST’s investment strategy is to manage the Japan University Fund, a large-scale endowment with a focus on maximizing long-term returns to support academic research and innovation in universities. The strategy emphasizes diversification across global fixed income, equities, and alternatives (including private equity, private debt, real estate, and infrastructure). The fund uses both active and passive strategies and incorporates risk factor analysis. While global fixed income is a core allocation managed largely in-house for liquidity and risk management, the agency also partners with external managers for active equity and alternative investments. This asset allocation aims to adapt to market volatility with a flexible, asset-class-driven team structure and closely coordinates asset allocation decisions with macroeconomic insights.