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국민연금기금운용위원회가 5개월 사이에 두 차례나 국내 주식 목표 비중을 높여 잡은 것은 전례가 없는 일이다. 지난 1월 국내 주식 목표 비중을 14.4%에서 14.9%로 높였는데, 4개월 만에 추가로 상향 조정에 나섰다. 상향폭도 1월 0.5%포인트에서 이달 5.9%포인트로 대폭 확대됐다.

여기에 전략·전술적 자산배분을 더하면 국민연금 국내 주식 보유 한도는 25.8%+α까지 늘어난다. 최근 코스피가 8000선을 돌파하며 국내 주식 비중이 더 확대되자 자산배분 현실화를 위해 비중을 추가 상향한 것으로 풀이된다.

28일 기금위는 국내 주식 목표 비중 상향과 함께 전략적 자산배분(SAA) 허용 범위도 기존 ±3%포인트에서 더 늘리겠다는 방침을 밝혔다. 확대 조정은 올해 말까지 한시적으로 시행된다. 다만 확대폭은 미공개 상태다. 기금위는 변동성이 큰 국내 주식시장 상황에 유연하게 대응하기 위해 허용 범위를 확대 조정한다고 밝혔다.

여기에 기존 전술적 자산배분(TAA) 허용 범위 ±2%포인트까지 합치면 국내 주식 보유 한도는 25.8%보다 높아질 수 있다. 기존 국내 주식 보유 한도는 19.9%였다. 기존보다 국내 주식 보유 한도가 5.9%포인트 넘게 늘어나는 것이다.
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이달 들어 국내 증시 호황으로 국민연금기금 규모는 1800조원을 돌파하고 국내 주식 비중은 30%에 가까워진 것으로 추정된다. 기존에는 리밸런싱 재개 시 최소 180조원 내외의 국내 주식을 매도해야 한다는 압박이 있었는데, 이번 조정으로 매도 부담이 다소 해소된 것으로 보인다.

보건복지부 관계자는 "국내 증시의 구조적 변화를 목표 비중에 담아보자는 취지가 있었다"며 "반도체나 인공지능(AI) 사이클에 의한 변화를 SAA 허용 범위에 담아보자는 논의가 이뤄졌다"고 설명했다.