Japan Science & Technology Agency

The Japan Science and Technology Agency's $4.81B portfolio is a 96%-ETF passive allocation — a sovereign-adjacent endowment reserve invested entirely through corporate-bond and equity-index ETFs with no individual stock selection of any kind. The core is split between investment-grade corporate bonds (LQD, $927M, 19.3%; HYG, $827M, 17.2%), US high-yield (USHY, $528M, 11.0%; JNK, $278M, 5.8%; SHYG, $188M, 3.9%), emerging-markets sovereign (EMB, $235M, 4.9%), and US equity indices (IVV, RSP, QQQ, VUG, VTV, IEMG) totaling roughly $1.86B. Q1 saw a modest rotation out of investment-grade corporate bonds and equal-weight US equity (RSP, down $180M; LQD, down $209M; IVV, down $248M) and into emerging-markets equities (IEMG, up $117M) while QQQ replaced an older Invesco QQQ position. The $631M AUM decline from $5.44B to $4.81B reflects mark-to-market in the fixed-income sleeve amid a volatile Q1 rate environment. For 13F watchers, this filing carries no smart-money signal — it is a passive institutional reserve with no stock-picking mandate, and it should be classified as such.