Takeaways:
1. Apr 1: GPIF new CIO starts = ex GS bond trader. ¥ $ basis swap might matter again 

2. Q1 start Mar’20→ GPIF portfolio 💣

3. Since then + look ahead: GPIF now overwgt UST / underwgt SPX = passive SPX inflows from 🇯🇵 maybe behind sharp $SPX rally &amp; rel UST calm