Overseas portfolio investments by domestic residents of Korea have expanded rapidly since the early 2000s. Excluding 2008 right after the global financial crisis, the compound annual growth rate of overseas portfolio investments stands at 40% after 2000. However, the recent growth in overseas investments is different from that of the pre-crisis era in a numbe r of ways. First, the composition of overseas portfolio investors is shifting from the private to the public sector (e.g., pension funds). Second, destinations are changing as investments to emerging markets decrease and those to developed markets such as the US and Europe rise. In addition, asset management companies that drove the overseas portfolio investments boom in the mid 2000s now represent a smaller share, while insurance companies are increasing their exposure to overseas bonds. All these changes suggest a shift in the perception of overseas portfolio investments as a tool for improving risk-adjusted returns amid the low-rate, low-growth, and aging trends.