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The National Pension Fund pays no taxes on its capital gains or on its dividend and interest income. Would it be illogical for it to

The National Pension Fund pays no taxes on its capital gains or on its dividend and interest income. Would it be illogical for it to have low-dividend, high growth stocks in its portfolio? Would it be illogical to have government bonds (which are safe but offer a low interest) in its portfolio? Explain in 300 words

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