Liability-driven investing

Innovative LDI solutions and the ability to partner with plan sponsors at ALL stages of plan design and implementation

Our edge in ldi

Our client solutions draw on multi-asset skill within a distinctively collaborative environment

Fixed income expertise in rates, credit, securitized, and derivative markets
Deep fundamental credit research enhanced by equity investor perspectives
Specialist trading resources to help support liquidity needs
Actuaries who translate liability cash flows into practical investment ideas
Experience managing full pension solutions and implementing glidepath approaches

LET'S TALK LDI

Ldi alerts

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LDI Alert Liability-driven investing Fixed income — Credit USA Portfolio strategy Private pension (DB) Article

Intermediate credit: A compelling LDI opportunity?

While it has been a painful start to the year for credit investors, Portfolio Manager Connor Fitzgerald sees a structural case for intermediate credit and a potential near-term window of opportunity.

Connor Fitzgerald, CFA

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Article

2023-06-30

Portfolio policy Fixed income Defined contribution (DC) USA Article

LDI Alert — Adding intermediate credit to the derisking tool kit: What plan sponsors need to know

With a growing number of derisking plans seeking exposure to intermediate credit, members of our LDI team highlight some key investment considerations.

Bill Cole, CFA, CAIA

Connor Fitzgerald, CFA

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Article

2022-03-31

Macro and market Fixed income Private pension (DB) Liability-driven investing USA Article

Time to buy credit or Treasuries? Ideas on calibrating the trade-off

After hitting derisking triggers in 2021, many plans are looking ahead to the next trigger and thinking about how expensive the investment-grade credit market is currently. LDI Team members Connor Fitzgerald and Bill Cole offer metrics to aid the decision-making process and consider potential alternatives.

Bill Cole, CFA, CAIA

Connor Fitzgerald, CFA

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Article

2022-11-30

Private pension (DB) Macro and market USA Multi-asset Liability-driven investing LDI Alert Portfolio construction Volatility Article

Preserving funded-ratio stability in volatile markets

Faced with extreme market volatility in the early months of 2022, what can corporate DB plan sponsors do to potentially provide stability in their portfolios while still pursuing longer-term funding aspirations? Multi-Asset Strategist Amy Trainor offers thoughts on rerisking, hedge ratios, and liability-hedging and return-seeking allocations.

Amy Trainor, FSA

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Article

2023-03-31

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Everything you want to know about ldi

Members of our LDI Team offer a primer on the nuts and bolts of liability-driven investing as well as more advanced concepts and best practices — all in 30 minutes.

Featured research and implementation ideas

Showing of Insights Posts

Liability-driven investing Portfolio strategy Multi-asset iStrat Total return USA Private pension (DB) Public pension (DB) Whitepaper

Setting ROAs for 2023: A guide for US corporate and public plans

How are pension plans adjusting their ROA assumptions? How do those assumptions line up with our long-term capital market assumptions? Find out in this annual update.

Multiple authors

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Whitepaper

2023-11-30

Liability-driven investing Asset allocation Macro and market Portfolio construction USA Multi-asset Private pension (DB) Total return Article

Return-seeking portfolio construction: Renovations for a new market regime

Amid major shifts in economic and market conditions, members of our LDI Team offer their latest views on return-seeking assets, including the role of defensive and diversifying strategies.

Multiple authors

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Article

2023-09-30

LDI Alert Volatility Asset allocation Multi-asset Liability-driven investing Private pension (DB) USA Article

Time to rethink your return-seeking allocation?

Multi-Asset Strategist Amy Trainor explains why corporate defined benefit plans may want to consider structural allocations to defensive equities and diversifiers.

Amy Trainor, FSA

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Article

2023-09-30

Portfolio strategy Multi-asset Liability-driven investing USA Private pension (DB) Article

Cash-balance and traditional liabilities: An integrated investment approach

For corporate defined benefit plans juggling both cash-balance and traditional liabilities, Multi-Asset Strategist Amy Trainor makes a case for a more targeted investment approach.

Amy Trainor, FSA

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Article

2023-09-30

Private pension (DB) Liability-driven investing Multi-asset Asset allocation Article USA

Cash-balance liabilities: A new investment framework

A cash-balance plan is very different from a traditional pension, and the differences can have a major impact on interest-rate sensitivity. With this in mind, we propose a focus on capital preservation, consistent income, and liquidity.

Amy Trainor, FSA

Louis Liu, CFA, ASA, MAAA

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Article

2023-08-31

LDI Alert Liability-driven investing Fixed income — Credit USA Portfolio strategy Private pension (DB) Article

Intermediate credit: A compelling LDI opportunity?

While it has been a painful start to the year for credit investors, Portfolio Manager Connor Fitzgerald sees a structural case for intermediate credit and a potential near-term window of opportunity.

Connor Fitzgerald, CFA

event

Article

2023-06-30

Liability-driven investing Multi-asset USA Asset allocation Private pension (DB) Article

Nearing the finish line: Ideas on end-state investing for corporate DB plans

As corporate plans approach their fully funded “end state,” new goals will need to be set. Members of our LDI team share their research on this transition and the required realignment of asset allocation strategies, including changes in return-seeking and liability-hedging portfolios and key liquidity considerations.

Amy Trainor, FSA

Jacqueline Yang, CFA

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Article

2023-04-30

Private pension (DB) Multi-asset USA Liability-driven investing Asset allocation Article

LDI in 2022: Nine questions corporate plan sponsors are asking

Our LDI Team offers insights for the coming year, addressing some of the most commonly asked questions on funded ratios, securitized assets, intermediate credit, alternatives, and other return-seeking and liability-hedging topics.

Multiple authors

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Article

2022-12-31

Multi-asset Portfolio strategy Liability-driven investing Portfolio construction Asset allocation Retirement USA Article

Setting ROAs for 2022: A guide for US corporate and public plans

How are pension plans adjusting their ROA assumptions? How do those assumptions line up with our long-term capital market assumptions? Find out in this annual update.

Multiple authors

event

Article

2022-10-31

Liability-driven investing Fixed income Portfolio strategy Private pension (DB) Article USA

The evolution of derisking: Assessing new and time-tested liability-hedging ideas

As defined benefit plans contemplate the best path to their eventual “end state,” members of our LDI team update their liability-hedging research with a blend of traditional benchmark ideas and new opportunities to capitalize on changing market conditions and a broader investment universe.

Multiple authors

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Article

2022-09-30

Liability-driven investing Fixed income Risk management USA Article

Fighting downgrade drag to reduce pension liability lag

Even robustly constructed liability benchmarks can struggle to keep pace with the liabilities they are meant to represent, and credit-rating downgrades of issuers in the benchmark are a primary culprit. In this paper, members of our LDI Team define the problem and offer ideas to help plan sponsors and LDI managers work together to fight back.

Amy Trainor, FSA

Louis Liu, CFA, ASA, MAAA

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Article

2021-11-30

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How do we work with you?

We partner with plan sponsors at all stages of the LDI process, tapping the full breadth of Wellington’s capabilities.

1. Custom research and consultation

Liability cash-flow analysis

Asset/liability studies

Glidepath construction

2. Investments for a broad range of objectives

Liability matching

Long-duration

Long credit/corporate
Long government/corporate
STRIPS

Absolute return plus long bonds

Cash balance

Return-seeking: Bridge

Listed infrastructure

Low-volatility equity

Opportunistic fixed income

Multisector credit

Return seeking: Core

Active equity

US
Global
Emerging market

Absolute return strategies

3. LDI portfolio construction

Custom LDI benchmarks

Completion management

Cash bond portfolios with derivative overlays

Cash-flow driven investment (CDI)

Dynamic pension management

This is for illustrative purposes only and is not an investment recommendation. This is not an all-inclusive list of approaches that may fit the stated theme. Investing involves risk, and an investment in an approach could lose money.

Meet our ldi team

LDI team chair

Amy Trainor

, FSA

LDI Team Chair, Multi-Asset Strategist & Portfolio Manager

28 years of professional experience, including roles at Hewitt Associates (Aon Hewitt) and Towers Perrin (Willis Towers Watson)

Amy helps corporate pension sponsors set strategic asset allocation policy. She also manages customised multi-asset portfolios, including glidepath approaches. She partners with the Fixed Income team to implement LDI solutions.

Fellow of the Society of Actuaries (FSA)
Chair of Wellington’s Retirement Benefit Plans Oversight Committee and a member of the Corporate Governance Committee

Long-duration bond managers

Scott St. John

, CFA

Portfolio Manager, Long-Duration Fixed Income

Joe Marvan

, CFA

Portfolio Manager, Long-Duration Fixed Income

Jeremy Forster

Portfolio Manager

Portfolio management resources

Connor Fitzgerald

, CFA

Portfolio Manager

Schuyler Reece, CFA

Portfolio Manager

Sean Lamkin, CFA

Portfolio Manager

Campe Goodman

, CFA

Portfolio Manager

Rob Burn

, CFA

Portfolio Manager

Marc Piccuirro

, CFA

Portfolio Manager

Other team members

Actuarial & quant resources

Louis Liu

, CFA, ASA, MAAA

ALM & Regulatory Capital Strategist

Brendan Fludder

, CFA

Research Manager

Mi Li

, CFA, FSA

Fixed Income Quantitative Analyst

LDI portfolio construction

Jake Brown

, CFA

Investment Director

Sean Sullivan

Investment Specialist

Jacqueline Yang

, CFA

Investment Strategy Analyst

Client & consultant views

Ryan Randolph

Director, Corporate Pension Strategies

Brendan MacKenzie

, CFA

Consultant Relations Manager

Amy Morse

, CFA

Director, Pensions Strategy

Tracey Nykiel

Consultant Relations Manager

Ryan Randolph

Director, Corporate Pension Strategies

Let's talk LDI

To learn more about our LDI capabilities and offerings, please contact us.

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Explore insights

Showing of Insights Posts

Biodiversity Sustainability Risk management Climate Stewardship Article

Advancing stewardship on biodiversity: Engagement examples

Members of our ESG Research Team share their approach to and examples of engagements on the financial risks of biodiversity.

Carolina San Martin, CFA

Sean Caplice

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Article

2023-12-31

Macro and market Outlook Geopolitical No Optimizely Multi-asset Collection

2023 Global Economic Outlook

Our experts share their global economic outlook on the developments that they think will transform the macroeconomic and geopolitical landscape in 2023 and beyond.

Multiple authors

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Collection

2023-12-31

Commodities Energy Macro and market Outlook No Optimizely Inflation Article

Commodities outlook: Near-term uncertainties; long-term opportunities

Members of our Commodities Team describe the micro and macro, cyclical and structural tensions that we expect to drive the asset class in 2023.

David Chang, CFA

Joy Perry

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Article

2023-12-31

Inflation Economic cycle Macro and market Outlook No Optimizely Fiscal policy Interest rates Monetary policy Geopolitical USA Consumer Article

2023: The year of disinflation for the US economy

In the coming year, US Macro Strategist Juhi Dhawan expects to see inflation begin to decline, the economy adjust to higher interest rates, and labor markets feel the pain of restrictive Fed policy.

Juhi Dhawan, PhD

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Article

2023-12-31

Geopolitical Inflation Elections Outlook No Optimizely Interest rates Article

Geopolitical outlook: Shifting policies, structural advantages?

Geopolitical Strategist Thomas Mucha and Macro Strategist Santiago Millán look at five geopolitical themes they believe investors should watch in 2023.

Thomas Mucha

Santiago Millán, CFA

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Article

2023-12-31

Biodiversity Climate Stewardship Sustainability policies EMEA Article

Biodiversity: Why investors should take note

With scientists now broadly agreeing on the risks posed by accelerating biodiversity loss, Chris Goolgasian and Jenny Xie assess implications for investors and steps they can take.

Christopher Goolgasian, CFA, CPA, CAIA

Jenny Xie

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Article

2023-12-31

Active management Portfolio strategy Asset allocation iStrat Top of Mind Inflation Value vs growth Volatility Innovation Interest rates Multi-asset Article

Pivot points: Five portfolio positioning ideas for the new market regime

Multi-Asset Strategist Adam Berger looks at five ways in which the world may be very different in the coming decade and how they could influence the next wave of investment winners.

Adam Berger, CFA

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Article

2023-12-31

Macro and market Inflation Economic cycle Europe iStrat Quick Take

Wellington investor survey: inflationary Europe seen as top “problem child” of 2023

In the latest Wellington investor survey, inflationary Europe was seen as the top "problem child" of 2023.

Ben Cooper, CFA

Juhi Dhawan, PhD

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Quick Take

2023-11-30

Inflation Volatility Economic cycle Outlook No Optimizely Multi-asset Fixed income Equity Alternatives Video

A new economic era: Why inflation, volatility, and cycles are back

Macro Strategist John Butler argues that a seismic global shift is underway that will disrupt the macro dynamics of the past two decades, challenging long-held investment assumptions.

John Butler

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Video

2023-12-31

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Liability-driven investing

Our edge in ldi

Ldi alerts

Everything you want to know about ldi

Featured research and implementation ideas

How do we work with you?

1. Custom research and consultation

2. Investments for a broad range of objectives

3. LDI portfolio construction

Meet our ldi team

LDI team chair

Long-duration bond managers

Portfolio management resources

Other team members

Actuarial & quant resources

LDI portfolio construction

Client & consultant views

Let's talk LDI

Explore insights

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