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Liability-driven investing

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850495466
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Time to derisk? Funded status up, but potential volatility ahead

LDI Team Chair Amy Trainor explains why US corporate DB plans may have a rare and limited opportunity to derisk and offers suggested action steps.

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Article
2024-11-15
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Using defensive equities in a return-seeking portfolio: A factor framework for corporate plans

Members of our LDI and Fundamental Factor teams share their views on defensive equity investments, including their role in a plan's portfolio and the current environment for defensive factors.

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Article
2025-03-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
1333390975
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Corporate pension trends and topics: What’s top of mind for 2024?

Members of our LDI Team address a range of topics that US corporate plans will be thinking about in the coming year, from pension funding and accounting issues to portfolio diversification opportunities.

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Article
2025-01-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
gold-coated-digits-674991658-1500x4101
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Setting ROAs for 2024: A guide for US corporate and public plans

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

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Whitepaper
2024-12-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
850495466
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Bank downgrades: Should LDI investors be worried?

Members of our LDI team discuss the implications of recent US bank credit-rating downgrades and offer potential next steps for corporate plan sponsors. 

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Article
2024-11-30
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Liability-hedging diversifiers: What’s on your pension’s playlist?

Corporate pensions moving closer to their end state may benefit from more diversified liability-hedging allocations. To help, LDI Team Chair Amy Trainor offers a liability-hedging diversifiers “playlist” — a set of asset classes and strategies that may harmonize well with a variety of objectives, from downside mitigation to long-term outperformance versus long corporate bonds.

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Whitepaper
2024-10-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
850495466
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Keep your spread and earn on it too? The case for intermediate credit

Amid heightened volatility and an uncertain macro environment, members of our LDI Team see opportunity for corporate plans in the intermediate credit market.

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Article
2024-06-30
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Mind the liquidity (and cost) gap: Revisiting a plan’s hedge-ratio approach

Members of our LDI Team take a fresh look at the process of setting and managing liability hedge ratio targets, including liquidity considerations that are top of mind today and the implementation toolkit.

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Article
2025-06-30
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LDI in 2023: Ten questions corporate plan sponsors are asking

Members of our LDI Team address a range of topics that US corporate plans will be thinking about in the coming year, from the investment implications of pension accounting changes to the role of alternatives in a return-seeking portfolio.

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Article
2023-12-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
gold-coated-digits-674991658-1500x4101
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

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Whitepaper
2023-11-30
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
return seeking portfolio construction
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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.
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Article
2023-09-30
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850495466
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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.
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Article
2023-09-30
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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.
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2023-09-30
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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.
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Article
2023-08-31
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850495466
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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.
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Article
2023-06-30
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.