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Private pension (DB)

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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.
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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
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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.
1347909256
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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.
1337637114
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Why sustainable food systems matter to investors

Our climate research expert explores insights from our joint work with Woodwell Climate Research Center on the pivotal relationship between food systems and biodiversity and highlights potential investment opportunities. 

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Article
2024-09-30
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
850495466
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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.
97971096
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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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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.

Could Japan face a UK-style pension crisis?

Investment Director Masahiko Loo explores the risks of Japan facing a UK-style pension crisis and identifies fundamental reasons that make Japanese pension funds inherently less vulnerable. 

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Quick Take
2024-01-31
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Small-cap value: Strong past, bright future?

While equity markets have had a challenging recent past, history teaches us that there may be several reasons to be optimistic about small-cap value. 

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Article
2024-01-31
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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.
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After the UK sell-off: what’s next for global markets and investors?

Co-Head of Investment Strategy Natasha Brook-Walters and Head of Macro Strategy John Butler discuss the implications of the recent sell-off in UK markets for global markets and investors.

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Article
2022-12-30
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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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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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Article
2023-09-30
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183379156
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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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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
1361943325
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Can credit investors turn the resumption of volatility and cycles to their advantage?
Why the new volatile market regime may offer significantly more opportunities for longer-term global credit strategies.
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Article
2023-07-31
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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.
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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.
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Article
2023-04-30
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
850495466
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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.
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Article
2023-03-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.