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

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 Credit Macro and market Private pension (DB) Fixed income LDI Alert Article Tactical allocation Multi-Asset solutions iStrat

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.

Multiple authors

event

Article

2024-06-30

Liability-driven investing Portfolio construction Multi-asset iStrat Private pension (DB) Article Strategic allocation Multi-Asset solutions Alternatives

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.

Amy Trainor, FSA

Jeremy Forster

event

Article

2025-06-30

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

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

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 Strategic allocation Multi-Asset solutions Alternatives iStrat

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 Article USA Strategic allocation Alternatives Multi-Asset solutions iStrat

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

event

Article

2023-08-31

Liability-driven investing Multi-asset USA Private pension (DB) Article Strategic allocation Multi-Asset solutions Alternatives iStrat

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) Macro and market USA Multi-asset Liability-driven investing LDI Alert Portfolio construction Volatility Article Tactical allocation Multi-Asset solutions iStrat

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

event

Article

2023-03-31

Private equity Private debt Liability-driven investing Private pension (DB) Alternatives USA Article Multi-Asset solutions iStrat Tactical allocation

Start at the end: How to size and structure private allocations for corporate plans

How should corporate defined benefit plan sponsors think about the private allocation decision? Members of our LDI and Alternatives teams propose a “start where you want to end up” approach that incorporates liquidity and return requirements.

Multiple authors

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Article

2023-02-28

Multi-asset Liability-driven investing Portfolio construction Retirement USA Article Strategic allocation Multi-Asset solutions Alternatives iStrat

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 Private pension (DB) Article USA Strategic allocation Multi-Asset solutions Alternatives iStrat

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

event

Article

2022-09-30

11 LOAD {count} MORE

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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

Fixed Income 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, MAAA

ALM and Regulatory Capital Strategist

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 of Pension Strategies and Relationship Manager

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.

Send a message

Explore insights

Showing of Insights Posts

Japan Stewardship Equity Business practices Quick Take

Shareholder activism in Japan: Integrating ESG within the investment process

In the final article within our series on shareholder activism in Japan, ESG Analyst Soo Ho Jung shares how the Japan equity team integrates ESG to help realize value for investors.

Soo Ho Jung

event

Quick Take

2024-09-30

Income Asset allocation Multi-asset iStrat Whitepaper

Income investing in multi-asset portfolios: Tipping the balance in your favour

Income can play a crucial role in the pursuit of investment objectives over time, but research from our iStrat Team argues for a balanced approach to asset allocation decisions given the potential trade-offs between income and capital return, risk, and portfolio diversification.

Multiple authors

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Whitepaper

2024-09-30

Long-short Europe Volatility Alternatives Market disruptions Interest rates Inflation Article

Long/short investing in European equities' growing dispersion

We explore how growing dispersion in European equity markets is driving opportunities for long/short investors, fueled by structurally higher inflation, changing market leadership, and a renewed focus on valuation.

Dirk Enderlein, CFA

event

Article

2024-09-30

Outlook Portfolio construction Asset allocation iStrat Multi-asset Americas APAC EMEA Portfolio strategy Article Multi-Asset solutions Tactical allocation

How to weather the storm: A roadmap for more resilient portfolios

As we face a new era of elevated market and cycle volatility, Co-Head of Investment Strategy Natasha Brook-Walters assesses how asset owners can ensure that their portfolios are up for the challenge.

Natasha Brook-Walters

event

Article

2024-07-31

Outlook Asset allocation Macro and market iStrat Multi-asset Multi-Asset Outlook Article Tactical allocation Multi-Asset solutions

Multi-Asset Outlook: A recession is looming…or is it?

The economy has largely shrugged off the banking crisis and other concerns this year, while riding positive sentiment driven by AI enthusiasm and a possible soft landing. Members of our Investment Strategy team offer their macro and market outlook for the second half of the year, including their latest views on equities, bonds, and commodities.

Multiple authors

event

Article

2024-07-31

USA Inflation Credit Quick Take Interest rates Fixed income Bank liquidity COVID

State of the credit markets: Does cash rule everything around us?

Fixed Income Portfolio Manager Brij Khurana outlines the state of the credit market today, compares historical periods of quantitative easing, and warns credit investors of cash scarcity in the near future.

Brij Khurana

event

Quick Take

2024-06-30

Thematic exposure Artificial intelligence (AI) Machine learning iStrat Equity Innovation Article Thematic solutions

Thematic investing focus: Cloud-backed AI and enterprise intelligence

Cloud-based computing and artificial intelligence are transforming the way enterprises operate, creating what we believe will be a secular tailwind for companies providing software, machine learning tools, and cybersecurity.

Jeff Wantman

Aaron Koh

event

Article

2024-06-30

Macro and market Risk management iStrat Multi-asset Outlook Video Tactical allocation Multi-Asset solutions Asset allocation

An allocator’s playbook for 2023

Natasha Brook-Walters, co-head of iStrat, examines the three objectives allocators may wish to focus on in 2023.

Natasha Brook-Walters

event

Video

2023-12-31

Thematic exposure Portfolio construction iStrat Multi-asset Whitepaper Multi-Asset solutions Alternatives Thematic solutions Tactical allocation

Adding thematic equity investments to a multi-asset portfolio: An allocator’s handbook

Thematic investing may add a powerful return engine to portfolios, but allocators sometimes struggle with implementation decisions. Members of our Investment Strategy Team offer a framework for thinking about allocation size, strategy selection, and performance evaluation.

Multiple authors

event

Whitepaper

2024-01-31

Private equity Private debt Liability-driven investing Private pension (DB) Alternatives USA Article Multi-Asset solutions iStrat Tactical allocation

Start at the end: How to size and structure private allocations for corporate plans

Multiple authors

event

Article

2023-02-28

10 LOAD {count} MORE

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Liability-driven investing

Our edge in ldi

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

insights

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