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

Our foundational philosophy on constructing liability-hedging and return-seeking portfolios

Showing of Insights Posts

Liability-driven investing Asset allocation Portfolio construction Private pension (DB) iStrat Private debt Multi-asset Strategic allocation Diversification Whitepaper

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.

Amy Trainor, FSA

event

Whitepaper

2024-10-31

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

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Featured research and implementation ideas

Showing of Insights Posts

Liability-driven investing Asset allocation Equity Private pension (DB) iStrat Multi-Asset qualifier Fundamental Factor qualifer Factor solutions Multi-asset Strategic allocation Factors iStrat program Article

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.

Tom Simon, CFA, FRM

Amy Trainor, FSA

event

Article

2025-03-31

Liability-driven investing Asset allocation Regulatory iStrat program Strategic allocation Multi-asset Fixed income Equity Private pension (DB) Article

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.

Amy Trainor, FSA

Ryan Randolph

event

Article

2025-01-31

Asset allocation Liability-driven investing Regulatory iStrat program Strategic allocation Multi-asset Private pension (DB) Public pension (DB) Whitepaper

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.

Multiple authors

event

Whitepaper

2024-12-31

Volatility Asset allocation Liability-driven investing Private pension (DB) Credit Fixed income Tactical allocation LDI Alert Article

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.

Multiple authors

event

Article

2024-11-30

Liability-driven investing Asset allocation Portfolio construction Private pension (DB) iStrat Private debt Multi-asset Strategic allocation Diversification Whitepaper

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

Amy Trainor, FSA

event

Whitepaper

2024-10-31

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

people-looking-ahead-thinking-next-steps

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

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.

Multiple authors

event

Article

2023-12-31

Liability-driven investing Multi-asset iStrat Total return USA Private pension (DB) Public pension (DB) Whitepaper Strategic allocation Multi-Asset solutions Alternatives

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

event

Whitepaper

2023-11-30

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

event

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

event

Article

2023-09-30

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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

End-state investing framework

Pension accounting updates

Cash balance framework

2. Investments for a broad range of objectives

Liability matching

Long-duration

Long credit/corporate
Long government/corporate
STRIPS and Treasuries

Intermediate credit/corporate

LDI diversifiers

Long-duration securitized
Taxable municipals
Private placements
Portable alpha

Liability-aware diversifiers

Listed infrastructure and REITs

Return-seeking fixed income

Hedge funds

Return seeking: Core and defensive equity

Core equity

Core global and regional equities
Extension (140/40) strategies
Late-stage private equity

Defensive equity

Income-oriented equity strategies
Cash compounder equity strategies
Low-volatility equities
Multi-strategy equity solutions
Multi-factor equity solutions

3. LDI portfolio construction and reporting

Custom LDI benchmark blends

Completion management

Cash bond portfolios with derivative overlays

Cash-flow-driven investment

Dynamic pension management

Cash balance solutions

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

Experience

29 years of professional experience – 17 years in asset management and 12 years in actuarial consulting

Amy helps corporate pension sponsors set strategic asset allocation policy. She manages customized multi-asset portfolios, including glidepath approaches and completion mandates. 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 Audit Committee and Investment Stewardship Committee

LDI fixed income portfolio managers

Scott St. John

, CFA

Fixed Income Portfolio Manager, Credit

Connor Fitzgerald

, CFA

Fixed Income Portfolio Manager, Credit

Joseph Marvan

, CFA

Fixed Income Portfolio Manager, Broad markets

Jeremy Forster

Fixed Income Portfolio Manager

Portfolio management resources

Brian Conroy

, CFA

Fixed Income Portfolio Manager, Securitized

Sean Lamkin, CFA

Fixed Income Portfolio Manager, Credit

Emeka Onukwugha

, CFA

Head of Private Placements

Liz Perenick

, CFA, FSA

Head of Portfolio Management, Private Placements

Marc Piccuirro

, CFA

Fixed Income Portfolio Manager

Schuyler Reece, CFA

Fixed Income Portfolio Manager

Actuarial & quant resources

Peter Matheos

, PhD

Director, Global Risk and Analytics

Mi Li

, CFA, FSA, MAAA

ALM and Regulatory Capital Strategist

Zhenzhen Zhang

, CFA

ALM and Regulatory Capital Strategist

LDI portfolio construction

Anne Greenwood

, CFA

Investment Director

Christian Erazo

Investment Analyst

Valerie Villegas-Hoag

Investment Analyst

Sarah Wu

Research Associate

Jacqueline Yang

, CFA

Investment Strategy Analyst

Client & consultant views

Ryan Randolph

Director of Corporate Pension Strategies and Relationship Manager

Brendan MacKenzie

, CFA

Consultant Relations Manager

Amy Morse

, CFA

Director of Pension Strategies and Relationship Manager

Ryan Randolph

Director of Corporate Pension Strategies and Relationship Manager

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

Impact Carbon emissions Emerging markets Brazil Africa Equity EM debt Impact investing Article

Impact investing in emerging markets: Growing opportunities, shifting challenges

Members of our impact bond team discuss their evolving emerging markets opportunity set and the importance of a bottom-up approach to value creation.

Multiple authors

event

6 min

Article

2025-04-30

Alternatives Asset allocation Multi-asset iStrat program Strategic allocation Multi-strat hedge funds iStrat Article

Can hedge funds play the role?

How should investors select the most suitable types of hedge funds for specific roles? Members of our Investment Strategy & Solutions Group offer a simple and intuitive framework that can help.

Multiple authors

event

11 min

Article

2025-03-31

Fixed income Sustainability Impact investing Fixed income program Impact Global Impact Bond Article

Why an impact lens is an important tool in the fixed income investor's arsenal

Campe Goodman, Will Prentis and Oyin Oduya discuss how an impact lens can be an important tool in the fixed income investor's arsenal.

Multiple authors

event

4 min

Article

2025-04-30

Macro and market EMEA Fixed income Equity Multi-asset Video

Weekly Market Update

What do you need to know about the markets this week? Tune in to Paul Skinner's weekly market update for the lowdown on where the markets are and what investors should keep their eye on this week.

Paul Skinner

event

4 min

Video

2025-12-31

Equity Small cap Value vs growth Tactical allocation Growth Fundamental equity Article

4 equity themes: Budding opportunities in small caps and more

Starkly different policy agendas from Biden and Trump are examined in terms of how they may affect the supply side of the US economy.

Andrew Heiskell

event

3 min

Article

2025-04-30

Economic cycle Interest rates Monetary policy Fixed income program Inflation Fiscal policy USA Credit Article

The Fed’s lessons learned from its COVID response

Fixed Income Portfolio Manager Brij Khurana breaks down the central bank's policy decisions during the pandemic and explains how they continue to affect financial markets.

Brij Khurana

event

6 min

Article

2025-04-30

Japan Equity Monetary policy Macro Market commentary Asset allocation Education Article

Japan equity: Reason to believe

Our expert argues that corporate governance reform and the Japanese economy's escape from persistent deflation have laid the groundwork for a sustainable equity rally.

Toshiki Izumi, CFA, CMA

event

4 min

Article

2025-04-30

Asset allocation Manager selection Climate iStrat program Strategic allocation Active management Equity Fixed income Multi-asset Alternatives Multi-Asset qualifier Article

Picking the right building blocks for a climate-aware portfolio

For asset owners integrating climate change into their multi-asset portfolios, members of our Investment Strategy & Solutions Group offer five important insights.

Multiple authors

event

3 min

Article

2025-04-30

monthly-market-snapshot-november-2023-173556726-v2

Equity Fixed income Commodities Economic cycle Market commentary Geopolitical Whitepaper

Monthly Market Snapshot — March 2024

A monthly update on equity, fixed income, currency, and commodity markets.

Brett Hinds

Jameson Dunn

event

20 min

Whitepaper

2025-04-30

Geopolitical Elections Volatility Market disruptions Article

Iran/Israel conflict: What can we expect?

Our expert examines the recent attacks, the threat of escalation, and the dynamics at play in the region.

Thomas Mucha

event

3 min

Article

2024-10-31

Equity Fixed income Commodities Economic cycle Market commentary Geopolitical Whitepaper

Financial Market Review

A monthly update on equity, fixed income, currency, and commodity markets.

Brett Hinds

Jameson Dunn

event

19 min

Whitepaper

2025-04-30

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Liability-driven investing

Our edge in ldi

Our foundational philosophy on constructing liability-hedging and return-seeking portfolios

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 and reporting

Meet our ldi team

LDI team chair

LDI fixed income portfolio managers

Portfolio management resources

Actuarial & quant resources

LDI portfolio construction

Client & consultant views

Let's talk LDI

Explore insights

insights

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