The de-risking trend has seen equities cut in half since 2008, to around 30% of assets, and Milliman thinks that’s where it will stay.

The California State Teachers’ Retirement System reports that its Collaborative Model, an investment strategy that seeks to reduce costs, control risks and increase expected returns, cut operational costs by $437 million in 2021.

Not all of them are the FAANGs, like pharma firm Eli Lilly.