Wednesday, June 16th, 2021 A biweekly topical newsletter from CIO Fund Performance This issue: Insights on winners and losers in fund performance. Market Moves Surging Stocks Improve Pension Funding Levels, But De-Risking Isn’t at Risk A hot equities market, plus some accounting help from interest rates, aided the plans. Asset Management Culture MBS Wants Saudi Arabia Fund to Reach $2 Trillion in Assets The crown prince’s ambitious plan for the Public Investment Fund would change the kingdom’s dependence on oil while creating the world’s largest pool of institutional money, but questions remain. Market Moves There’s a Rolling Correction Happening in Stocks, Says Morgan Stanley’s Wilson Rotation blues: Tech, small-caps, and utilities are off now, with homebuilders among those that could get dumped next. Risk Michigan Pension Fund Sues Credit Suisse Over Risk Exposure The Swiss bank is accused of misleading investors after it lost billions when Greensill and Archegos collapsed. Pensions Ontario Teachers’ Pension Fund Misses Benchmark with 8.6% Return in 2020 But the C$221.2 billion plan ends 2020 fully funded for the eighth straight year. Did someone forward you this newsletter? Sign up here to get Chief Investment Officer Spotlight directly in your mailbox!

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