- Introduction & Methodology
- Industry Trends
- Respondent Profile
- Defined Benefit Plans
- Portfolio Characteristics
- LDI Usage
- Vendor Ratings
- Service Satisfaction
- Top 5 Listings
- Vendor Details
- BlackRock, Inc.
- Capital Group
- Conning
- Dodge & Cox
- FIAM LLC
- Goldman Sachs Asset Management
- Insight Investment
- Jennison
- LGIM America1
- Loomis Sayles
- NISA Investment Advisors
- PIMCO
- Prudential
- Wellington Management
- Western Asset Management Company, LLC
Past Surveys
Industry Trends
Percentage of Portfolio in LDI
| 2020 | |
| <20% | 7% |
| 20%–39% | 21% |
| 40%–59% | 35% |
| 60%–80% | 24% |
| >80% | 13% |
Median Hedge Ratio (% of Liabilities)
| 2020 | |
| Current | 62% |
| Next target | 75% |
| Final | 100% |
De-risking Triggers
| 2020 | |
| Tiggers pre-defined and automatically executed when reached | 24% |
| Triggers are pre-defined but discretionary | 34% |
| No triggers but are considering adding them in the future | 8% |
| No triggers and no plans of adding triggers | 34% |
Are Your Triggers Based On:
| 2020 | |
| Funded ratio | 90% |
| Market levels for interest rates and / or inflation | 17% |
| Interest rates | 19% |
| Inflation | 3% |
| Time factor | 5% |
| Other | 6% |
Number of LDI Providers Used
| 2020 | |
| 1 | 44% |
| 2 – 3 | 20% |
| 4 – 5 | 20% |
| More than 5 | 16% |
Factors Inhibiting Implementations of LDI Approaches
|
Not at all
|
Only Slightly
|
Somewhat
|
Moderately
|
Substantially
|
|
| Funded status | 25% | 12% | 22% | 20% | 21% |
| Interest rate environment | 18% | 24% | 25% | 16% | 16% |
| Affordability of de-risking wider stakeholders | 27% | 21% | 23% | 15% | 14% |
| See greater potential in growth assets | 22% | 20% | 32% | 18% | 8% |