- 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
- Fidelity Investments
- Goldman Sachs Asset Management
- Insight Investment
- LGIM America1
- NISA Investment Advisors, LLC
- PIMCO
- PGIM Fixed Income
- Russell Investments
- Wellington Management Company, LLP
- Western Asset Management Company, LLC
Past Surveys
Industry Trends
Average Asset Allocation
| 2021 | |
| Publicly-traded equities | 27% |
| Fixed-Income: LDI and liability-hedging | 58% |
| Fixed-Income: non-LDI (e.g., high yield, global bonds, etc.) | 4% |
| Cash | 1% |
| All other asset classes not mentioned above | 10% |
Use of Derivatives
| 2021 | |
| Currently using derivative overlays to help manage risk | 61% |
| Not currently using but are actively considering | 4% |
| Not currently considering now but expect to consider in the future | 15% |
| Not currently using and do not expect to consider | 20% |
Average Duration, In Years
| 2021 | |
| Average duration of total liabilities | 13.7 |
| Average duration of fixed income portfolio | 15.4 |