- 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
Percentage of Portfolio in LDI
| 2021 | |
| <20% | 5% |
| 20%–39% | 17% |
| 40%–59% | 29% |
| 60%–80% | 30% |
| >80% | 19% |
Median Hedge Ratio (% of Liabilities)
| 2021 | |
| Current | 80% |
| Next target | 89% |
| Final | 100% |
De-risking Triggers
| 2021 | |
| Triggers pre-defined and automatically executed when reached | 21% |
| Triggers are pre-defined but discretionary | 32% |
| No triggers but are considering adding them in the future | 10% |
| No triggers and no plans of adding triggers | 37% |
Are Your Triggers Based On:
| 2021 | |
| Funded ratio | 95% |
| Market levels for interest rates and / or inflation | 10% |
| Interest rates | 19% |
| Inflation | 2% |
| Time factor | 10% |
| Other | 3% |
Number of LDI Providers Used
| 2021 | |
| 1 | 42% |
| 2 – 3 | 19% |
| 4 – 5 | 23% |
| More than 5 | 16% |
Factors Inhibiting Implementations of LDI Approaches
|
Not at all
|
Only Slightly
|
Somewhat
|
Moderately
|
Substantially
|
|
| Funded status | 37% | 15% | 12% | 17% | 19% |
| Interest rate environment | 25% | 21% | 30% | 15% | 9% |
| Affordability of de-risking to wider stakeholders | 33% | 19% | 26% | 13% | 9% |
| See greater potential in growth assets | 27% | 30% | 22% | 13% | 8% |
| Lack of leadership support | 74% | 11% | 6% | 4% | 5% |