2023 Liability-Driven Investment Survey

Industry Trends


Portfolio Characteristics

Average Asset Allocation

2023
2021
Publicly-traded equities
26%
27%
Fixed-Income: LDI and liability-hedging
43%
58%
Fixed-Income - non-LDI (e.g., high yield, global bonds, etc.)
9%
4%
Cash
5%
1%
All other asset classes not mentioned above
17%
10%

Use of Derivatives

Currently using derivative overlays to help manage risk 49%
Not using but actively considering pursuing 14%
Not considering now but expect to consider in the future 19%
Not using and do not expect to consider for use in the future 19%

Average Duration In Years

2023
2021
Average duration of total liabilities
12.2
13.7
Average duration of fixed income portfolio
11.5
15.4
1 3 4 5 6 7 30