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White Papers

Active Management for Your LDI Program

Over the last decade or so, many corporate pension plan sponsors have shifted to a liability driven investment (LDI) framework, managing risk by hedging a portion or all of the interest-rate and credit-spread exposure of a plan's liabilities with long-duration investment-grade corporate bonds. Plan sponsors adopting or continuing an LDI program must decide whether to use an active or a passive approach toward managing that portfolio. This article argues that actively managed long-duration bond portfolios may have compelling advantages well beyond the potential for excess return.

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All white papers posted were created by the listed authors who are solely responsible for the research, finding and all materials contained therein. Pensions & Investments has not verified or edited the materials (other than for length and style) and does not necessarily agree or disagree with the analysis and positions expressed by the authors. Reference to any company, product or service does not imply recommendation or sponsorship by Pensions & Investments.

For more information on submitting a white paper, please contact Richard Scanlon at rscanlon@pionline.com or 212-210-0157.