This issue marks the 31st year Pensions & Investments has examined the allocations and investments of the largest U.S. employee retirement plans.
Complete tables and charts plus profiles of the top funds here
What started as bare-bones profiles of the 100 largest funds in 1974 has evolved into in-depth looks at the asset allocations, breadth of investments and asset manager lineups of the largest 200, with asset totals and allocation breakdowns on the largest 1,000.
The evolution of the report parallels that of the industry itself. In the 1974 report, which examined data as of year-end 1972, the assets of the top 100 totaled $52.6 billion; for this report's data, as of Sept. 30, 2004, the assets of the top 100 totaled $3.35 trillion. (Although in the 1974 issue, P&I ranked all plans separately, not by sponsor. So, for example, on the ranking of the top 100, what was then Lockheed Aircraft Corp. would have ranked three times: for its salaried employees' retirement plan; its salaried employees' savings plan; and its hourly employees' retirement plan.)
The asset mixes in the 1974 report, coming at the beginning of the change spurred by ERISA, are heavily oriented toward fixed income: the breakouts reflect U.S. government securities, foreign government securities, other bonds, mortgages, preferred stock and common stock. Today, the questionnaire sent to plan sponsors includes questions on their investments in domestic and international equity, private equity, equity real estate and hedge funds.
To gather the information for this most recent report, questionnaires were sent to more than 1,100 fund sponsors in Pensions & Investments' database. The largest 1,000 were identified from the completed questionnaires, follow-up phone calls and e-mails, and a cross-check with information supplied by Money Market Directories Inc., Charlottesville, Va., publisher of the Money Market Directory of Pension Funds and their Investment Managers.
The P&I survey in general covers the 12-month period ended Sept. 30, 2004. Not all funds, however, were able to provide data as of that date; in some cases, the funds did not provide any data. Where no information was available from the fund, figures were taken from the MMD. In cases of the largest 200 sponsors for which the data were too old, P&I estimated the change in assets.
For the specific reporting periods of each fund, please view the profiles of the top 200 at P&I's website, www.pionline.com.
In the profiles and tables, dollar amounts are rounded to the nearest million.
The aggregate asset mixes represent the averages of all reported allocations for the respective funds.
The lists and tables included in this issue of P&I represent only some of the data gathered through the questionnaires. Complete listings for defined benefit and defined contribution investments, as well as individual plan sponsor profiles on the top 200, are available at www.pionline.com.