This issue marks the 33rd year Pensions & Investments has examined the allocations and investments of the largest U.S. employee retirement plans.
What started as bare-bones profiles of the 100 largest defined benefit funds in 1974 has evolved into in-depth looks at the asset allocations, breadth of investments and asset manager lineups of the largest 200 retirement plan sponsors, with asset totals and allocation breakdowns on the largest 1,000.
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 generally covers the 12-month period ended Sept. 30, 2006. 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, or the data provided were considered too old, P&I estimated the change in assets.
The questionnaire for this year's survey asked several new questions.
Passive and enhanced index fund investments are now broken out not only between equity and fixed income, but also between domestic and international mandates.
Among defined benefit funds, real estate investors were asked to break out their allocations between domestic and international, and a new question was added on timber investments. Alternatives were put under the microscope with new questions on commodities, buyouts, infrastructure and energy investments. And for the first time, funds were queried on overlay and portable alpha strategies.
Defined contribution plan executives were asked about investments in real estate investment trusts and Treasury inflation-protected securities.
For the specific reporting periods of each fund, please view the profiles of the top 100, which appear on the following pages, or 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, along with the fund profiles, are available here.