Passive investment train overtakes active in corporate DC plans
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March 20, 2017 01:00 AM

Passive investment train overtakes active in corporate DC plans

Fee scrutiny said to be responsible for big shift

Robert Steyer
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    Michael A. Marcotte
    Winfield Evens believes heavy fee scrutiny is directly related to the rise in passive investing among DC plans.

    The never-ending fight for lower fees and the fear of fee-related lawsuits have pushed passive investments ahead of active management among large defined contribution plans in 2015 - the first time since Pensions & Investments began tracking data from the 100 biggest corporate plans.

    Among companies identifying management styles, P&I found passive management accounted for 51.8% of assets in 2015, while 48.2% were actively managed. That's a flip from 2014, when active management accounted for 51.5% and passive, 48.5%. In 2013, the active to passive split was 54.7% and 45.3%.

    P&I has analyzed data since 2013 covering U.S.-based companies, both public and private, but excluding mutual companies. Separate company DC plans in Puerto Rico are excluded. The latest data is based on companies' filings with the Securities and Exchange Commission and Department of Labor, primarily for 2015 plan years.

    P&I also found that collective investment trusts took a bigger piece of the asset-allocation pie, as DC consultants noted that fees are sparking plan executives' interest in CITs at the expense of mutual funds. The actions identified in the P&I data match observations of DC experts, who said these trends have marched past 2015 and will advance in the near future.

    The growth in passively managed assets and CITs occurred as total DC assets slipped by less than 1% to $1.118 trillion in 2015 from $1.128 trillion in 2014.

    “It's not a surprise due to all of the litigation,” said consultant Jennifer Flodin, referring to greater allocations to passively managed investments. She was referring to lawsuits accusing plan sponsors of breaching their fiduciary duties by not using or considering lower-cost investment options.

    In their investment lineups, “sponsors have been offering a passive sleeve to give more choice,” said Ms. Flodin, the Chicago-based managing director and co-DC practice leader for Pavilion Advisory Group Inc.

    The largest corporate DC plans

    Ranked by total assets, in millions, as of plan year 2015.

    RankSponsorAssets

    1Boeing$47,887
    2IBM$46,878
    3AT&T $36,554
    4Wells Fargo$35,788
    5Lockheed Martin $31,751
    6Bank of America $29,370
    7General Electric $28,583
    8Verizon Communications $28,335
    9United Technologies $21,713
    10J.P. Morgan Chase $20,938
    11Wal-Mart $20,563
    12Exxon Mobil $19,762
    13Procter & Gamble $19,396
    14Northrop Grumman $19,315
    15United Parcel Service $18,469
    16General Motors $18,118
    17Chevron$17,088
    18Delta Air Lines $15,511
    19United Continental$15,042
    20Intel $14,940
    21Raytheon $14,848
    22Ford Motor$14,245
    23Publix Super Markets$13,727
    24Microsoft $13,694
    25FedEx $13,232
    26FMR$13,219
    27Johnson & Johnson$13,122
    28Honeywell International$12,989
    29American Airlines $12,590
    30General Dynamics $12,419
    31HCA $12,365
    32Oracle $11,962
    33Citigroup$11,064
    34Costco Wholesale $11,040
    35Pfizer $10,873
    36Southwest Airlines$10,560
    373M $10,326
    38DuPont$10,316
    39Dow Chemical $9,634
    40Deloitte$9,125
    41Cisco Systems$9,081
    42Sammons Enterprises$8,583
    43Walgreens Boots $8,487
    44CVS $8,406
    45HP $8,338
    46Merck$8,308
    47Caterpillar$8,071
    48Hewlett Packard Enterprise $8,046
    49PepsiCo $8,014
    50Medtronic $7,778
    51Morgan Stanley$7,776
    52Kroger $7,582
    53Accenture$7,521
    54UnitedHealth $7,458
    55Target $7,288
    56Prudential Financial$7,267
    57Comcast $7,160
    58Duke Energy$7,102
    59ConocoPhillips$6,878
    60Aetna$6,818
    61Koch Industries$6,582
    62Exelon $6,523
    63MetLife$6,471
    64Disney $6,467
    65Abbott Laboratories$6,271
    66Goldman Sachs$6,076
    67Harris$6,051
    68Home Depot$5,990
    69Cargill$5,901
    70Eli Lilly $5,825
    71PG&E $5,802
    72Google$5,792
    73Leidos $5,604
    74Lowe's $5,453
    75Deere $5,438
    76Bank of New York Mellon$5,436
    77Ernst & Young $5,415
    78Southern Co.$5,394
    79Anthem $5,321
    80Altria Group $5,245
    81Bristol-Myers Squibb$5,186
    82U.S. Bancorp$5,132
    83McKinsey $5,116
    84Schlumberger$5,092
    85Travelers $5,082
    86Nationwide$5,031
    87Marriott International$4,995
    88PricewaterhouseCoopers $4,927
    89International Paper $4,904
    90Danaher $4,898
    91Texas Instruments$4,893
    92PNC Financial $4,828
    93CenturyLink $4,805
    94Eaton $4,783
    95AECOM$4,773
    96Bechtel Global $4,732
    97Cigna $4,728
    98Halliburton$4,628
    99L3 Technologies$4,616
    100Johnson Controls $4,084

    Source: Company filings

    Plans have added passively managed investments because “there's been a greater scrutiny on fees and more interest,” said Winfield Evens, a partner at Aon HewiHewitt Associates, Lincolnshire, Ill. “In our view, there's a role for both. No matter what you are using, pay attention to fees.”

    The DC research landscape is filled with surveys showing how lower fees over time affect record keeping and investment management. However, DC plans aren't the only arena for combat over fees. Some public pension plans are eliminating or reducing exposure to hedge funds because executives believe the fees are too high and the returns are too low. In the U.K., money managers are cutting fees as they try to retain local government pension-scheme clients that are consolidating.

    CITs continue to rise

    Among companies identifying investment vehicles, collective investment trusts rose again, grabbing 56.7% of assets in 2015 vs. 54.3% in 2014 and 50.3% in 2013. Mutual funds accounted for 33.2% of assets, down from 35%, while separate accounts represented 10% of assets, slipping from 10.6% in 2014. In 2013, mutual funds had 36.5% of the assets and separate accounts, 10.9%.

    “This is in line with what we see among our clients,” said Mr. Evens. Companies' motivations for offering CITs include offering investment options that can be less expensive - though not always - than mutual funds and a greater interest in passively managed investments. “Passive is a big driver in collective investment trusts,” Mr. Evens said.

    The largest managers of corporate DC assets

    Among the 100 largest corporate DC plans. Assets are in millions as of plan year 2015.

    RankManagerAssets  

    1Vanguard$131,003
    2BlackRock$109,350
    3State Street Global Advisors$69,872
    4Fidelity Investments$56,209
    5Northern Trust Asset Mgmt.$46,105
    6T. Rowe Price$15,861
    7Wells Fargo$10,068
    8PIMCO$9,937
    9Dodge & Cox$9,666
    10BNY Mellon$8,223
    11GE Asset Mgmt.$8,202
    12Pyramis Global Advisors$8,096
    13American Funds$7,642
    14Galliard Capital Mgmt.$6,844
    15General Motors Trust Bank$5,191
    16Prudential$5,143
    17Neuberger Berman$4,702
    18AllianceBernstein$4,566
    19Invesco$4,392
    20J.P. Morgan$4,354
    21Morgan Stanley$3,376
    22Wilmington Trust$3,199
    23Wellington Mgmt.$2,987
    24Harbor Capital Advisors$2,530
    25Jennison Associates$2,431
    26MFS Investment Mgmt.$2,428
    27Dimensional Fund Advisors$2,264
    28Goldman Sachs$2,168
    29Manning & Napier$1,771
    30Nationwide$1,710
    31Janus Capital$1,655
    32Artisan Partners$1,470
    33Reliance Trust$1,400
    34Russell Investments$1,197
    35Western Asset Mgmt.$1,142
    36Quantitative Mgmt. Assoc.$1,137
    37Principal Global Investors$1,085
    38Dreyfus$1,074
    39Robeco$1,057
    40Delaware Investments$952
    41Rare Infrastructure$932
    42Boston Partners$927
    43Bridgewater$918
    44Loomis Sayles$880
    45Lazard Asset Mgmt.$869
    46GAMCO$854
    47Franklin Templeton$851
    48Mondrian Investment Partners$727
    49Los Angeles Capital$640
    50Charles Schwab Investment Mgmt.$624

    Among Aon Hewitt's record-keeping clients, which tend to be larger DC plans, 39% of DC assets were in CITs by the end of 2016 vs. 14% in mutual funds and 47% in separate accounts. The latter includes multiple subadvisers combined into a single investment option for participants, company stock funds and the hiring of an asset manager to employ a strategy for a specific asset class.

    Collective investment trusts will secure more DC plan assets as the CIT providers offer more products and as they reduce the minimums required by plans to participate in CITs, said Jeri Savage, the partner in charge of defined contribution research at Rocaton Investment Advisors, Norwalk, Conn. “Years ago, you had to be a $1 billion plan,” she said. “Now, you can be a $100 million plan.”

    Ms. Savage and other industry members said target-date funds will take ever-greater allocations among 401(k) plans. The explosive popularity of target-date funds as qualified default investment alternatives, auto enrollment and participants' desire for a “do-it-for-me” approach to investing all have contributed to the funds' growth.

    Before the Pension Protection Act of 2006, “sponsors were reluctant to use multiasset funds,” said Mr. Evens, referring to the increase in target-date fund allocations. In Aon Hewitt's quarterly survey of 401(k) plans with a total of $160 billion in assets, target-date funds accounted for 24.1% of total assets by year-end 2016 vs. 23.1% at the end of 2015.

    P&I's broader survey of the top 100 DC plans showed target-date funds securing $120 billion, or 10.7% of assets in 2015 vs. 9.5%, or $106.6 billion, in 2014. In 2013, target-date funds' share of total assets was $87.8 billion, or 8.2%. Target-date funds represented the third-largest asset group in 2015.

    Target-date funds “continue to grow, driven in most part by plan design strategies to get investors in the right place,” said Sue Walton, a Chicago-based senior vice president of defined contribution for Capital Group. Auto enrollment, auto escalation and re-enrollment all contribute to target-date funds' greater popularity, she said.

    Other prominent categories

    Among other prominent asset categories in P&I's data analysis:



    • The largest allocation was to domestic equity, which accounted for $319.17 billion, 28.6%, in 2015, vs. $334.12 billion (29.6%) in 2014 and $321.57 billion, or 30.1%, in 2013.

    • Company stock slipped to $200.55 billion in 2015, or 18% of total assets, the next largest allocation. Company stock represented 19% of assets in 2014 and 19.4% in 2013.

    • Allocations to stable value accounted for 9.7% of total assets in 2015 vs. 9.4% in 2014. With 2015 assets of $108.9 billion, stable value was the fourth largest asset category.

    • Fixed income fell to 8.4% of total assets in 2015 from 9.2% in 2014.

    • Brokerage windows and alternative investments remained tiny components. The former accounted for 2.6% of all assets in 2015 and 2.5% in 2014. The latter represented $1.8% in 2015 and 1.8% in 2014.

    Among the biggest of the big DC plans, Boeing Co., Chicago, rose to first place with $47.9 billion in defined contribution plan assets in 2015 from second place in 2014, swapping positions with International Business Machines Corp., Armonk, N.Y., which had $46.9 billion in 2015.

    AT&T Corp., Dallas, kept third place with $36.55 billion; Wells Fargo & Co. San Francisco, held onto fourth place with $35.8 billion; and Lockheed Martin Corp., Bethesda, Md., stayed in fifth with $31.8 billion.

    The rest of the top 10 were: Bank of America Corp., San Francisco ($29.4 billion), whose sixth place ranking was unchanged from 2014; General Electric Co., Boston, ($28.6 billion), which moved to seventh from eighth in 2014, trading places with Verizon Communications Inc., New York ($28.3 billion); United Technologies Corp., Farmington, Conn. ($21.7 billion), which stayed in ninth place; and J.P. Morgan Chase & Co., New York ($20.9 billion), which advanced to 10th in 2015 from 12th in 2014. Wal-Mart Stores Inc., Bentonville, Ark., 10th place in 2014, slipped to 11th in 2015 with $20.56 billion.

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