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March 17, 2020 05:15 PM

Coronavirus and the markets

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    Bloomberg

    The spread of the coronavirus has led to the fastest bear market in U.S. history. P&I takes a closer look at the impact the coronavirus has had on financial markets.

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    Source: World Health Organization

    COVID-19's global spread continues. More than half of global cases have been reported outside of China, the virus' country of origin, and 99% of daily new cases are outside of China.

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    Source: World Health Organization, Bloomberg LP

    Equity markets initially weren't fazed by the spread of the virus, but hit a breaking point as the reality of an eventual pandemic closed businesses and threatened economic growth.

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    Source: Bloomberg LP

    Equity losses accelerated as the spike in volatility prompted a rapid sell-off.

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    Bloomberg LP

    Asset declines weren't isolated to equities. Corporate bond spreads spiked as corporate yield correlations disassociated from government bond yields.

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    Source: NISA Investment Advisors LLC

    Overall declines in both discount rates and assets sank corporate pension funding ratios and increased plan volatility. 

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    Source: P&I Research Center

    Public pension plan cash balance allocations shifted slightly higher as of Sept. 30, from the previous year, potentially insulating them from some first quarter losses. 

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    Source: eVestment LLC, Bloomberg LP

    Target-date funds declined across most fund vintages, with the severity inversely related to their equity allocations, however the group as a whole stood up well compared to the broad markets.

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    Source: Morningstar Inc., Bloomberg LP

    Bond funds did well among the largest institutional active funds. The PIMCO Income Fund, the largest fund by assets, was down relative to its peers, while few equity funds were able to best the broad markets.

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    August 1, 2022 page one

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    • Topics
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      • Top-Performing Managers
      • Largest Money Managers
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    • ETFs
      • Latest ETF News
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      • Equities
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      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Retirement Income Conference
      • 2022 Managing Pension Risk & Liabilities
      • 2022 WorldPensionSummit