The median plan first-quarter return was -12.9% across InvestmentMetrics institutional investor universe. The less risk-adverse subset of endowments and foundations saw the most significant declines. As a whole, the group lost 14.77%, with foundations slightly lower at -14.84%. Corporate defined benefit plans, which are generally more bond heavy in their portfolios, were down about 8.2% on the quarter.
Public defined benefit plans, which made up about a third of universe assets, fell in the middle of the pack at -13.7%.