Graphic: By the Numbers for January 2024

Pension risk transfer activity
Total completed transactions (billions)
  
Most recent transactions (millions)
TypeSponsorDateAssets
Shell USAFeb. 7$4,900
Huntington Ingalls IndustriesFeb. 1$411
Ball Corp.Jan. 26$1,800
Lockheed MartinJan. 24$414
Office DepotJan. 18$179
Just GroupJan. 8$2
Church of EnglandDec. 18$31
Thales UK Pension SchemeDec. 1$3,400
Unisys Corp.Nov. 27$250
The Co-operative GroupNov. 24$5,000
Walgreens Boots AllianceNov. 24$6,000
MMC U.K.Nov. 16$2,500
Deutsche BankNov. 13$619
Air FranceNov. 6$40
Newell BrandsOct. 30$168
Bayer Corp.Oct. 27$339
Owens CorningOct. 25$291
Allegheny TechnologiesOct. 18$1,770
For details on all recent pension risk transfers, click here.
Funding ratio of S&P 500 pension plans
Trailing 12-month returns by asset class
20232024
FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecemberJanuary
Cash2.2%Cash2.6%MSCI ACWI ex-U.S.3.0%Cash3.3%S&P 500 19.6%MSCI ACWI ex-U.S.13.4%S&P 500 15.9%S&P 50021.6%MSCI ACWI ex-U.S.12.1%S&P 50013.8%S&P 50026.3%S&P 50020.8%
High Yield-5.5%High Yield-3.3%Cash2.9%S&P 500 2.9%MSCI ACWI ex-U.S. 12.7%S&P 50013.0%MSCI ACWI ex-U.S. 11.9%MSCI ACWI ex-U.S.20.4%MSCI EM10.8%MSCI ACWI ex-U.S.9.3%Russell 200016.9%High Yield9.3%
Russell 2000-6.0%BB U.S. Agg-4.8%S&P 500 2.7%High Yield0.0%Russell 200012.3%MSCI EM8.3%High Yield7.2%MSCI EM11.7%S&P 50010.1%High Yield8.7%MSCI ACWI ex-U.S.15.6%MSCI ACWI ex-U.S.5.9%
MSCI ACWI ex-U.S.-7.2%MSCI ACWI ex-U.S.-5.1%High Yield1.2%MSCI ACWI ex-U.S.-1.4%High Yield9.1%Russell 20007.9%Russell 2000 4.7%High Yield10.3%High Yield6.2%Cash5.1%High Yield13.4%Cash5.3%
S&P 500-7.7%S&P 500-7.7%BB U.S. Agg-0.4%BB U.S. Agg-2.1%Cash3.7%High Yield4.4%Cash4.4%Russell 20008.9%Cash4.9%MSCI EM4.2%MSCI EM9.8%Russell 20002.4%
BB U.S. Agg-9.7%MSCI EM-10.7%Russell 2000-3.6%Russell 2000-4.7%MSCI EM1.7%Cash4.1%MSCI EM 1.3%Cash4.6%Global ex-U.S. fixed income2.6%Global ex-U.S. fixed income2.5%Real Estate9.8%BB U.S. Agg2.1%
Real Estate-14.4%Global ex-U.S. fixed income -10.7%Global ex-U.S. fixed income-3.9%Global ex-U.S. fixed income-6.5%BB U.S. Agg-0.9%Global ex-U.S. fixed income -2.5%-2.5%Global ex-U.S. fixed income 0.6%Global ex-U.S. fixed income3.4%BB U.S. Agg0.4%BB U.S. Agg1.2%Global ex-U.S. fixed income5.7%Global ex-U.S. fixed income-0.2%
MSCI EM-15.3%Russell 2000-11.6%MSCI EM -6.5%MSCI EM -8.5%Global ex-U.S. fixed income -1.8%BB U.S. Agg-3.4%BB U.S. Agg-1.2%Real Estate2.8%Real Estate-4.1%Real Estate-2.0%BB U.S. Agg5.5%MSCI EM-2.9%
Global ex-U.S. fixed income-16.7%Real Estate-20.3%Real Estate-14.3%Real Estate-14.8%Real Estate-3.9%Real Estate-6.5%Real Estate-4.2%BB U.S. Agg0.6%Russell 2000-8.6%Russell 2000-2.6%Cash5.2%Real Estate-3.1%
An up and down year for corporate high yield
U.S. corporate high-yield bond monthly returns
U.S. corporate high-yield bond spreads (basis points)
U.S. corporate high-yield bond yield to worst
Sources: P&I Research Center; NISA Investment Advisors; Bloomberg LP