By the Numbers for August 2023

Pension risk transfer activity
Total completed transactions (billions)
  
Most recent transactions (millions)
TypeSponsorDateAssets
Cable and Wireless Superannuation FundSept. 21$364
ITB Pension FundsAug. 30$368
Sandy Spring BancorpAug. 29$34
Sandy Spring BancorpAug. 29N/A
AAR Corp.Aug. 28$55
Kellogg Co.Aug. 4$590
Goodyear Tire & RubberAug. 3N/A
Goodyear Tire & RubberAug. 3$188
Goodyear Tire & RubberAug. 3$188
TeleflexAug. 3$357
Public Service Enterprise GroupAug. 2$1,000
BT Pension SchemeAug. 1$6,500
United Utilities GroupJuly 12$2,300
APi GroupJuly 5$1,400
Mabey HoldingsJune 28$120
Nationwide Pension FundJune 21$2,100
MGM Assurance Staff Pension PlanJune 19$101
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
20222023
SeptemberOctoberNovemberDecemberJanuaryFebruaryMarchAprilMayJuneJulyAugust
Cash0.6%Cash0.8%Cash1.1%Cash1.5%Cash1.9%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%
High Yield-14.1%High Yield-11.8%High Yield-9.0%High Yield-11.2%Russell 2000-3.4%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%
BB U.S. Agg-14.6%S&P 500 -14.6%S&P 500-9.2%BB U.S.  Agg -13.0%High Yield-5.2%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%
S&P 500-15.5%BB U.S.  Agg-15.7%MSCI ACWI ex-U.S.-11.9%MSCI ACWI ex-U.S. -16.0%MSCI ACWI ex-U.S.-5.7%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%
Real Estate-22.4%Russell 2000-18.5%BB U.S.  Agg-12.8%S&P 500-18.1%S&P 500-8.2%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 2000-23.5%Global ex-U.S. fixed income -24.6%Russell 2000 -13.0%Global ex-U.S. fixed income -18.7%BB U.S.  Agg-8.4%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%
Global ex-U.S. fixed income-24.8%MSCI ACWI ex-U.S.-24.7%Real Estate-16.9%MSCI EM -20.1%MSCI EM-12.1%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%
MSCI ACWI ex-U.S.-25.2%Real Estate-24.7%MSCI EM-17.4%Russell 2000-20.4%Real Estate-12.6%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%
MSCI EM-28.1%MSCI EM-31.0%Global ex-U.S. fixed income -19.8%Real Estate-23.6%Global ex-U.S. fixed income-14.2%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%
Market not pricing in rate hike for November despite CPI spike
Monthly change, consumer price index
Short-term Treasury yields
CME FedWatch Tool: probability of rate hike
Sources: P&I Research Center; NISA Investment Advisors; Bloomberg LP; U.S. Bureau of Labor Statistics; U.S. Department of the Treasury; CME Group