By the Numbers for February 2023

Pension risk transfer activity
Total completed transactions (billions)
  
Most recent transactions (millions)
TypeSponsorDateAssets
British American Tobacco UK Pension FundFeb. 9$305
IMI 2014 Deferred FundFeb. 3$217
United States SteelFeb. 3$115
WeyerhaeuserJan. 27$420
Venator GroupJan. 23$535
AmeyJan. 18$489
Tata Group (Tata Steel U.K.)Jan. 18$2,400
Interserve Pension SchemeJan. 12$484
Tomkins 2008 Pension SchemeJan. 11$160*
Tomkins Retirement Benefits Pension PlanJan. 11$160*
Barclays BankDec. 15$8,600
The Co-operative GroupDec. 13$1,500
Coats U.K. Pension SchemeDec. 6$429
Rolls-Royce North AmericaDec. 5$145
Balfour Beatty Pension FundNov. 30$2,100
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
FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecemberJanuary
S&P 50016.4%S&P 50015.6%Real Estate0.7%Cash0.1%Cash0.2%Cash0.2%Cash0.4%Cash0.6%Cash0.8%Cash1.1%Cash1.5%Cash1.9%
Real Estate10.6%Real Estate12.2%S&P 5000.2%S&P 500-0.3%BB U.S.  Agg-10.3%S&P 500-4.6%High Yield-10.6%High Yield-14.1%High Yield-11.8%High Yield-9.0%High Yield-11.2%Russell 2000-3.4%
High Yield0.6%Cash0.1%Cash0.1%Real Estate-5.2%S&P 500-10.6%High Yield-8.0%S&P 500-11.2%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%
Cash0.0%High Yield-0.7%High Yield-5.2%High Yield-5.3%High Yield-12.8%BB U.S.  Agg-9.1%BB U.S.  Agg-11.5%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.-0.4%MSCI ACWI ex-U.S.-1.5%BB U.S. Agg-8.5%BB U.S.  Agg-8.2%Real Estate-13.5%Real Estate-9.8%Real Estate-16.6%Real Estate-22.4%Russell 2000-18.5%BB U.S.  Agg-12.8%S&P 500-18.1%S&P 500-8.2%
BB U.S. Agg-2.6%BB U.S. Agg-4.2%MSCI ACWI ex-U.S.-8.5%MSCI ACWI ex-U.S.-12.4%Global ex-U.S. fixed income-18.8%Russell 2000-14.3%Russell 2000-17.9%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%
Russell 2000-6.0%Russell 2000-5.8%Global ex-U.S. fixed income-15.5%Global ex-U.S. fixed income-16.7%MSCI ACWI ex-U.S.-19.4%MSCI ACWI ex-U.S.-15.3%MSCI ACWI ex-U.S.-19.5%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%
Global ex-U.S. fixed income-7.1%Global ex-U.S. fixed income-7.9%Russell 2000-16.9%Russell 2000-16.9%Russell 2000-25.2%Global ex-U.S. fixed income-18.5%MSCI EM-21.8%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-10.7%MSCI EM-11.4%MSCI EM-18.3%MSCI EM-19.8%MSCI EM-25.3%MSCI EM-20.1%Global ex-U.S. fixed income-22.0%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%
Most major emerging markets countries see rebound
MSCI Emerging Markets index returns
MSCI Emerging Markets index country weights
Returns by country (through Jan. 31)
Sources:P&I Research Center; NISA Investment Advisors; Bloomberg LP; MSCI Inc.