By the Numbers for February 2023

Pension risk transfer activity
Total completed transactions (billions)
  
Most recent transactions (millions)
TypeSponsorDateAssets
Spirent CommunicationsMarch 7$171
GKN Group Pension SchemeMarch 2$618
RSA Insurance GroupFeb. 27$7,800
National Oilwell VarcoFeb. 22$184
WESCO International’s Anixter Inc. Pension PlanFeb. 22$371
Molson Coors BrewingFeb. 21$185
Arcadia GroupFeb. 10$1,000
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*
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
MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecemberJanuaryFebruary
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%Cash2.2%
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 Yield-5.5%
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%Russell 2000-6.0%
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.-7.2%
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%S&P 500-7.7%
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%BB U.S.  Agg-9.7%
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%Real Estate-14.4%
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-15.3%
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%Global ex-U.S. fixed income-16.7%
Yields resume upward ascent
Change in Treasury yields
Q4 2023 bond yield forecast
Changing probability of next rate hike
Sources: P&I Research Center; NISA Investment Advisors; Bloomberg LP; U.S. Department of the Treasury; CME Group