By the Numbers for February 2024
Pension risk transfer activity
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Corporate funding & buyout indexes
Trailing 12-month returns by asset class
| 2023 | 2024 | ||||||||||
| March | April | May | June | July | August | September | October | November | December | January | February |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash2.6% | MSCI ACWI ex-U.S.3.0% | Cash3.3% | S&P 50019.6% | MSCI ACWI ex-U.S.13.4% | S&P 50015.9% | S&P 50021.6% | MSCI ACWI ex-U.S.12.1% | S&P 50013.8% | S&P 50026.3% | S&P 50020.8% | S&P 50030.5% |
| High Yield-3.3% | Cash2.9% | S&P 5002.9% | 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% | MSCI ACWI ex-U.S.12.5% |
| BB U.S. Agg-4.8% | S&P 5002.7% | 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% | High Yield11.0% |
| MSCI ACWI ex-U.S.-5.1% | High Yield1.2% | MSCI ACWI ex-U.S.-1.4% | High Yield9.1% | Russell 20007.9% | Russell 20004.7% | High Yield10.3% | High Yield6.2% | Cash5.1% | High Yield13.4% | Cash5.3% | Russell 200010.0% |
| 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% | MSCI EM8.7% |
| MSCI EM-10.7% | Russell 2000-3.6% | Russell 2000-4.7% | MSCI EM1.7% | Cash4.1% | MSCI EM1.3% | Cash4.6% | Global ex-U.S. fixed income2.6% | Global ex-U.S. fixed income2.5% | Real Estate9.8% | BB U.S. Agg2.1% | Cash5.3% |
| 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 income0.6% | Global ex-U.S. fixed income3.4% | BB U.S. Agg0.4% | BB U.S. Agg1.2% | Global ex-U.S. fixed income 5.7%5.7% | Global ex-U.S. fixed income-0.2% | BB U.S. Agg3.3% |
| 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 income2.7% |
| 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% | Real Estate1.0% |
Rise in fixed income, real assets highlight 2024 hirings trends so far
U.S. plan sponsor net hiring activity by asset class (% of total assets; dollars are in billions)
Hiring breakdowns (billions)
Sources:P&I Research Center; NISA Investment Advisors; Milliman; Bloomberg LP