By the Numbers for January 2022
Pension risk transfer activity
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Monthly corporate funding ratio
Trailing 12-month returns by asset class
| 2021 | 2022 | ||||||||||
| February | March | April | May | June | July | August | September | October | November | December | January |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Russell 200051.0% | Russell 200094.8% | Russell 200074.9% | Russell 200064.6% | Russell 200062.0% | Russell 200052.0% | Russell 200047.1% | Russell 200047.7% | Russell 200050.8% | S&P 50027.9% | S&P 50028.7% | S&P 50023.3% |
| MSCI EM36.0% | MSCI EM58.4% | MSCI EM48.7% | MSCI EM51.0% | MSCI EM40.9% | S&P 50036.4% | S&P 50031.2% | S&P 50030.0% | S&P 50042.9% | Russell 200022.0% | Real Estate23.0% | Real Estate18.1% |
| S&P 50031.3% | S&P 50056.4% | S&P 50046.0% | MSCI ACWI ex-U.S.42.8% | S&P 50040.8% | Real Estate31.2% | Real Estate30.5% | Real Estate27.1% | Real Estate38.3% | Real Estate19.7% | Russell 200014.8% | MSCI ACWI ex-U.S.3.6% |
| MSCI ACWI ex-U.S.26.2% | MSCI ACWI ex-U.S.49.4% | MSCI ACWI ex-U.S.43.0% | S&P 50040.3% | MSCI ACWI ex-U.S.35.7% | MSCI ACWI ex-U.S.27.8% | MSCI ACWI ex-U.S.24.9% | MSCI ACWI ex-U.S.23.9% | MSCI ACWI ex-U.S.29.7% | MSCI ACWI ex-U.S.9.1% | MSCI ACWI ex-U.S.7.8% | High Yield2.1% |
| High Yield9.40% | Real Estate34.4% | Real Estate32.6% | Real Estate35.1% | Real Estate31.6% | MSCI EM20.6% | MSCI EM21.1% | MSCI EM18.2% | MSCI EM17.0% | High Yield5.3% | High Yield5.3% | Cash0.0% |
| Global ex-U.S. fixed income6.3% | High Yield23.7% | High Yield19.7% | High Yield15.0% | High Yield15.4% | High Yield10.6% | High Yield10.1% | High Yield11.3% | High Yield10.5% | MSCI EM2.7% | Cash0.0% | Russell 2000-1.2% |
| Real Estate1.6% | Global ex-U.S. fixed income7.2% | Global ex-U.S. fixed income6.7% | Global ex-U.S. fixed income7.8% | Global ex-U.S. fixed income4.6% | Global ex-U.S. fixed income1.7% | Global ex-U.S. fixed income0.7% | Cash0.1% | Cash0.1% | Cash0.1% | BB U.S. Agg-1.5% | BB U.S. Agg-3.0% |
| BB U.S. Agg1.4% | BB U.S. Agg0.7% | Cash0.1% | Cash0.1% | Cash0.1% | Cash0.1% | Cash0.1% | BB U.S. Agg-0.9% | BB U.S. Agg-0.5% | BB U.S. Agg-1.2% | MSCI EM-2.5% | MSCI EM-7.2% |
| Cash0.4% | Cash0.1% | BB U.S. Agg-0.3% | BB U.S. Agg-0.4% | BB U.S. Agg-0.3% | BB U.S. Agg-0.7% | BB U.S. Agg-0.1% | Global ex-U.S. fixed income-1.2% | Global ex-U.S. fixed income-2.0% | Global ex-U.S. fixed income-5.0% | Global ex-U.S. fixed income-7.0% | Global ex-U.S. fixed income-7.9% |
As semiconductor capacity ramps up, inventories still lag
End-user share of global semiconductor demand*
Days of key semiconductor chip inventory on hand
Fabrication utilization levels
*As of year-end 2020; totals don’t sum to 100% due to rounding. Sources: P&I Research Center; NISA Investment Advisors; Bloomberg LP; U.S. Department of Commerce; Semiconductor Industry Association