By the Numbers for May 2023

Pension risk transfer activity
Total completed transactions (billions)
  
Most recent transactions (millions)
TypeSponsorDateAssets
Nationwide Pension FundJune 21$2,100
MGM Assurance Staff Pension PlanJune 19$101
Harrods Group Pension PlanJune 12$503
Aegon U.K. Staff Retirement and Death Benefit SchemeJune 5$199
Timpson Group Pension SchemeMay 23$124
DXC TechnologyMay 19$1,000
British Steel Pension SchemeMay 17$3,400
Thomas Cook GroupMay 5$1,100
Repsol SinopecMay 2$199
Yorkshire & Clydesdale Bank Pension SchemeMay 1$2,000
AT&TMay 1$8,100
Batt CablesApril 27$42
Wm Morrison SupermarketsApril 26$1,700
IbstockApril 26$236
PPG IndustriesApril 24$309
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
JuneJulyAugustSeptemberOctoberNovemberDecemberJanuaryFebruaryMarchAprilMay
Cash0.2%Cash0.2%Cash0.4%Cash0.6%Cash0.8%Cash1.1%Cash1.5%Cash1.9%Cash2.2%Cash2.6%MSCI ACWI ex-U.S.3.0%Cash3.3%
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%High Yield-3.3%Cash2.9%S&P 500 2.9%
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%BB U.S.  Agg-4.8%S&P 500 2.7%High Yield0.0%
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.-5.1%High Yield1.2%MSCI ACWI ex-U.S.-1.4%
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%S&P 500-7.7%BB U.S.  Agg-0.4%BB U.S.  Agg-2.1%
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%MSCI EM-10.7%Russell 2000-3.6%Russell 2000-4.7%
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 -10.7%Global ex-U.S. fixed income-3.9%Global ex-U.S. fixed income-6.5%
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%Russell 2000-11.6%MSCI EM -6.5%MSCI EM -8.5%
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%Real Estate-20.3%Real Estate-14.3%Real Estate-14.8%
A good year so far for (almost all of) the S&P 500 heavy hitters
*Based on diluted EPS from continuing operations. Sources: P&I Research Center; NISA Investment Advisors; Bloomberg LP; State Street Global Advisors