Ms. Pries added that although rising interest rates "create market uncertainty causing a decline in pension assets, higher rates improve pension funding ratios and the overall financial health of pension plans, serving as a cushion through this volatile period."
The Northern Trust Canada universe tracks the performance of Canadian institutional defined benefit plans that subscribe to performance measurement services as part of Northern Trust's asset service offerings.
There are 34 pension plans in the second-quarter Canadian DB plan universe, a spokesman for Northern Trust said in an email.
Securities performances were weak across the board. Canadian equities and U.S. equities returned -13.2% and -13.4% in the second quarter, respectively, as measured by the respective S&P/TSX Composite and the S&P 500 indexes.
International developed markets, as measured by the MSCI EAFE index, returned -11.5% in the second quarter, while the MSCI Emerging Markets index returned -8.4%.
The Canadian fixed-income market, as measured by the FTSE Canada Universe Bond index, returned -5.7% in the second quarter.
Chicago-based Northern Trust Corp. had $1.3 trillion in assets under management as of June 30.