Aaron M. Cunningham DC West 2019

Aaron M. Cunningham

Director of Research & Analytics

[email protected]

916-841-7893

Aaron is responsible for developing and overseeing the P&I Research Center and Searches and Hires Database. He joined P&I in 2008 as data editor, where he developed graphic content and analysis. Aaron has a B.S. in Business Administration, finance concentration, from Franciscan University of Steubenville, where he graduated summa cum laude. He also has a M.S. in Accountancy from Loyola University Chicago, where he graduated with High Dean's Honors. He obtained the Chartered Alternative Investment Analyst designation in 2010.

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Recent Stories
Tom Mucha
Kodak uses LDI, alts to drive strong returns, funding ratio

Eastman Kodak's focus on liability-driven investing and alternative investments, especially hedge funds, has lifted its funded status to 131%.
Retail-investing-screen
Where have all the active core managers gone?

Managers of active large-cap core equity for U.S. institutional tax-exempt investors have seen assets fall as passive uptake steadily increases.
Delta, I come in praise of your contributions

Extra contributions have been the key to Delta Air Lines’ funding success.
Large corporate defined benefit plans in Canada are fully funded

Corporate defined benefit plans of public companies in Canada surged to 100% funding with higher discount rates.
DC record-keeper assets jump to all-time high; Empower tops $1 trillion

Defined contribution record-keeping assets jumped to an all-time high of $9.7 trillion as of Sept. 30, up from $8.2 trillion the year before.
Real estate still the core real asset for U.S. defined benefit investors

With U.S. inflation rapidly rising to levels not seen since the 1970s, investors need to analyze their portfolios’ inflation protection.
2021 endowment data now available

Initial data for U.S. endowments’ 2021 fiscal year, which are collected from annual reports, are now available in the P&I Research Center.
Asset Owner Performance database getting face-lift

The Asset Owner Performance database will be getting an updated look in March.
Index manager survey provides unique data insights

Pensions & Investments’ unique and detailed passive money manager survey provides a host of insights.
Enhanced database filtering options

Filtering in Pensions & Investments’ news-based databases, including in Searches and Hires, and Private Fund Close, was recently enhanced. Key changes include the addition of breadcrumbs, shareable URLs and significantly faster database speeds when filtering.
Better filtering wins gold

Filtering in Pensions & Investments’ news-based databases, including in Searches and Hires, and Private Fund Close, was recently enhanced. Key changes include the addition of breadcrumbs, shareable URLs and significantly faster database speeds when filtering.
New data points in 2021 Top 1,000 data

On Feb. 14, Pensions & Investments will publish updated data on the 1,000 largest U.S. plan sponsors, with data as of Sept. 30, 2021.
Assumed rate of return cartoon
Consider leverage to avoid lowering return rates

Unless interest rate or other assumptions change significantly, other plans will have to cut their assumptions, but how much?
Avoiding lowering return assumptions through leverage?

New York State Common Retirement Fund announced on Aug. 25 a reduction in its assumed rate of return to 5.9% from 6.8%. “The intent is to set realistic return assumptions that result in stable contribution rates at a sufficient and sustainable level for employers,” said Tania Lopez, a spokeswoman for New York Comptroller Thomas DiNapoli, who is trustee of the $268.3 billion pension plan, in an email. Given the lower-for-longer interest rate environment in the U.S. and other developed nations, the cut appears both prudent and reasonable. Unless interest rate or other assumptions change significantly, other plans will have to follow suit. But how much will plans have to cut their assumptions? Using asset allocation data from about 50 large public defined benefit plans’ 2020 comprehensive annual financial reports and using the 2021 Horizon Actuarial Services return estimates, Pensions & Investments estimates the average public plan needs to bring down its assumed rate of return by more than 1 percentage point. Using 20-year return horizon estimates mapped to 2020’s actual asset allocations, the average plan is estimated to return an annualized 5.99%.
Liability-driven investing leads to full funding

The 100 largest U.S. corporate pension plans are estimated to be fully funded, attributable in part to liability-driven investing.