Latest White Papers

The Happiness Formula

Published by: State Street Global Advisors

Exploring retirement realities around the world reveals areas of uncanny consistency, persistent gaps, and a formula for happiness. Learn more at

Best Intentions: The unintended consequences of plan design

Published by: BlackRock

Defined contribution plan sponsors want the best outcomes for participants, but plan improvements can also bring unexpected consequences. To help understand how this can occur, BlackRock applies deep participant-level data analysis to three real world case studies—and reveals surprising results.

2019 Global Market Outlook: Not Over Until It’s Over

Published by: State Street Global Advisors

While we head into the year favoring the US, investors should assume a more defensive posture as late-cycle risks mount and be prepared to reposition to other regions as opportunities shift.

Floating Rate Treasuries: Taking the Mystery Out of the Treasury’s Latest Success

Published by: WisdomTree

The U.S. floating rate Treasury note has grown into a $357 billion market, generating robust investor demand and providing the Treasury with needed flexibility in managing the duration of its liabilities. For more than a few investors, however, the securities remain a curiosity.

Divesting to Create Shareholder Value: Pension Plans Through A Divestment Lens

Published by: Prudential Retirement

DB pension plans divert resources from the core business, constrain cash flows and limit performance. Since decisions to divest and decisions to de-risk a pension obligation are driven by the same factors, pension risk transfer should be viewed through a divestment lens.

Income for the Retirement Years: A New Model for Seeking Stable Retirement Income

Published by: PIMCO

Retirement planning decisions – when to take Social Security, how to allocate assets and whether to buy an annuity – are complex and interrelated. We present a framework that aims to optimize these decisions collectively and seeks stable and consistent retirement income.

Emerging Markets: Finding opportunity in uncertainty

Published by: Artisan Partners, Barings, BMO Global Asset Management

A panel of emerging market experts that includes Maria Negrete-Gruson, managing director and portfolio manager at Artisan Partners; Ricardo Adrogué, head of emerging markets debt at Barings; and Claire Franklin, portfolio manager at BMO Global Asset Management discuss the macro-environment, share company and country specifics, and offer insights on where to look past the headlines.

Investment intelligence: Finding opportunities in fixed income and alternatives

Published by: M&G Investments

Our latest Investment intelligence Q&A looks at what fixed income and alternatives can offer investors today, our approach to investing sustainably and how we can help institutions meet their long-term investment goals

Best Practices in Factor Research and Factor Models

Published by: MSCI

Factors define the sources of portfolio risk and return. MSCI factor research is firmly grounded in academic theory and empirical evidence while MSCI factor models are based on robust econometric techniques and reflect best investment practice.

Finding Winning Funds through Factors

Published by: Style Analytics

The investment industry has firmly embraced factor investing as a way to try to generate superior returns and manage risk, but have the benefits of analyzing factors within portfolios been fully recognized?

Is Your LDI Strategy Recession Ready?

Published by: PGIM Fixed Income

Should you stay on the funded status rollercoaster or move toward a recession-ready LDI strategy? In this paper, Tom McCartan of PGIM Fixed Income shares practical steps U.S. corporate pension plans can take now to protect their funded status ahead of the next recession.

Small Stocks, Large Opportunity

Published by: THB Asset Management

International micro cap equities are an overlooked asset class that can provide investors with an opportunity to generate significant alpha, increase diversification, and complete or enhance existing portfolio allocations.

The volume of disclosed information and impression management affect ESG evaluation

Published by: Nissay Asset Management Corporation

ESG scoring has become a popular tool for investors and portfolio managers but they should understand that ESG scoring comes with some bias. Nissay Asset Management uses a simulation model to analyze the effect of corporate information disclosure on ESG scoring.

Blockchain solutions to ESG problems

Published by: BMO Global Asset Management

Cryptocurrencies have been surrounded by hype and controversy - but the technology behind them, blockchain, is rapidly demonstrating its potential as a powerful sustainability solution. While offering advantages in many ESG related areas this relatively new technology has several issues to overcome.

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All white papers posted were created by the listed authors who are solely responsible for the research, finding and all materials contained therein. Pensions & Investments has not verified or edited the materials (other than for length and style) and does not necessarily agree or disagree with the analysis and positions expressed by the authors. Reference to any company, product or service does not imply recommendation or sponsorship by Pensions & Investments.

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