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Market Commentary - Q1 2020

Review our latest market commentary centered on the macroeconomic outlook, fixed income markets and strategic client solutions.

Pension Fiscal Fitness Monitor - Q1 2020

Understand the impact of changes in quarterly estimates on the health of a typical US corporate defined benefit pension plan.

Pension Solutions' Monitor - Mar 2020

This monthly thought leadership piece focuses on the market developments and indicators that are most relevant for pension plans.

Multi-asset Market Update - Mar 2020

Get insight on market movements and opportunities associated with key risk factors driving investment returns.

Our full publication list

Index Insights

PDF file: A quarterly update with commentary on major global index performance. PDF size: 1457 KB

PDF file: A quarterly update with commentary on major global index performance. PDF size: 1185 KB

PDF file: A quarterly update with commentary on major global index performance. PDF size: 1258 KB

PDF file: A quarterly update with commentary on major global index performance. PDF size: 1539 KB

PDF file: A quarterly update with commentary on major global index performance. PDF size: 2360 KB

PDF file: A quarterly update with commentary on major global index performance. PDF size: 1348 KB

PDF file: A quarterly update with commentary on major global index performance. PDF size: 1220 KB

PDF file: A quarterly update with commentary on major global index performance. PDF size: 1488 KB

Market Commentary

PDF file: A look back into last quarter’s macro insights, fixed income focus and strategic client solutions. PDF size: 327 KB

PDF file: A look back into last quarter’s macro insights, fixed income focus and strategic client solutions. PDF size: 14639 KB

PDF file: A look back into last quarter’s macro insights, fixed income focus and strategic client solutions. PDF size: 352 KB

PDF file: A look back into last quarter’s macro insights, fixed income focus and strategic client solutions. PDF size: 1172 KB

PDF file: A look back into last quarter’s macro insights, fixed income focus and strategic client solutions. PDF size: 1095 KB

PDF file: A look back into last quarter’s macro insights, fixed income focus and strategic client solutions. PDF size: 1099 KB

PDF file: A look back into last quarter’s macro insights, fixed income focus and strategic client solutions. PDF size: 798 KB

PDF file: A look back into last quarter’s macro insights, fixed income focus and strategic client solutions. PDF size: 835 KB

PDF file: A look back into last quarter’s macro insights, fixed income focus and strategic client solutions. PDF size: 828 KB

Multi-asset Market Update

PDF file: A monthly update summarizing the reasons underpinning the market moves and key volatility considerations for equity, interest rate and credit spread risks. PDF size: 759 KB

PDF file: A monthly update summarizing the reasons underpinning the market moves and key volatility considerations for equity, interest rate and credit spread risks. PDF size: 388 KB

PDF file: A monthly update summarizing the reasons underpinning the market moves and key volatility considerations for equity, interest rate and credit spread risks. PDF size: 365 KB

PDF file: December update summary: This year’s eye-popping ~30% equity return feels somehow abnormal, yet has been a relatively frequent occurrence historically. And outsized returns in one year do not preclude significant gains in the next. PDF size: 429 KB

PDF file: A monthly update summarizing the reasons underpinning the market moves and key volatility considerations for equity, interest rate and credit spread risks. PDF size: 680 KB

PDF file: A monthly update summarizing the reasons underpinning the market moves and key volatility considerations for equity, interest rate and credit spread risks. PDF size: 705 KB

PDF file: A monthly update summarizing the reasons underpinning the market moves and key volatility considerations for equity, interest rate and credit spread risks. PDF size: 734 KB

PDF file: A monthly update summarizing the reasons underpinning the market moves and key volatility considerations for equity, interest rate and credit spread risks. PDF size: 796 KB

PDF file: A monthly update summarizing the reasons underpinning the market moves and key volatility considerations for equity, interest rate and credit spread risks. PDF size: 766 KB

PDF file: A monthly update summarizing the reasons underpinning the market moves and key volatility considerations for equity, interest rate and credit spread risks. PDF size: 890 KB

PDF file: A monthly update summarizing the reasons underpinning the market moves and key volatility considerations for equity, interest rate and credit spread risks. PDF size: 1432 KB

PDF file: A monthly update summarizing the reasons underpinning the market moves and key volatility considerations for equity, interest rate and credit spread risks. PDF size: 1800 KB

PDF file: A monthly update summarizing the reasons underpinning the market moves and key volatility considerations for equity, interest rate and credit spread risks. PDF size: 1518 KB

PDF file: A monthly update summarizing the reasons underpinning the market moves and key volatility considerations for equity, interest rate and credit spread risks. PDF size: 1428 KB

PDF file: A monthly update summarizing the reasons underpinning the market moves and key volatility considerations for equity, interest rate and credit spread risks. PDF size: 1664 KB

Pension Solutions' Monitor

PDF file: A monthly update highlighting key market indicators that are most relevant for pension plans. PDF size: 901 KB

PDF file: A monthly update highlighting key market indicators that are most relevant for pension plans. PDF size: 628 KB

PDF file: A monthly update highlighting key market indicators that are most relevant for pension plans. PDF size: 762 KB

PDF file: A monthly update highlighting key market indicators that are most relevant for pension plans. PDF size: 657 KB

PDF file: A monthly update highlighting key market indicators that are most relevant for pension plans. PDF size: 315 KB

PDF file: LGIMA's Monthly Pension Solutions' Monitor PDF size: 384 KB

PDF file: A monthly update highlighting key market indicators that are most relevant for pension plans. PDF size: 348 KB

PDF file: A monthly update highlighting key market indicators that are most relevant for pension plans. PDF size: 433 KB

PDF file: A monthly update highlighting key market indicators that are most relevant for pension plans. PDF size: 402 KB

PDF file: A monthly update highlighting key market indicators that are most relevant for pension plans. PDF size: 805 KB

PDF file: A monthly update highlighting key market indicators that are most relevant for pension plans. PDF size: 808 KB

PDF file: A monthly update highlighting key market indicators that are most relevant for pension plans. PDF size: 868 KB

PDF file: A monthly update highlighting key market indicators that are most relevant for pension plans. PDF size: 1043 KB

Pension Fiscal Fitness Monitor

PDF file: A quarterly estimate of the change in health of a typical US corporate defined benefit pension plan. PDF size: 2435 KB

PDF file: A quarterly estimate of the change in health of a typical US corporate defined benefit pension plan. PDF size: 182 KB

PDF file: A quarterly estimate of the change in health of a typical US corporate defined benefit pension plan. PDF size: 458 KB

PDF file: A quarterly estimate of the change in health of a typical US corporate defined benefit pension plan. PDF size: 382 KB

PDF file: A quarterly estimate of the change in health of a typical US corporate defined benefit pension plan. PDF size: 287 KB

PDF file: A quarterly estimate of the change in health of a typical US corporate defined benefit pension plan. PDF size: 283 KB

PDF file: A quarterly estimate of the change in health of a typical US corporate defined benefit pension plan. PDF size: 325 KB

PDF file: A quarterly estimate of the change in health of a typical US corporate defined benefit pension plan. PDF size: 288 KB

PDF file: A quarterly estimate of the change in health of a typical US corporate defined benefit pension plan. PDF size: 390 KB

Environmental, Social and Governance (ESG)

PDF file: We believe that working to create a more inclusive and sustainable capitalist system is in the best interest of all investors. Large asset managers are in a unique position to drive this change by adopting a stewardship mindset that uses influence to benefit the economy, the environment and society as a whole. PDF size: 897 KB

PDF file: We recognize that environmental, social and governance (ESG) factors increasingly play a role in determining the performance of certain assets. An expanded set of analysis tools can help investors navigate risk and identify those companies that might succeed in a rapidly changing world. PDF size: 6270 KB

Whitepapers

PDF file: Throughout this paper we compare and contrast a “traditional plan” to a “cash balance plan.” The employee benefit under a traditional plan is typically based on a mathematical formula that accounts for the number of years of service and the employee’s salary (or a fixed dollar per year of service) at retirement. The employer is then responsible for delivering the defined benefit pension payments, usually in terms of monthly income, upon retirement. PDF size: 689 KB

PDF file: All defined benefit pension plan sponsors face liability-based challenges. This includes public pension plans. The key is designing financial management policies (funding, investment, and cost management) that recognize how liabilities grow and fluctuate over time. PDF size: 114 KB

PDF file: All pension plan sponsors use financial management policies (including funding, investment and cost/liability management) to manage liability-based challenges over time.2 They must decide how much money to contribute into the plan each year, how to invest the money and how to measure the liability growth and cost of the plan over time. PDF size: 311 KB

PDF file: Our framework is not intended to suggest that any changes need to be made to public plan financial management, but instead puts forth a practical way of considering how various financial policies fit together. Having a complete picture of the implications and interactions of all the financing decisions can facilitate informed financial management decisions and highlight potential opportunities to achieve improved outcomes. PDF size: 202 KB

PDF file: Pension financial management of public funds can clearly be challenging. Fortunately, there are straightforward ways of measuring the underlying economics of plans, monitoring risks and financial policies, and identifying opportunities to achieve better outcomes. The framework presented in this paper offers one approach to supplementing the financial management process for public pension plans. PDF size: 1554 KB

PDF file: Whitepaper PDF size: 1888 KB

PDF file: Whitepaper PDF size: 3525 KB

PDF file: This paper is the first in a series of four pieces that will examine the basic characteristics of CITs, due diligence considerations for evaluating an index CIT investment, LGIMA’s best practices for passive CIT structures, and investment methods inside our index CITs. PDF size: 157 KB

PDF file: This paper will examine the primary areas plan sponsors should consider when evaluating an index CIT investment structure, while discussing some of the potential differences among providers. PDF size: 184 KB

PDF file: igher standard in the three core principals of Governance, Transparency, and Flexibility. Based on these principles, we have implemented five key features into our index fund program that uses Collective Investment Trust (CIT) structures—the increasingly preferred investment vehicle of DC plan fiduciaries and their consultants. PDF size: 118 KB

PDF file: All index investing starts with a simple goal: To neatly define and divide a portfolio’s target exposure into a finite number of securities—own 4.1% of security A, own 3.2% of Security B, and so on. With an objective as straightforward as this, one might think there is no need for index fund managers to put energy towards research, no room for clever insights, and no place for any active decisions about managing the portfolio’s exposures. PDF size: 328 KB

PDF file: This paper discusses pension discount rates, how current practice has evolved, where it can be improved, and outlines a more advantageous approach for the industry to move toward in the future. PDF size: 1309 KB

PDF file: Whitepaper PDF size: 169 KB

PDF file: Whitepaper PDF size: 2296 KB

PDF file: Whitepaper PDF size: 202 KB

PDF file: Whitepaper PDF size: 128 KB

PDF file: In this Income 101 study session, we introduce the concept of an Efficient Drawdown Portfolio. The Efficient Drawdown Portfolio frames the development of a drawdown strategy as a straightforward choice between the desired level of income and the potential risk to that income. PDF size: 221 KB

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Our Thoughts on Coronavirus and the Markets

Somehow the word “unprecedented” just doesn’t seem to cut it anymore when describing the economic devastation and financial market pain being wrought by the coronavirus. Read our thoughts on the pandemic and its impact on the financial markets.

Read all blog posts

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Views and opinions expressed herein are as of 2020 and may change based on market and other conditions. The material contained here is confidential and intended for the person to whom it has been delivered and may not be reproduced or distributed. The material is for informational purposes only and is not intended as a solicitation to buy or sell any securities or other financial instrument or to provide any investment advice or service. Legal & General Investment Management America, Inc. does not guarantee the timeliness, sequence, accuracy or completeness of information included. Past performance should not be taken as an indication or guarantee of future performance and no representation, express or implied, is made regarding future performance.