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Insights

We publish a range of research articles and publications covering key themes in financial markets and topical investment commentary

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Whitepapers

PDF file: Although there are challenges, we believe there should be strong consideration for the inclusion of private placements in a long-term investor’s strategic asset allocation. PDF size: 167 KB

PDF file: Current events are an important reminder to all institutional investors that a well-thought-out investment plan is the best way to navigate volatile times. We finalize this series with a third publication addressing actions public pension plans can consider in preparation for, or during, volatile markets. PDF size: 138 KB

PDF file: As plan sponsors continue their journey with Liability-Driven Investing (LDI), they can better realize their funded status objectives and outcomes by refining their approach to asset allocation decisions. Rather than considering allocations for return-seeking assets and a liability-hedging portfolio independently, they can adopt a comprehensive strategy for allocating all plan assets directly alongside liabilities. For years, LGIMA has worked with clients to tailor funded status objectives to the specifics of their plan. This experience has helped us analyze optimization techniques that can help all plans manage funded status in the context of an LDI framework. Even plan sponsors that have adopted an asset-liability lens must consider several key issues, including: PDF size: 659 KB

PDF file: In this piece, we explain why plans should anticipate these events while providing concise answers and illustrations to some client questions regarding the navigation of equity market drawdowns. PDF size: 153 KB

PDF file: Volatile markets and recent equity market drawdowns highlight the long-term effects that short-term dislocations can create. For pension plans, ensuring plan participants receive their scheduled payments can prove difficult in volatile markets, depending on their funding situation and where these payments are sourced. In some cases, plans become forced sellers of illiquid assets, “locking-in” a loss and extending the time until achieving a sustainable funding level. PDF size: 230 KB

PDF file: As an experienced asset allocator, we at LGIMA believe the right combination of approaches, highlighted in the paper, can help public plans reduce the impact of adverse market conditions, meet their obligations and achieve growth in a sustainable and manageable way. PDF size: 261 KB

PDF file: During times of high volatility and uncertain market conviction, plans of all sizes look to assess their portfolios, weighing the important risk/return trade-offs inherent in their asset allocation. Corporate defined benefit plans not only have to weigh the decisions in the context of asset selection, they also have to understand how movements in plan liabilities could impact their ability to pay future obligations. PDF size: 705 KB

PDF file: As the COVID-19 virus spreads in the U.S and abroad, governments and central banks have taken drastic actions to keep the economy afloat and prevent further spreading of the disease. At the time of this writing, 95% of individuals in the United States and a similar amount of GDP were under a “stay at home” order. PDF size: 552 KB

PDF file: Today’s corporate pension plans use a variety of approaches to set their discount rates: yield curves, hypothetical bond portfolios and various subsets of the universe. Despite the variation, they all use the AA universe of bonds, consistent with decades-old guidance from the SEC. PDF size: 498 KB

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

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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

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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: 535 KB

PDF file: Dynamic drawdown combined with a drawdown portfolio helps to address one of the key retirement concerns. PDF size: 301 KB

PDF file: LGIMA DC Retirement Risk Thought Paper PDF size: 369 KB

Environmental, Social and Governance (ESG)

PDF file: Over the course of 2021, the pandemic continued to highlight critical environmental, social and governance (ESG) challenges. PDF size: 14046 KB

PDF file: Mergers and acquisitions (M&A) are a key feature of capital markets that provides companies with the opportunity to enhance and generate optimal returns to investors. PDF size: 126 KB

PDF file: When we launched our Climate Impact Pledge in 2016, we focused our engagement on the largest, more influential companies in the sector. In 2020, aided by improvements in data availability, we expanded the coverage tenfold to cover substantially more sectors, with clear voting sanctions for the companies not meeting all our minimum standards. PDF size: 15036 KB

PDF file: We took decisive action on behalf of our clients during this challenging period across a range of environmental, social and governance issues. We gave particular attention to the near-term dangers posed by COVID-19 and the longer-term threat of climate change, and have committed to targeting net zero emissions across all assets under management. PDF size: 24592 KB

PDF file: Throughout history, humans have risen to address challenges to the health and 􀁗􀁅􀁊􀁉􀁘􀁝􀀄􀁓􀁊􀀄􀁘􀁌􀁉􀁍􀁖􀀄􀁇􀁓􀁑􀁑􀁙􀁒􀁍􀁘􀁍􀁉􀁗􀀒􀀄􀀷􀁇􀁍􀁉􀁒􀁘􀁍􀆼􀁇􀀄􀁇􀁓􀁒􀁗􀁉􀁒􀁗􀁙􀁗􀀄􀁌􀁅􀁗􀀄􀁇􀁉􀁖􀁘􀁅􀁍􀁒􀁐􀁝􀀄􀁓􀁙􀁘􀁔􀁅􀁇􀁉􀁈􀀄􀁔􀁓􀁐􀁍􀁘􀁍􀁇􀁅􀁐􀀄 􀁇􀁓􀁒􀁗􀁉􀁒􀁗􀁙􀁗􀀄􀁓􀁒􀀄􀁌􀁓􀁛􀀄􀁘􀁓􀀄􀁘􀁅􀁇􀁏􀁐􀁉􀀄􀁘􀁌􀁉􀀄􀁗􀁍􀁋􀁒􀁍􀆼􀁇􀁅􀁒􀁘􀀄􀁔􀁌􀁝􀁗􀁍􀁇􀁅􀁐􀀄􀁅􀁒􀁈􀀄􀁉􀁇􀁓􀁒􀁓􀁑􀁍􀁇􀀄􀁍􀁑􀁔􀁅􀁇􀁘􀁗􀀄􀁓􀁊􀀄􀁇􀁐􀁍􀁑􀁅􀁘􀁉􀀄 􀁇􀁌􀁅􀁒􀁋􀁉􀀐􀀄􀁆􀁙􀁘􀀄􀁘􀁌􀁉􀀄􀁋􀁐􀁓􀁆􀁅􀁐􀀄􀁔􀁓􀁐􀁍􀁘􀁍􀁇􀁅􀁐􀀄􀁛􀁍􀁐􀁐􀀄􀁊􀁓􀁖􀀄􀁍􀁒􀁇􀁖􀁉􀁅􀁗􀁉􀁈􀀄􀁖􀁉􀁋􀁙􀁐􀁅􀁘􀁍􀁓􀁒􀀄􀁍􀁗􀀄􀁗􀁘􀁖􀁉􀁒􀁋􀁘􀁌􀁉􀁒􀁍􀁒􀁋􀀒􀀄 Therefore, it is our goal at LGIM to understand how regulation will manifest itself and 􀁍􀁑􀁔􀁅􀁇􀁘􀀄􀁓􀁙􀁖􀀄􀁇􀁐􀁍􀁉􀁒􀁘􀁗􀆅􀀄􀁅􀁗􀁗􀁉􀁘􀁗􀀒􀀄􀀻􀁌􀁍􀁐􀁉􀀄􀁍􀁘􀀄􀁍􀁗􀀄􀁚􀁉􀁖􀁝􀀄􀁈􀁍􀆾􀁇􀁙􀁐􀁘􀀄􀁘􀁓􀀄􀁈􀁉􀁘􀁉􀁖􀁑􀁍􀁒􀁉􀀄􀁘􀁌􀁉􀀄􀁉􀁜􀁅􀁇􀁘􀀄􀁖􀁉􀁋􀁙􀁐􀁅􀁘􀁓􀁖􀁝􀀄 􀁑􀁉􀁇􀁌􀁅􀁒􀁍􀁗􀁑􀁗􀀄􀁅􀁒􀁈􀀄􀁘􀁍􀁑􀁍􀁒􀁋􀀐􀀄􀁍􀁘􀀄􀁍􀁗􀀄􀁖􀁉􀁅􀁗􀁓􀁒􀁅􀁆􀁐􀁉􀀄􀁘􀁓􀀄􀁅􀁗􀁗􀁙􀁑􀁉􀀄􀁘􀁌􀁅􀁘􀀄􀁇􀁓􀁑􀁔􀁅􀁒􀁍􀁉􀁗􀀄􀁘􀁌􀁅􀁘􀀄􀁅􀁖􀁉􀀄􀁑􀁓􀁖􀁉􀀄 􀁅􀁐􀁍􀁋􀁒􀁉􀁈􀀄􀁛􀁍􀁘􀁌􀀄􀁘􀁌􀁉􀀄􀁘􀁖􀁅􀁎􀁉􀁇􀁘􀁓􀁖􀁝􀀄􀁓􀁊􀀄􀁘􀁌􀁉􀁗􀁉􀀄􀁖􀁉􀁋􀁙􀁐􀁅􀁘􀁍􀁓􀁒􀁗􀀄􀁊􀁅􀁇􀁉􀀄􀁐􀁓􀁛􀁉􀁖􀀄􀁖􀁍􀁗􀁏􀀄􀁅􀁒􀁈􀀄􀁌􀁍􀁋􀁌􀁉􀁖􀀄􀁓􀁔􀁔􀁓􀁖􀁘􀁙􀁒􀁍􀁘􀁝􀀄 than those who are not. PDF size: 3153 KB

PDF file: In 2019, LGIM ran a targeted engagement campaign focused on social, governance and transparency issues at large companies with poor ESG scores. After giving them an opportunity to improve their scores, we take a quantitative look at the results in this paper to identify whether progress has been made. PDF size: 25335 KB

PDF file: . We fully support the objectives of the SDGs, but for the aforementioned reasons we do not claim to be managing assets directly according to them. Instead, many of the SDGs’ principles and themes are embedded in our approach to responsible investment. We believe there are four specific ways in which our efforts can be linked to the principles of the SDGs. PDF size: 1515 KB

PDF file: In this article on how we integrate ESG criteria into portfolios, we discuss different approaches to responsible investing within index strategies – and look at what the future may have in store for this important field. PDF size: 1409 KB

PDF file: Our expectation is that the proportion of women on the board and in executive teams at companies should be 30%, at a minimum. We’re looking for critical mass, not tokenism, where contributions from a minority group are valued in their own right. PDF size: 182 KB

PDF file: Investors must demand ethnic diversity in the companies they own. This is what we at LGIM plan to do on this essential topic. PDF size: 8694 KB

PDF file: As part of our corporate engagement activity, we have often set ambitious diversity targets for companies as well as standards for inclusion. Anyone who has ever worked in a team knows the importance of a strong culture. Developing a strong culture is both a key part of these efforts and a means for us to assess the success of a company. PDF size: 631 KB

PDF file: Ongoing dialogue with companies is a fundamental aspect of LGIM’s commitment to responsible investment. Engagement will be triggered in a variety of ways, such as a regular catch-ups; analysis of responsible investment themes and voting issues; general knowledge of the company; or a media report. PDF size: 1433 KB

PDF file: This document sets out the sustainability policy for LGIM(H) PDF size: 220 KB

PDF file: Through the implementation of this controversial weapons policy, Legal & General Investment Management (Holdings) Limited (‘LGIM(H)’) and its subsidiaries will exclude from its investments those companies involved in the manufacture and production of cluster munitions, anti-personnel landmines, and biological and chemical weapons. PDF size: 786 KB

PDF file: In this guide, we set out our expectations as a long-term investor regarding what ESG information our investee-listed companies should report on, and how to communicate this information effectively to stakeholders. PDF size: 894 KB

PDF file: The scrutiny on executive pay in North America is increasing year on year. In this note, we outline our stance on the issue. PDF size: 384 KB

PDF file: The Legal & General Investment Management (LGIM) Investment Stewardship team has responsibility for engaging and voting with listed companies to safeguard and enhance our clients’ assets, and identifying and engaging on emerging governance topics. As part of this process, it is necessary to be able to take informed positions, and to be able to actively support companies, in order to obtain the best outcome for our clients. Using our scale can influence investee companies on important decisions. PDF size: 990 KB

PDF file: Active ownership means working to create sustainable value for our clients. Our annual report details how we achieved this in 2019. PDF size: 6919 KB

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: 914 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

PDF file: Our Global approach and expectations with respect to topics we believe are essential for an efficient governance framework. PDF size: 321 KB

PDF file: Our Japanese approach and expectations with respect to topics we believe are essential for an efficient governance framework. PDF size: 329 KB

PDF file: Our UK approach and expectations with respect to topics we believe are essential for an efficient governance framework. PDF size: 355 KB

PDF file: Our North American approach and expectations with respect to topics we believe are essential for an efficient governance framework. PDF size: 342 KB

Pension Fiscal Fitness Monitor

PDF file: LGIM America estimates the average funding ratio rose from 92.6%% to 96.3% over the quarter based on market movements. PDF size: 103 KB

PDF file: LGIMA estimates the average funding ratio rose from 89.7% to 92.6% over the quarter based on market movements. PDF size: 129 KB

PDF file: 2021. LGIM America estimates the average funding ratio declined from 89.9% to 89.7% over the quarter based on market movements. PDF size: 164 KB

PDF file: LGIM America announced today in our Pension Fiscal Fitness Monitor, a quarterly estimate of the change in health of a typical US corporate defined benefit pension plan that pension funding ratios decreased over the second quarter of 2021. PDF size: 163 KB

PDF file: LGIM America announced today in its Pension Fiscal Fitness Monitor, a quarterly estimate of the change in health of a typical US corporate defined benefit pension plan, that pension funding ratios increased over the first quarter of 2021. LGIM America estimates the average funding ratio increased from 82.1% to 90.7% over the quarter based on market movements. PDF size: 161 KB

PDF file: LGIM America announced today in its Pension Fiscal Fitness Monitor, a quarterly estimate of the change in health of a typical US corporate defined benefit pension plan that pension funding ratios increased over the fourth quarter of 2020. PDF size: 161 KB

PDF file: Legal & General Investment Management America, Inc. (LGIMA) announced today in its Pension Fiscal Fitness Monitor, a quarterly estimate of the change in health of a typical US corporate defined benefit pension plan that pension funding ratios increased over the third quarter of 2020. LGIMA estimates the average funding ratio increased from 75.3% to 77.9% over the quarter based on market movements. PDF size: 146 KB

PDF file: Legal & General Investment Management America, Inc. (LGIMA) announced today in its Pension Fiscal Fitness Monitor, a quarterly estimate of the change in health of a typical US corporate defined benefit pension plan that pension funding ratios increased over the second quarter of 2020. LGIMA estimates the average funding ratio increased from 73.5% to 75.3% over the quarter based on market movements. PDF size: 2397 KB

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

Market Commentary

PDF file: The prospect of tighter monetary policy continues to weigh on demand for credit. PDF size: 166 KB

PDF file: The increase in volatility since Thanksgiving ends a nearly nine-month stretch of relative calm for markets. PDF size: 108 KB

PDF file: One of the more perplexing elements of US rates at current valuations is just how negative real rates remain even as nominal rates have resumed moving higher. PDF size: 101 KB

PDF file: These days investors are almost exclusively preoccupied with two “known unknowns”: inflation and the labor market. Among the most forecasted economic variables on the planet, their evolution over the next 6-12 months nevertheless looks unusually foggy. PDF size: 99 KB

PDF file: It is a bit of a historical oddity that one of the slowest economic recoveries after a recession looks as if it will almost surely be followed by one of the fastest. Indeed, the COVID-19 recession-and-recovery looks nothing like the financial crisis of a more than a decade ago. And yet, in both cases there seems to be a propensity to misestimate the speed of the recovery, albeit in different directions. PDF size: 99 KB

Multi-asset Market Update

PDF file: By capitalizing on the historically high ratio of rate to equity implied volatility, we describe an opportunity for institutional investors to lock in recent gains. PDF size: 155 KB

PDF file: We examine the history, geopolitics, and weather patterns that are boosting commodities prices. PDF size: 214 KB

PDF file: In our view, the current correction is mainly due to the increased pricing of rate hikes. PDF size: 130 KB

PDF file: We discuss the implications of how the seemingly infinite expansion of the money supply. PDF size: 204 KB

PDF file: Multi-asset Market Update - Dec 2021 PDF size: 139 KB

PDF file: Since mid-last month, US equities rose about 5% with very low realized volatility. PDF size: 166 KB

PDF file: Markets price short-term Sterling interest rates via SONIA futures, which are the equivalent to Fed Funds futures for the US. PDF size: 201 KB

PDF file: Over the past month, US equities and volatility conditions are both relatively unchanged. PDF size: 251 KB

PDF file: Realized volatility of the S&P 500 using short observation windows has declined from about 15% to 5% annualized since our last publication. PDF size: 202 KB

PDF file: Rates moved lower and the curve flattened further over the past month, which saw an unexpectedly high volatility in the long end. The front end sold off and the curve bear steepened during the June FOMC meeting, as the dot plot was surprisingly hawkish, showing a median of 2 rate hikes by the end of 2023 compared to 0 forecasted in March. PDF size: 212 KB

PDF file: While there is more collective attention following rates- and inflation-related markets, equities and equity volatility have entered a summer lull and are exhibiting expected and actual calm. Term structure has steepened dramatically with one-month at-the-money implieds at 12% (from 16%), three-month at 15% (from 18%), and smoothing slightly upward out to three years around 19% (from 20%). PDF size: 237 KB

PDF file: Asset allocation is essentially a balancing of exposure to growth and inflation. We say this not to feign profundity by trotting out a truism, but rather to highlight its contrast with our day-to-day preoccupations—over short horizons, we spend so much of our time parsing minutiae and nuances in order to deliver alpha. PDF size: 210 KB

PDF file: Given the abundance of stimulus and a pending economic reopening, inflation and rate movements are at the forefront of investors’ minds. However, long-term views remain inconsistent. In our latest Multi-asset market update, we provide our thoughts on elevated valuations, the narratives behind historical drawdowns, and how to navigate dispersion in risk markets. We also explore a recent decline in rate volatility, the strong start to the month for US Credit, and how we are not quite out of the pandemic risk pricing era. PDF size: 202 KB

PDF file: The growth-inflation-equities-rates interplay – the focus of the market – is beginning to drive action. But institutions are drawing up their own unique action plans…Why? In this month’s Multi-asset Market Update, we investigate each entity’s considerations while observing markets have not been stagnant. Global rates shot higher and yield curves have steepened significantly resulting in meaningful underperformance for credit. To add another layer of complexity, rate volatility spiked while longer dated equity volatility has held firm and even trended lower. PDF size: 182 KB

PDF file: History (and GameStop price action) tells us that the speed and recovery of market drawdowns is faster now than prior regimes. As retail interest in both call options and fear of a market bubble peaked, investors need answers – what is priced in? Do interest rates matter? In our latest Multi-asset Market Update, we cover sentiment and institutional positioning in equity and credit markets while considering recent interest rate movements and Treasury issuance (50-year bond?). With such a strong fundamental backdrop for equities – supported by relative valuations against other asset classes – at what level do rates, and rate volatility, become attractive? PDF size: 185 KB

PDF file: While we simultaneously read more commentary suggesting there is an attractive equity volatility risk premium, we see sustained volatility where current conditions have historically suppressed it. Where we see robust M&A volume / demand and long-end rates selling off on news of the Blue Wave and optimism over COVID-19 vaccines, we recognize national debt has hit levels not seen since WWII and jobless claims remain staggeringly high. PDF size: 211 KB

Viewpoints

PDF file: It’s difficult to ignore the growing call to action to address the climate crisis, which some refer to as our generation’s challenge. PDF size: 480 KB

PDF file: We discuss preparing for a plan termination by constructing a PRT-ready portfolio. PDF size: 518 KB

PDF file: In a conversation with Linsey Schoemehl Payne, Nichole Roman-Bhatty and Brian Beargie, we discuss timely topics relating to ESG for institutional investors. Furthermore, we explore the methods and considerations for incorporating ESG factors into the fixed income investment process. PDF size: 536 KB

PDF file: The use of overlays is known to vary significantly across pension plan sponsors. With a better understanding of the value an overlay can add when combined with thoughtful risk management, overlay adoption can prove a powerful tool. Overlays can significantly reduce certain risks for plan sponsors and may allow for more efficient capital allocation with or without introducing leverage into the plan. By implementing an overlay as part of a broader strategy, plan sponsors can potentially solve some of their most pressing portfolio management problems: liquidity, cash drag, transaction costs and tracking error. In a conversation with Joaquin Lujan and Neil Olympio, we explore the benefits and considerations of adopting an overlay, specifically how they can help achieve a plan’s unique objectives. PDF size: 516 KB

PDF file: In our conversation with Ben and Ciaran, we discuss the evolution of LDI and custom strategies and specifically, how they pertain to managing a cash balance plan. PDF size: 498 KB

Index Insights

PDF file: Read our latest Index Insights, a quarterly commentary on major global index performance. PDF size: 589 KB

PDF file: Read our latest Index Insights, a quarterly commentary on major global index performance. PDF size: 884 KB

PDF file: Large-cap outperformed small-cap for consecutive quarters PDF size: 995 KB

PDF file: Highlights from this issue: Small-cap underperformed in Q2, but still outperforms for YTD and 1-year periods. PDF size: 1109 KB

PDF file: Read our latest Index Insights, a quarterly commentary on major global index performance. Highlights from this issue: Value continues to perform well in Q1, on the back of the re-opening trade; Small cap outperforms globally; Energy is the top performing sector in Q1, following recent underperformance; Multi-factor indexes outperform market cap. PDF size: 1023 KB

PDF file: Index Insights - Q4 2020 PDF size: 568 KB

PDF file: Read our latest Index Insights, a quaterly commentary on major global index performance. PDF size: 1806 KB

PDF file: The S&P indexes implemented their quarterly review in June. This was the first such review since December 2019, as the review in March was postponed with S&P citing extreme market volatility, market wide circuit breakers and exchange closures. PDF size: 2051 KB

PDF file: Index Insights - Q1 2020 PDF size: 1647 KB

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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.