Due to interest rates and growth assets, funded status fell 3.5% this month from 91% to 87.5%.
Factor investing through the cycle
Due to growth assets and interest rates, funded status rose 1.4% this month from 88.5% to 89.9%.
Inventories tend to have a cycle of their own, growing and contracting several times over the course of an expansion.
Due to a 30 bps decrease in discount rates, funded status fell 1.3% this month from 90.4% to 89.1%
PG&E (ticker: PCG) filed for bankruptcy - surprisingly the issuer was within the A or better rated pension liability discount rate universe within the prior 12 months.
Political uncertainty has led to low expectations that policy initiatives would see much progress before year-end.
Investors are concerned about the deterioration of corporate debt quality.
For most of 2018, eurozone and US monetary policy appeared to be on a largely preset course.
Explore this month’s report where we see the highest funded status level achieved since December 2012.