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    Corporate Pension Quarterly Q2 2020

    Whiplash

    While coronavirus remains a public health concern, the market has significantly recovered from its March lows with all US states re-opening to some degree despite the recent uptick in COVID-19 cases. In our second edition of the Corporate Pension Quarterly Q2 2020: Whiplash, we provide observations on market volatility and pension funded status, and current themes that are top of mind for clients.

    Historical Aggregated S&P 500 Funded Status

    We estimate that in aggregate, pension assets have improved 0.2% and 8.3% for the month and quarter, respectively.

    Source: GSAM as of June 30, 2020. Funded statuses reflect monthly estimates with the exception of year-end data.

       

    GSAM Professionals Weigh In

    Mike Moran,
    Senior Pension Strategist, GSAM

     

     

     

    “The sharp rebound in equities during Q2 was welcomed by many DB investors. Nonetheless, tighter credit spreads hurt the liability side of the equation, limiting the increase in funded levels.”

    Greg Calnon,
    Head of Global Portfolio Solutions, GSAM

     

     

     

    “With the first half of the year behind us, it’s safe to say that market volatility underscored the importance of thoughtful portfolio construction, risk management and nimble implementation for investors.”

    PENSION SOLUTIONS

    Corporate Pension Quarterly Q2 2020

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    June 18, 2020

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    June 2020

    Not All Liability Discount Rates are Created Equal

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