Global Public Pensions reveals how funds navigated uncertainty of Covid crisis
The second edition of Global Public Pensions provides a unique insight into how one of the world’s most powerful investor groups adapted to the challenges of the Covid-19 crisis. OMFIF’s research analyses the portfolio allocations of a curated group of 100 leading global public-sector asset owners. At first glance, they appear to have had a pretty good crisis. Total assets of the 100 funds grew by around 10%, to $14.4tn, as equity markets maintained their bullish run and bonds remained apparently immune from a correction. However, more than half of the rise in assets was driven by just four funds, with Japan’s Government Pension Investment Fund alone growing by $360bn.
GPPs as a whole made limited adjustments to their portfolio composition, with fixed income still the largest constituent. It is by far the largest part of the portfolios for funds in the top quartile of OMFIF’s GPP universe (those with more than $135bn of assets). Equities are the biggest constituent for each quartile in the other 75% of the funds analysed.
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