Welcome to Perspectives, a multimedia feature on jennison.com that allows visitors to review publications, white papers, and featured materials. Please click on the literature or audio/video icons below to learn more about any Perspectives topic.
Asset Returns vs. Pension Liabilities - An Empirical Analysis of How Different Inflation Environments Affect Surpluses
This paper examines the historical performance of a variety of financial assets under different inflation scenarios. Its purpose is to distinguish asset categories that have historically generated attractive returns from those that have produced less attractive results in a variety of inflation environments. The paper’s objective is to inform plan sponsors’ thinking as they develop long-term strategic asset allocations based on their views of future inflation.
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Good Alphas, Bad Benchmarks - A Recipe for Disappointment
Most defined benefit plan fixed income mandates use benchmarks that have little in common with the characteristics of plan liabilities. Since the purpose of a defined benefit plan’s assets is to meet plan liabilities, a fixed income benchmark should be a proxy for those liabilities. In "Good Alphas, Bad Benchmarks - Recipe for Disappointment," Jennison Associates offers guidelines for creating a basic liability benchmark.
Click here to read the Whitepaper