In recent years, they have actually hurt; although they may have dampened volatility.
In fiscal year 2022, state and local pension plans have seen the decline in the stock market erase much of the gains from 2021. And, recent media reports by Pensions and Investments, The Wall Street Journal, and others have suggested that alternative investments are one reason why reported returns don’t look even worse.
For public pension funds, the aggregate allocation to alternatives first began to rise in 2005 . Almost by definition, the precipitous drop in equity values compared with other assets in 2008 and 2009 led to further increases in the shares held in all other asset classes. As the stock market recovered, however, the allocation to traditional equity remained depressed, suggesting that plans were making deliberate shifts toward alternative investments.
JP estimates the relationship between a pension fund’s allocation to alternatives and its overall portfolio performance for three periods: 2001 to 2009 , 2010 to 2022 , and 2001 to 2022 . The equation controls for the plan’s allocation to fixed income and cash, plan size, the presence of a separate investment council, and type of fiscal year.
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