Ryan ALM
Blog
March Proves Challenging for Core Fixed Income
March was a difficult month for active core fixed income managers, as the Bloomberg U.S. Aggregate Index fell -1.8%. Uncertainty related to the impact of the Iran War on oil prices and subsequently inflation, pushed rates higher across the Treasury...
Trouble Paying the Bills?
“The worst thing that can happen,” Andrew Junkin, CIO, Virginia Retirement System says, “is that you’re a forced seller in any market.” That quote appeared in a Chief Investment Officer article from March 4, 2026. We couldn't agree more with...
Here's Another Example - Why, Oh Why?
In October 2022, I wrote the following: "I believe that we have overcomplicated the management of DB pension plans. If the primary objective is to fund the promised benefits in a cost-efficient manner and with prudent risk, why do we...
“Everybody’s looking under every rock.” Jay Kloepfer
Institutional Investor's James Comtois has recently published an article that quoted several industry members on the near-term (10-years) return forecast for both public and private markets, which according to those asked are looking anemic. No one should be surprised by...
What Topics Would You Pick?
I'm hopefully attending the FPPTA conference in Orlando beginning on Sunday, February 1, 2026. My attendance will be very much dependent on the path of the next winter storm takes as it migrates up the East coast. I've been asked...
Bond Math and A Steepening Yield Curve - Perfect Together!
We are in the midst of a project for a DB pension plan in which we were asked to model a series of liability cash flows (benefits and expenses) using cash flow matching (CFM) to defease and secure those liabilities....
Do the Analysis! Remove the Guess Work.
I am truly blessed working for an organization such as Ryan ALM, Inc. I am awed by the folks that I get to work with and the product/strategy that I get to represent. As a reminder, we've created a cash...
You Don't Say!
Morgan Stanley has published the results from their Taft-Hartley survey , in which they have to provided "insights into how Taft-Hartley plans are managing priorities and navigating challenges to strengthen their plans". I sincerely appreciate MS's effort and the output...
Cash Flow Matching: Bringing Certainty to Pension Plans
Imagine a world, or at least the United States, where pension plans are no longer subject to market swings and the uncertainty those swings create. What if you could "guarantee" (outside of any corporate bond defaults) the promises made to...
Dear Plan Sponsor: Please ask Yourself the Following Questions
Do you believe that your pension plan exists to meet (secure) a promise (benefit) that was given to the plan’s participants? Are you factoring in that benefit promise when it comes to asset allocation? Do you presently have exposure to...