Ryan ALM
Blog
When Should I Use CFM?
Good morning. I'm currently in Chicago in the midst of several meetings. Yesterday's meetings were outstanding. As you'd expect, the conversations were centered on DB pension plans and the opportunity to de-risk through a Cash Flow Matching strategy (CFM) in...
ARPA Update as of July 25, 2025
Welcome to the last update for July. I don't know how you feel, but it certainly seems as if Summer 2025 has been a blur. Based on last week's activity, it doesn't appear that the excessive heat and humidity has...
Milliman: Public Pension Funding Rises
Milliman released the latest results of its Public Pension Funding Index (PPFI), which analyzes data from the nation’s 100 largest public defined benefit plans. Milliman is reporting that for a second consecutive month above average returns powered asset growth of...
A few Observations from Newport
As I mentioned in my ARPA update on Monday, I had the pleasure of attending the Opal Public Fund Forum East in beautiful Newport, RI, and neither the conference nor Newport disappointed. I don't attend every session during the conference,...
ARPA Update as of July 18, 2025
I have the pleasure of drafting this post from beautiful Newport, RI, where I'm attending and speaking at the Opal Public Fund Forum East. The West forum's location wasn't too shabby either as it took place in Scottsdale last January!...
More on Why Bonds Are Not Performance Drivers
As you've heard us say and write many times, U.S. investment-grade bonds are not performance drivers. Bond should be used for their cash flows, as they are the only asset class with a known terminal value and contractual interest payments....
AI Needs An Education Regarding ALM/CFM!
I asked an AI tool that I use the following: Asset/Liability Management (ALM) is an effective tool for pensions. What strategies are currently being deployed? As usual, the response was nearly instantaneous, but was it correct? Here is what I...
Really Only One Significant Influence
Managing fixed income (bonds) can be challenging as there are a plethora of risks that must be evaluated including, but not limited to, credit, liquidity, maturity/duration, yield, prepayment and reinvestment risk, etc. within the investment-grade universe. But the greatest risk...
ARPA Update as of July 11, 2025
Welcome to the All-Star break for Major League baseball. I hope that your team has had a good first half. I think that the PBGC has had a terrific "first half", approving the SFA applications for 20 multiemployer plans that...
Taylor-Made?
The Federal Reserve meeting notes have been published, and there seems to be little appetite among the Fed Governors to reduce U.S. interest rates at the next meeting. They continue to believe that the recently inflated tariffs and current trade...