Active equity strategies that are highly benchmark-centric will generally have a minimal impact on fund-level volatility. Since most US institutional portfolios are overwhelmingly dominated by their equity exposure, any incremental tracking error will be submerged by the beta effect. Positive...

Some evidence supports the intriguing conjecture that P/Es in the U.S. market may decline in times of both significantly lower, as well as significantly higher, real interest rates. The P/E response pattern would then resemble a tent that angles downward at both ends. For pension liabilities...