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Vincent Deluard, director of global macro strategy at StoneX Group Inc.

U.S. pension funds assume that they will earn 7.25% on their portfolios by mixing assets which yield less than 3% on average. Even if pension funds were to invest solely in the highest-yielding asset (junk bonds), they would still miss their target by about 200 basis points, while taking an amount of risk which would violate their fiduciary duties.

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