TAILIEUCHUNG - GLOBAL PENSION ASSETS STUDY 2012

Analyzing monthly return data on more than 2500 unique . equity funds over the period 1984–2003, we show that the average return gap is close to zero. In particular, the equally weighted return gap for all mutual funds in our sample equals basis points per month, while the value- weighted return gap equals − basis points per month. These results indicate that the magnitude of unobserved actions is relatively small in the aggregate. Thus, fund managers’ trades in the aggregate create sufficient value to offset trading costs and other hidden costs of fund management. At the same time, we document a substantial cross-sectional variation in the return gap,. | January 2012 1 2012 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towe 2 2012 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towe Global Pension Assets Study 2012 P13 P7 Survey coverage The study covers 13 major pension markets which total USD 27 509 bn in pension assets and account for of the GDP of these markets. We use the shorthand P13 to denote them. We perform a deeper analysis for seven of these markets excluding the six smallest markets Brazil France Germany Ireland Hong Kong and South Africa and use the shorthand P7 to denote them. P7 assets are over 95 of the P13. The analysis is organised in four sections Asset size including growth statistics comparison of asset size with GDP and liabilities P13 Asset allocation P7 DB and DC share of pension assets P7 Public and Private sector share of pension assets P7 The methodology used to project any one-year growth rate does not capture the net contribution and focuses only on changes driven by investment returns. 2012 Towers Watson. All rights reserved. Japan Netherland Switzerland UK US 3 Watson and Towers Watson client use only. Australia Canada towe .

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• contexts defined
• relationship between
• these—simple
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• complex
• chaotic—require
• problems
• preferred management
• style