Our Research

A distinct characteristic of PCA’s is its ability to deliver effective investment advice, perspective and recommendations to decisions makers of the boards of large-scale public pension funds. PCA’s ability to translate sometimes complicated and esoteric investment information into easy-to-understand communications differentiates the firm from its competitors.


Our Latest Research

  • 2017

    MAY

    Investment Market Risk Metrics May 2017 Copyright 2017 by Pension Consulting Alliance, LLC


    Synopsis: May 2017 by Pension Consulting Alliance, LLC

  • 2017

    APR

    Investment Market Risk Metrics April 2017 Copyright 2017 by Pension Consulting Alliance, LLC


    Synopsis: April 2017 by Pension Consulting Alliance, LLC

  • 2017

    MAR

    Developing Expected Return And Risk Assumptions Copyright 2017 by Pension Consulting Alliance, LLC


    Synopsis: This report will review our approach for developing expected average annual long-term returns, volatility, and correlations for and among several asset classes.

  • 2017

    MAR

    529 Investment Overview 2016 Q4 Copyright 2017 Pension Consulting Alliance, LLC


    Synopsis: Updated for 4th quarter 2016 by Pension Consulting Alliance, LLC

  • 2017

    MAR

    Role of Assets Copyright 2017 by Pension Consulting Alliance, LLC


    Synopsis: Updated as of December 31, 2016 by Pension Consulting Alliance, LLC

  • 2017

    MAR

    Investment Market Risk Metrics March 2017 Copyright 2017 by Pension Consulting Alliance, LLC


    Synopsis: March 2017 by Pension Consulting Alliance, LLC

  • 2017

    FEB

    Response to the recent criticism of Crisis Risk Offset (CRO) Copyright 2017 by Pension Consulting Alliance, LLC


    Synopsis: PCA's response to a recent article criticising the CRO Strategic Class

  • 2017

    FEB

    PCA's Nominal 2017 Capital Market Assumptions Copyright 2017 by Pension Consulting Alliance, LLC


    Synopsis: Ten year capital market assumptions

  • 2017

    FEB

    Investment Market Risk Metrics February 2017 Copyright 2017 by Pension Consulting Alliance, LLC


    Synopsis: February 2017 by Pension Consulting Alliance, LLC

  • 2017

    JAN

    Investment Market Risk Metrics January 2017 Copyright 2017 by Pension Consulting Alliance, LLC


    Synopsis: January 2017 by Pension Consulting Alliance, LLC

  • 2016

    DEC

    Investment Market Risk Metrics December 2016 Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: December 2016 by Pension Consulting Alliance, LLC

  • 2016

    NOV

    Investment Market Risk Metrics November 2016 Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: November 2016 by Pension Consulting Alliance, LLC

  • 2016

    OCT

    Investment Market Risk Metrics October 2016 Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: October 2016 by Pension Consulting Alliance, LLC

  • 2016

    SEP

    Investment Market Risk Metrics September 2016 Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: September 2016 by Pension Consulting Alliance, LLC

  • 2016

    SEP

    529 Investment Overview 2016 Q2 Copyright 2016 Pension Consulting Alliance, LLC


    Synopsis: Updated for 2nd quarter 2016 by Pension Consulting Alliance, LLC

  • 2016

    SEP

    The Role of Assets Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: The Role of Assets updated as of June 30, 2016

  • 2016

    AUG

    Investment Market Risk Metrics August 2016 Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: August 2016 by Pension Consulting Alliance, LLC

  • 2016

    JUL

    Brexit's Impact and Negative Interest Rates Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: PCA's response to the UK's Brexit decision

  • 2016

    JUL

    Investment Market Risk Metrics July 2016 Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: July 2016 by Pension Consulting Alliance, LLC

  • 2016

    JUN

    529 Newsletter Copyright 2016 Pension Consulting Alliance, LLC


    Synopsis: Updated for 1st quarter 2016 by Pension Consulting Alliance, LLC

  • 2016

    JUN

    Investment Market Risk Metrics June 2016 Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: June 2016 by Pension Consulting Alliance, LLC, John Linder

  • 2016

    MAY

    The Credit Cycle and High Yield Bonds Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: This paper examines high yield bond market spreads relative to history, providing context to clients who have been watching this market.

  • 2016

    MAY

    Investment Market Risk Metrics May 2016 Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: May 2016 by Pension Consulting Alliance, LLC, John Linder

  • 2016

    APR

    2016 PCA’s Development of Expected Return and Risk Assumptions Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: This report will review our approach for developing expected average annual long-term returns, volatility, and correlations for and among several asset classes.

  • 2016

    APR

    Investment Market Risk Metrics April 2016 Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: April 2016 by Pension Consulting Alliance, LLC, John Linder

  • 2016

    MAR

    Investment Market Risk Metrics March 2016 Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: March 2016 by Pension Consulting Alliance, LLC, John Linder

  • 2016

    MAR

    The Role of Assets Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: Updated as of December 31, 2015 by Pension Consulting Alliance, LLC

  • 2016

    FEB

    2016 Ten Year Capital Market Assumptions Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: PCA's Nominal Ten-Year Capital Market Assumptions

  • 2016

    FEB

    Investment Market Risk Metrics February 2016 Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: February 2016 by Pension Consulting Alliance, LLC, John Linder

  • 2016

    JAN

    2016 First Week Returns Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: Memo: The Worst First Week on Record...and What Might Happen Later

  • 2016

    JAN

    Investment Market Risk Metrics January 2016 Copyright 2016 by Pension Consulting Alliance, LLC


    Synopsis: January 2016 by Pension Consulting Alliance, LLC, John Linder

  • 2015

    DEC

    Investment Market Risk Metrics December 2015 Copyright 2015 by Pension Consulting Alliance, LLC


    Synopsis: December 2015 by Pension Consulting Alliance, LLC, John Linder

  • 2015

    NOV


    Synopsis: This PCA memo addresses issues raised in the report authored by Elizabeth Parisian & Saqib Bhatti and is intended to provide context and perspective on how many public pension fund fiduciaries view and manage risk through their asset allocation policies.

  • 2015

    NOV

    529 Investment Overview 2015 Q3 Copyright 2015 Pension Consulting Alliance, LLC


    Synopsis: Updated as of 3rd quarter 2015 by Pension Consulting Alliance, LLC

  • 2015

    NOV

    Investment Market Risk Metrics November 2015 Copyright 2015 by Pension Consulting Alliance, LLC


    Synopsis: November 2015 by Pension Consulting Alliance, LLC, John Linder

  • 2015

    OCT


    Synopsis: By Donald He, Jason Hsu, and Neil Rue

  • 2015

    OCT

    Environmental, Social and Governance / Sustainability Copyright 2015, Pension Consulting Alliance, LLC


    Synopsis: This report provides a broad overview of institutional investor ESG developments and how they are evolving in equity investing

  • 2015

    OCT

    Investment Market Risk Metrics October 2015 Copyright 2015 by Pension Consulting Alliance, LLC


    Synopsis: October 2015 by Pension Consulting Alliance, LLC, John Linder

  • 2015

    SEP

    Investment Market Risk Metrics September 2015 Copyright 2015 by Pension Consulting Alliance, LLC


    Synopsis: September 2015 by Pension Consulting Alliance, LLC, John Linder

  • 2015

    AUG

    PCA Memo - Chinese Yuan Devaluation Copyright 2015 Pension Consulting Alliance, LLC


    Synopsis: Memo covering the recent Yuan devaluation

  • 2015

    AUG

    529 Investment Overview 2015 Q2 Copyright 2015 Pension Consulting Alliance, LLC


    Synopsis: Updated as of 2nd quarter 2015 by Pension Consulting Alliance, LLC

  • 2015

    AUG

    Economic Overview Supplemental August 2015 Copyright 2015 Pension Consulting Alliance, LLC


    Synopsis: Covering Puerto Rico, Greece and China

  • 2015

    AUG

    2015 Q2 Economic Review Copyright 2015 Pension Consulting Alliance, LLC


    Synopsis: Updated as of 2nd quarter 2015 by Pension Consulting Alliance, LLC

  • 2015

    AUG

    The Role of Assets Copyright 2015 by Pension Consulting Alliance, LLC


    Synopsis: Updated as of June 30, 2015 by Pension Consulting Alliance, LLC

  • 2015

    AUG

    Investment Market Risk Metrics August 2015 Copyright 2015 by Pension Consulting Alliance, LLC


    Synopsis: August 2015 by Pension Consulting Alliance, LLC, John Linder

  • 2015

    JUL

    Investment Market Risk Metrics July 2015 Copyright 2015 by Pension Consulting Alliance, LLC


    Synopsis: July 2015 by Pension Consulting Alliance, LLC, John Linder

  • 2015

    JUN

    Investment Market Risk Metrics June 2015 Copyright 2015 by Pension Consulting Alliance, Inc.


    Synopsis: June 2015 by Pension Consulting Alliance, Inc., John Linder

  • 2015

    MAY

    Developing Expected Return and Risk Assumptions Copyright May 2015 Pension Consulting Alliance, Inc.


    Synopsis: This report will review our approach for developing expected annual long-term returns, different types of risk, and correlations for and among several asset classes

  • 2015

    MAY

    529 Investment Overview 2015 Q1 Copyright 2015 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 1st quarter 2015. May 2015 by Pension Consulting Alliance, Inc.

  • 2015

    MAY

    Investment Market Risk Metrics May 2015 Copyright 2015 by Pension Consulting Alliance, Inc.


    Synopsis: May 2015 by Pension Consulting Alliance, Inc., John Linder

  • 2015

    APR

    Investment Market Risk Metrics April 2015 Copyright 2015 by Pension Consulting Alliance, Inc.


    Synopsis: April 2015 by Pension Consulting Alliance, Inc., John Linder

  • 2015

    MAR

    529 Investment Overview 2014 Q4 March 2015 by Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 4th quarter 2014

  • 2015

    MAR

    Investment Market Risk Metrics March 2015 Copyright 2015 by Pension Consulting Alliance, Inc.


    Synopsis: March 2015 by Pension Consulting Alliance, Inc., John Linder

  • 2015

    FEB

    Investment Market Risk Metrics February 2015 Copyright 2015 by Pension Consulting Alliance, Inc.


    Synopsis: February 2015 by Pension Consulting Alliance, Inc., John Linder

  • 2015

    FEB

    The Role Of Assets Copyright 2015 by Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 12/31/2014 by Pension Consulting Alliance, Inc.

  • 2015

    FEB

    PCA's Nominal 2015 Capital Market Assumptions Copyright 2015 by Pension Consulting Alliance, Inc.


    Synopsis: PCA's 2015 Nominal Ten-Year Capital Market Assumptions

  • 2015

    JAN

    Investment Market Risk Metrics January 2015 Copyright 2015 by Pension Consulting Alliance, Inc.


    Synopsis: January 2015 by Pension Consulting Alliance, Inc., John Linder

  • 2014

    DEC

    Investment Market Risk Metrics December 2014 Copyright 2014 by Pension Consulting Alliance, Inc.


    Synopsis: December 2014 by Pension Consulting Alliance, Inc., John Linder, CFA, CPA

  • 2014

    NOV

    529 Investment Overview 2014 3Q Copyright 2014 Pension Consulting Alliance, Inc.


    Synopsis: November 2014 by Pension Consulting Alliance, Inc.

  • 2014

    NOV

    2014 3Q Economic Review Copyright 2014 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 3rd quarter 2014. November 2014 by Pension Consulting Alliance, Inc.

  • 2014

    NOV

    Investment Market Risk Metrics November 2014 Copyright 2014 by Pension Consulting Alliance, Inc.


    Synopsis: November 2014 by Pension Consulting Alliance, Inc., John Linder, CFA, CPA

  • 2014

    OCT

    Investment Market Risk Metrics October 2014 Copyright 2014 by Pension Consulting Alliance, Inc.


    Synopsis: October 2014 by Pension Consulting Alliance, Inc., John Linder, CFA, CPA

  • 2014

    SEP

    The Role of Assets Copyright 2014 by Pension Consulting Alliance, Inc.


    Synopsis: Updated as of June 30, 2014 by Pension Consulting Alliance, Inc.

  • 2014

    SEP

    Investment Market Risk Metrics September 2014 Copyright 2014 Pension Consulting Alliance, Inc.


    Synopsis: September 2014 by Pension Consulting Alliance, Inc., John Linder, CFA, CPA

  • 2014

    SEP

    529 Investment Overview 2014 2Q Copyright 2014 Pension Consulting Alliance, Inc.


    Synopsis: September 2014 by Pension Consulting Alliance, Inc.

  • 2014

    AUG

    Investment Market Risk Metrics August 2014 Copyright 2014 Pension Consulting Alliance, Inc.


    Synopsis: August 2014 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2014

    JUL

    2Q 2014 Economic Review Copyright 2014 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 2nd quarter 2014. July 2014 by Pension Consulting Alliance, Inc.

  • 2014

    JUL

    529 Investment Overview 2014 Q1 Copyright 2014 Pension Consulting Alliance, Inc.


    Synopsis: July 2014 by Pension Consulting Alliance, Inc.

  • 2014

    JUL

    Investment Market Risk Metrics July 2014 Copyright July 2014 Pension Consulting Alliance, Inc.


    Synopsis: July 2014 by Pension Consulting Alliance, Inc., John Linder, CFA, CPA

  • 2014

    JUN

    Investment Market Risk Metrics June 2014 Copyright 2014 Pension Consulting Alliance, Inc.


    Synopsis: June 2014 by Pension Consulting Alliance, Inc., John Linder, CFA, CPA

  • 2014

    MAY

    Academic and Market Research on Divestment Copyright 2014 Pension Consulting Alliance, Inc.


    Synopsis: This report focuses solely on a review of the analytic literature on the financial impacts of divestment.

  • 2014

    MAY

    Investment Market Risk Metrics May 2014 Copyright 2014 Pension Consulting Alliance, Inc.


    Synopsis: May 2014 by Pension Consulting Alliance, Inc., John Linder, CFA, CPA

  • 2014

    APR

    2014 Developing Expected Return and Risk Assumptions Copyright 2014 Pension Consulting Alliance, Inc


    Synopsis: This report will review our approach for developing expected average annual long-term returns, different types of risk, and correlations for and among several asset classes. April 2014 by Pension Consulting Alliance, Inc.

  • 2014

    APR

    2014 1Q Economic Review Copyright 2014 Pension Consulting Alliance, inc.


    Synopsis: Updated as of 1st quarter 2014. November 2014 by Pension Consulting Alliance, Inc.

  • 2014

    APR

    Investment Market Risk Metrics April 2014 Copyright 2014 Pension Consulting Alliance, Inc.


    Synopsis: April 2014 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2014

    MAR

    Investment Market Risk Metrics March 2014 Copyright 2014 Pension Consulting Alliance, Inc.


    Synopsis: March 2014 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2014

    MAR

    MLP Research Report March 2014 Final Copyright 2014 Pension Consulting Alliance, Inc.


    Synopsis: A Primer on Master Limited Partnerships. Master limited partnerships (“MLPs”) have provided investment opportunities since the 1980s. As the infrastructure marketplace continues to develop in the United States and abroad, institutional investors continue to explore the various investment vehicles which comprise the infrastructure landscape. March 2014 by Pension Consulting Alliance, Inc.

  • 2014

    FEB

    The Role of Assets Copyright 2014 Pension Consulting Alliance, Inc


    Synopsis: Updated as of 12-31-13 February 2014 by Pension Consulting Alliance, Inc.

  • 2014

    FEB

    Investment Market Risk Metrics February 2014 Copyright 2014 Pension Consulting Alliance, Inc.


    Synopsis: February 2014 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2014

    JAN

    2014 Ten-year Investment Class Assumptions 2014 Ten-year Asset Class Assumptions, Copyright 2014 Pension Consulting Alliance, Inc.


    Synopsis: PCA's Nominal 2014 Ten-year Investment Class Assumptions

  • 2014

    JAN

    2013 4Q Economic Review Copyright 2014 Pension Consulting Alliance, Inc


    Synopsis: Updated as of 4th quarter 2013 January 2014 by Pension Consulting Alliance, Inc.

  • 2014

    JAN

    PCA Investment Market Risk Metrics January 2014 Copyright 2014 Pension Consulting Alliance, Inc.


    Synopsis: January 2014 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2013

    DEC

    PCA Investment Market Risk Metrics December 2013 Copyright 2013 Pension Consulting Alliance, Inc.


    Synopsis: December 2013 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2013

    NOV

    Survey of Plan Sponsors Portfolio Allocation Strategies Copyright 2013 Pension Consulting Alliance, Inc


    Synopsis: This report presents the findings of a survey conducted by Pension Consulting Alliance, Inc. (“PCA”) on the portfolio allocation strategies of 18 large U.S. and non-U.S. plan sponsors. November 2013 by Pension Consulting Alliance, Inc. Sarah Bernstein, Ph.D

  • 2013

    NOV

    2013 3Q Economic Review Copyright 2013 Pension Consulting Alliance, Inc


    Synopsis: Updated as of 3rd quarter 2013 November 2013 by Pension Consulting Alliance, Inc.

  • 2013

    NOV

    PCA Investment Market Risk Metrics November 2013 Copyright 2013 Pension Consulting Alliance, Inc.


    Synopsis: November 2013 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2013

    OCT

    PCA Investment Market Risk Metrics October 2013 Copyright 2013 Pension Consulting Alliance, Inc.


    Synopsis: October 2013 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2013

    SEP

    MidYear Changes to PCA Capital Market Return Assumptions Copyright 2013 Pension Consulting Alliance, Inc.


    Synopsis: Mid Year Changes to PCA Capital Market Return Assumptions

  • 2013

    SEP

    Nominal 2013 Assumptions Short Form 2013 Copyright 2013 Pension Consulting Alliance, Inc.


    Synopsis: PCA's Nominal 2013 Ten-year Investment Class Assumptions - Updated on September 2013 by Pension Consulting Alliance, Inc.

  • 2013

    SEP

    PCA Investment Market Risk Metrics September 2013 Copyright 2013 Pension Consulting Alliance, Inc.


    Synopsis: September 2013 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2013

    AUG

    529 Investment Overview 2013 2Q Copyright 2013 Pension Consulting Alliance, Inc


    Synopsis: August 2013 by Pension Consulting Alliance, Inc. Jeremy Thiessen

  • 2013

    AUG

    PCA Investment Market Risk Metrics August 2013 Copyright 2013 Pension Consulting Alliance, Inc


    Synopsis: August 2013 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2013

    JUL

    2013 2Q Economic Review Copyright 2013 Pension Consulting Alliance, Inc


    Synopsis: Updated as of 2nd quarter 2013 August 2013 by Pension Consulting Alliance, Inc.

  • 2013

    JUL

    PCA Investment Market Risk Metrics July 2013 Copyright 2013 Pension Consulting Alliance, Inc


    Synopsis: July 2013 by Pension Consulting Alliance, Inc., John Linder, CFA, CPA

  • 2013

    JUN

    2013 Money Market Reform Update Copyright 2013 Pension Consulting Alliance, Inc


    Synopsis: PCA has been following the developments of proposed reforms to money market mutual funds. The purpose of this memo is to highlight the reforms being proposed by the SEC in order to further strengthen the stability of money market funds. June 2013 by Pension Consulting Alliance, Inc.

  • 2013

    JUN

    The Role of Assets (rev 6-30-2013) Copyright 2013 Pension Consulting Alliance, Inc


    Synopsis: Updated as of 6-30-13 August 2013 by Pension Consulting Alliance, Inc.

  • 2013

    JUN

    PCA Investment Market Risk Metrics June 2013 Copyright 2013 Pension Consulting Alliance, Inc


    Synopsis: June 2013 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2013

    MAY

    529 Investment Overview 2013 Q1 Copyright 2013 Pension Consulting Alliance, Inc


    Synopsis: May 2013 by Pension Consulting Alliance, Inc. Jeremy Thiessen

  • 2013

    MAY

    PCA Investment Market Risk Metrics May 2013 Copyright 2013 Pension Consulting Alliance, Inc


    Synopsis: May 2013 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2013

    APR

    2013 1Q Economic Overview Copyright 2013 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 1st quarter 2013

  • 2013

    APR

    PCA's Investment Market Risk Metrics April 2013 Copyright 2013 Pension Consulting Alliance, Inc


    Synopsis: April 2013 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2013

    MAR

    PCA's Investment Market Risk Metrics March 2013 Copyright 2013 Pension Consulting Alliance, Inc


    Synopsis: March 2013 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2013

    FEB

    PCA's Investment Market Risk Metrics February 2013 Copyright 2013 Pension Consulting Alliance, Inc


    Synopsis: February 2013 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2013

    FEB

    Nominal 2013 Capital Market Assumptions1 2013 Ten-year Asset Class Assumptions, Copyright 2013 Pension Consulting Alliance, Inc.


    Synopsis: PCA's Nominal 2013 Ten-year Investment Class Assumptions

  • 2013

    JAN

    2012 4Q Economic Review Copyright 2012 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 4th quarter 2012

  • 2013

    JAN

    529 Investment Overview 2012 4Q Copyright 2013 Pension Consulting Alliance, Inc


    Synopsis: PCA has recently developed our quarterly 529 Investment Overview. The purpose of this overview is to detail the median performance results of age-based programs (as a proxy for 529 program performance overall) across the country. In addition, comparison is made between the median results of all Direct sold and Advisor sold programs. It is important to note that this report does not directly reflect the performance results of your State’s program, however, it is likely included in the underlying data. January 2013 by Pension Consulting Alliance, Inc. Jeremy Thiessen

  • 2013

    JAN

    PCA's Investment Market Risk Metrics January 2013 Copyright 2013 Pension Consulting Alliance, Inc


    Synopsis: January 2013 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2012

    DEC

    The Role of Assets (rev 12-31-2012) The Role of Assets, Copyright 2013 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 12-31-12 by Pension Consulting Alliance, Inc.

  • 2012

    DEC

    PCA Memo - US Fiscal Cliff 12-13-12 Copyright 2012 Pension Consulting Alliance, Inc


    Synopsis: December 2012 by Pension Consulting Alliance, Inc.

  • 2012

    DEC

    PCA's Investment Market Risk Metrics December 2012 Copyright 2012 Pension Consulting Alliance, Inc


    Synopsis: December 2012 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2012

    NOV

    PCA's Investment Market Risk Metrics November 2012 Copyright 2012 Pension Consulting Alliance, Inc


    Synopsis: November 2012 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2012

    OCT

    2012 3Q Economic Review Copyright 2012 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 3rd quarter 2012

  • 2012

    OCT

    PCA's Investment Market Risk Metrics October 2012 Copyright 2012 Pension Consulting Alliance, Inc


    Synopsis: October 2012 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2012

    SEP

    PCA's Investment Market Risk Metrics September 2012 Copyright 2012 Pension Consulting Alliance, Inc


    Synopsis: September 2012 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2012

    AUG

    529 Investment Overview 2012 2Q Copyright 2012 Pension Consulting Alliance, Inc


    Synopsis: PCA has recently developed our quarterly 529 Investment Overview. The purpose of this overview is to detail the median performance results of age-based programs (as a proxy for 529 program performance overall) across the country. In addition, comparison is made between the median results of all Direct sold and Advisor sold programs. It is important to note that this report does not directly reflect the performance results of your State’s program, however, it is likely included in the underlying data. August 2012 by Pension Consulting Alliance, Inc. Jeremy Thiessen

  • 2012

    AUG

    PCA Investment Market Risk Metrics August 2012 Copyright 2012 Pension Consulting Alliance, Inc


    Synopsis: August 2012 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2012

    JUL

    2012 2Q Economic Review Copyright 2012 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 2nd quarter 2012

  • 2012

    JUL

    PCA's Investment Market Risk Metrics July 2012 Copyright 2012 Pension Consulting Alliance, Inc


    Synopsis: July 2012 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2012

    JUN

    PCA Market Sentiment Indicator Explanation Copyright 2012 Pension Consulting Alliance, Inc


    Synopsis: June 2012 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2012

    JUN

    Hedge Funds in an Institutional Portfolio 2012 Copyright 2012 Pension Consulting Alliance, Inc.


    Synopsis: This paper explores: Goals for a hedge fund program in a portfolio context, failure of hedge funds to meet expectations in 2008, construction of a strategically robust hedge fund portfolio and program and portfolio management models and considerations. June 2012 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA, Neil Rue, CFA, & Allan Emkin

  • 2012

    JUN

    The Role of Assets (rev 06-30-2012) The Role of Assets, Copyright 2012 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 6-30-12 by Pension Consulting Alliance, Inc.

  • 2012

    JUN

    PCA's Investment Market Risk Metrics June 2012 Copyright 2012 Pension Consulting Alliance, Inc


    Synopsis: June 2012 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2012

    MAY

    PCA's Investment Market Risk Metrics May 2012 Copyright 2012 Pension Consulting Alliance, Inc


    Synopsis: May 2012 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2012

    APR

    2012 1Q Economic Review Copyright 2012 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 1st quarter 2012

  • 2012

    APR

    PCA's Investment Market Risk Metrics April 2012 Copyright 2012 Pension Consulting Alliance, Inc


    Synopsis: April 2012 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2012

    MAR

    2012 PCA Asset Class Assumptions Report Copyright 2012 Pension Consulting Alliance, Inc


    Synopsis: March 2012 by Pension Consulting Alliance, Inc. Neil Rue, CFA and John Linder, CFA, CPA

  • 2012

    MAR

    PCA's Investment Market Risk Metrics March 2012 Copyright 2012 Pension Consulting Alliance, Inc


    Synopsis: March 2012 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2012

    FEB

    PCA's Investment Market Risk Metrics February 2012 Copyright 2012 Pension Consulting Alliance, Inc


    Synopsis: February 2012 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2012

    JAN

    2011 4Q Economic Review Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 4th quarter 2011

  • 2012

    JAN

    PCA's Investment Market Risk Metrics January 2012 Copyright 2012 Pension Consulting Alliance, Inc


    Synopsis: January 2012 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2011

    DEC

    The Role of Assets (rev 12-31-2011) The Role of Assets, Copyright 2012 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 12-31-11 by Pension Consulting Alliance, Inc.

  • 2011

    DEC

    PCA's Investment Market Risk Metrics December 2011 Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: December 2011 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2011

    NOV

    PCA's Investment Market Risk Metrics November 2011 Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: November 2011 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2011

    OCT

    2011 3Q Economic Review Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 3rd quarter 2011

  • 2011

    OCT

    PCA's Investment Market Risk Metrics October 2011 Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: October 2011 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2011

    SEP

    PCA's Investment Market Risk Metrics September 2011 Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: September 2011 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2011

    AUG

    Memo on August 2011 Market Issues Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: This memo provides a brief discussion regarding the recent market turmoil. Please contact your PCA consultant for further discussion. Released August 2011 by Pension Consulting Alliance, Inc.

  • 2011

    AUG

    Memo on Continued August 2011 Market Volatility Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: This memo provides a brief discussion regarding the continued market volatility that has persisted throughout the month of August. Released August 2011 by Pension Consulting Alliance, Inc.

  • 2011

    AUG

    PCA's Investment Market Risk Metrics August 2011 Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: NOTE: This edition is as of close of the markets Monday August 8th, given the extraordinary market movements taking place. August 2011 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2011

    JUL

    2011 2Q Economic Review Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 2nd quarter 2011

  • 2011

    JUL

    PCA Response to Possible Downgrade of US Treasury Debt Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: Recent headlines have been dominated by the debt ceiling debate with outcomes remaining uncertain. PCA clients should review their fixed income guidelines to consider temporary and preventative steps to avoid the forced selling of U.S. Treasury securities or other government bond holdings into a potentially volatile market. Released July 2011 by Pension Consulting Alliance, Inc. Jeremy Thiessen

  • 2011

    JUL

    Role of Real Estate Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: This memo will briefly outline some key roles real estate can play in a multi-asset portfolio. It is meant to open up the discussion in light of market conditions and in context of an overall asset allocation review. Released July 2011 by Pension Consulting Alliance, Inc. Paul Mouchakkaa

  • 2011

    JUL

    PCA's Investment Market Risk Metrics July 2011 Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: July 2011 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2011

    JUN

    The Role of Assets (rev 6-30-2011) The Role of Assets, Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 6-30-11 by Pension Consulting Alliance, Inc.

  • 2011

    JUN

    Hedge Funds in an Institutional Portfolio 2011 Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: PCA has released a new white paper which discusses the role, goals, structuring and implementation of a successful hedge fund program within an institutional context. A well-constructed hedge fund portfolio has the potential to provide robust portfolio diversification benefits throughout quiet and crisis markets, helping plan sponsors to meet the risk and return objectives of their plans, while limiting surprises. June 2011 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA, Neil Rue, CFA, & Allan Emkin

  • 2011

    JUN

    PCA's Investment Market Risk Metrics June 2011 Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: June 2011 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2011

    MAY

    PCA's Investment Market Risk Metrics May 2011 Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: May 2011 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2011

    APR

    2011 1Q Economic Review Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 1st quarter 2011

  • 2011

    APR

    PCA's Investment Market Risk Metrics April 2011 Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: April 2011 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2011

    MAR

    Developing Expected Return and Risk Assumptions Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: This report reviews our approach for developing expected average annual long-term returns, different type of risk, and correlations for and among several asset classes. March 2011 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA and Neil Rue, CFA

  • 2011

    MAR

    2011 Ten-year Investment Class Assumptions 2011 Ten-year Asset Class Assumptions, Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: PCA's Nominal 2011 Ten-year Investment Class Assumptions

  • 2011

    MAR

    PCA's Investment Market Risk Metrics March 2011 Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: March 2011 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2011

    FEB

    Investment Market Risk Metrics February 2011 Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: February 2011 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2011

    JAN

    2010 4Q Economic Review Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 4th quarter 2010

  • 2011

    JAN

    Investment Market Risk Metrics January 2011 Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: January 2011 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2010

    DEC

    The Role of Assets (rev 12-31-2010) The Role of Assets, Copyright 2011 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 12-31-10 by Pension Consulting Alliance, Inc.

  • 2010

    DEC

    PCA Primer on Master Limited Partnerships Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: December 2010 by Pension Consulting Alliance, Inc.

  • 2010

    DEC

    Investment Market Risk Metrics December 2010 Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: December 2010 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2010

    NOV

    Investment Market Risk Metrics November 2010 Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: November 2010 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2010

    OCT

    2010 3Q Economic Review Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 3rd quarter 2010

  • 2010

    OCT

    Investment Market Risk Metrics October 2010 Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: October 2010 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2010

    SEP


    Synopsis: Revised 2010 Ten-Year Return, Risk and Correlation Assumptions – Sept 2010

  • 2010

    SEP


    Synopsis: Due to developments in the fixed income markets over the past 8 months (declining yields), PCA has determined it necessary to reduce its forward looking return assumptions for core fixed income, TIPS, cash and inflation. This is the first time in history that PCA has made a mid-year revision of its long-term investment assumptions. Above are the revised return and risk assumptions across all broad classes as well as a memo outlining the rationale behind our revisions. September 2010 by Pension Consulting Alliance, Inc.

  • 2010

    SEP

    Investment Market Risk Metrics September 2010 Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: September 2010 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2010

    AUG

    401k memo Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: 401(K)s Are Not "The Answer" August 2010 by Pension Consulting Alliance, Inc. Neil Rue, CFA

  • 2010

    AUG

    Investment Market Risk Metrics August 2010 Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: August 2010 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2010

    JUL

    2010 2Q Economic Review Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 2nd quarter 2010

  • 2010

    JUL

    Investment Market Risk Metrics July 2010 Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: July 2010 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2010

    JUN

    The Role of Assets (rev 6-30-2010)-FINAL The Role of Assets, Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 6-30-10 by Pension Consulting Alliance, Inc.

  • 2010

    JUN

    History Lessons - PCA Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: June 2010 by Pension Consulting Alliance, Inc. Paul Mouchakkaa A discusson on the current downturn in the commercial real estate market

  • 2010

    JUN

    Investment Market Risk Metrics June 2010 Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: June 2010 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2010

    MAY

    Collateral Pool Investments Memo Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: May 2010 by Pension Consulting Alliance, Inc. John Burns, CFA Discussion of risks in the cash collateral pool and actions to mitigate such risks

  • 2010

    MAY

    Investment Market Risk Metrics May 2010 Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: May 2010 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2010

    APR

    2010 1Q Economic Review Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 1st quarter 2010

  • 2010

    APR

    Investment Market Risk Metrics April 2010 Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: April 2010 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2010

    MAR

    Public Plan Investing memo Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: March 2010 by Pension Consulting Alliance, Inc. Neil Rue, CFA

  • 2010

    MAR

    Investment Market Risk Metrics March 2010 Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: March 2010 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2010

    FEB

    2010_Asset_Class_Assumptions_Report_2010_08 updated Developing Expected Return and Risk Assumptions, Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: February 2010 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA and Neil Rue, CFA Developing Expected Return and Risk Assumptions will develop our approach for developing expected average annual returns, risks and correlations for and among several asset classes.

  • 2010

    FEB

    Investment Market Risk Metrics February 2010 Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: February 2010 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2010

    JAN

    Comments on Federal Reserve Independence Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: January 2010 by Pension Consulting Alliance, Inc.

  • 2010

    JAN

    2010 Ten-Year Return, RIsk, and Correlation Assumptions 2010 Ten-Year Return, Risk, and Correlation Assumptions, Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: PCA's Nominal 2010 Asset Allocation Assumptions

  • 2010

    JAN

    Investment Market Risk Metrics January 2010 Copyright 2010 Pension Consulting Alliance, Inc.


    Synopsis: January 2010 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2009

    DEC

    Investment Market Risk Metrics December 2009 Copyright 2009 Pension Consulting Alliance, Inc.


    Synopsis: December 2009 by Pension Consulting Alliance, Inc. John Linder, CFA, CPA

  • 2009

    AUG

    PPIP Memo Copyright 2009 Pension Consulting Alliance, Inc.


    Synopsis: August 2009 by Pension Consulting Alliance, Inc.

  • 2009

    JUL

    Real Estate Market Commentary Copyright 2009 Pension Consulting Alliance, Inc.


    Synopsis: July 2009 by Pension Consulting Alliance, Inc. - Real Estate Group

  • 2009

    JUL

    Review and Investment Recommendation on TALF Investment Opportunities Copyright 2009 Pension Consulting Alliance, Inc.


    Synopsis: July 2009 by Pension Consulting Alliance, Inc.

  • 2009

    JUN

    A Review of Interest Rate Spreads as of May 31 2009 Copyright 2009 Pension Consulting Alliance, Inc.


    Synopsis: June 2009 by Pension Consulting Alliance, Inc. The landscape for interest rates and credit spreads since the end of 2008 continues to change dramatically as investors are beginning to see the potential for profits in credit.

  • 2009

    MAY

    A brief review of institutional investment strategy Copyright 2009 Pension Consulting Alliance, Inc.


    Synopsis: May 2009 by Pension Consulting Alliance, Inc. Neil Rue, CFA

  • 2009

    MAR

    A Plan for Private Equity Investors A Plan For Private Equity Investors, Copyright 2009 Pension Consulting Alliance, Inc.


    Synopsis: March 2009 by Pension Consulting Alliance, Inc. Mike Moy

  • 2008

    OCT

    A Study of the Worst Weeks Copyright 2008 Pension Consulting Alliance, Inc.


    Synopsis: Updated 10/10/08. Review of the worst calendar week on record for U.S. public equity market performance.

  • 2008

    OCT

    PCA Infrastructure Newsletter October 2008 Copyright 2008 Pension Consulting Alliance, Inc.


    Synopsis: October 10, 2008: Effects of the credit crisis, fund pricing and regulation

  • 2008

    SEP

    A Brief History of Recent Crises Copyright 2008 Pension Consulting Alliance, Inc.


    Synopsis: Updated as of 9/30/08. Market performance in light of certain market crises as exhibited by the VIX index (a measure of implied volatility on the S&P 500)

  • 2008

    SEP

    PCA-EFI Brief on Financial Economics Applications to Liabilities PCA-EFI Brief on Financial Economics Applications to Liabilities, Copyright 2008 PCA and EFI


    Synopsis: September 2008 by Pension Consulting Alliance, Inc. (PCA) and EFI Actuaries, Inc. (EFI) The debate on how to measure and account for public pension plan liabilities. Should public funds move to a financial economics-based liability discount model?

  • 2007

    JUN

    PCA Infrastructure Research Report June 2007 Infrastructure Research Report, Copyright 2007 Pension Consulting Alliance, Inc.


    Synopsis: June 2007 by Pension Consulting Alliance, Inc. Judy Chambers Investment in infrastructure assets is a new and growing area of investment opportunity for U.S. institutional investors as the investment community is witnessing an influx of newly formed vehicles and structures. While investments in the infrastructure sector originated in Australia and have been very active in Canada and the United Kingdom for over a decade, the United States is only now beginning to embrace the investment strategy. Infrastructure investments have unique risk and return characteristics to support the sector being either a separate asset class or a part of an inflation-linked asset class. Pension plans may play an integral role within the infrastructure market. This paper addresses the history, characteristics, opportunities and challenges U.S. pension plans may encounter in the infrastructure sector.

  • 2003

    APR

    A Review of Developing Managers A Review of Developing Managers and Developing Manager Programs, Copyright 2003 Pension Consulting Alliance, Inc.


    Synopsis: April 2003 By Pension Consulting Alliance, Inc. Allan Emkin, Neil A Rue, CFA, Jeremy Thiessen & Sandra Parker This paper provides a reasonable review of developing manager concepts and practices. It is meant to provide key findings and some opinions that should spark further discussion on this matter.

  • 2002

    JUL

    Survey of Asset-Liability Practices A Survey of Asset/Liability Practices and Thinking, Copyright 2003 Pension Consulting Alliance, Inc.


    Synopsis: July 2002 by Neil Rue, CFA, Principal

  • 2002

    MAY

    Actuarial Trends in Corporate America Actuarial Trends in Corporate America, Copyright 2002 Pension Consulting Alliance, Inc.


    Synopsis: May 2002 by Neil Rue, CFA, Principal

  • 1999

    DEC

    A Due Dilegence Questionnaire A Due Diligence Questionnaire, Copyright 1999 Pension Consulting Alliance, Inc.


    Synopsis: 1999 By Pension Consulting Alliance, Inc. Neil A. Rue, CFA Allan Emkin In early 1998, thirteen large pension funds asked Pension Consulting Alliance to survey a wide spectrum of large pension funds about their private equity due diligence practices. One important outgrowth of the review is a questionnaire that investors could use as part of preliminary due diligence. This questionnaire helps to ensure that information is provided in a consistent format, calculated using the same methodology, provides certain information, and thereby provides a means for investors to have a method to access partnership opportunities on a consistent basis.

Our Research

A distinct characteristic of PCA’s is its ability to deliver effective investment advice, perspective and recommendations to decisions makers of the boards of large-scale public pension funds. PCA’s ability to translate sometimes complicated and esoteric investment information into easy-to-understand communications differentiates the firm from its competitors.