Research Publications

January 1, 2020

Variable Annuity Pension Plans

We examine a potential solution to the funding dilemma that defined benefit pension plans face – the Variable Annuity Pension Plan (VAPP). Our analysis highlights the need for greater insight regarding asset-liability matching, and points out that transitioning to a VAPP can benefit from new and critical thinking on the management of plan assets.

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March 5, 2019

Transparent Performance Reporting

At Stairway Partners, we emphasize transparent reporting of investment performance. Accurate and timely performance reporting allows an investor to understand how well their portfolio has done in terms of meeting their objectives.

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July 6, 2018

Endowment Performance – The Cost of Complexity

Since 2004, many endowments have reduced their holdings of publicly traded equity and fixed income assets. In this report, we show that they could have done as well or better with a balanced portfolio of traditional investments.

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November 6, 2017

Hitting a Target Return

A well-constructed portfolio should, over time, provide investors with a good chance of achieving their investment objectives.

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July 7, 2017

The Post-Crash Experience

During the depths of the 2008-2009 recession, many commentators asked whether the US would turn into “another Japan”, where stock prices languished for the better part of two decades after they peaked at the end of 1989. In contrast, the US economy and equity market recovered much more quickly. We evaluate the reasons why the US outcome was so different and draw some conclusions about how these reasons affect our strategy decisions.

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