Public pension funds had an average gain of 4.67% in Q3 as managers moved out the risk curve by...

|By:, SA News Editor

Public pension funds had an average gain of 4.67% in Q3 as managers moved out the risk curve by buying lower-rated debt and longer maturities (AGG gained just 1.58%). Importantly, the gains raised the average annual return for the decade to 8.2%, the first time since 2007 Q1 it's above 8%, and pretty close to what actuaries predicted.