U.S. pension funds have just 38% exposure to equities vs. 60% only 7 years ago, notes former...

|By:, SA News Editor

U.S. pension funds have just 38% exposure to equities vs. 60% only 7 years ago, notes former Templeton chief Mark Holowesko. Fixed income exposure is 41% vs. 28% 7 years ago. The S&P 500 risk premium (earnings yield less 10-year Treasury yield), he says, is at an extreme level of favoring stocks over bonds. More (I, II, III) on the rush into fixed income with yields at historical lows.