Disclaimer
MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM (as defined below) that MIM manages or advises. Total Assets Under Management (“Total AUM”) is comprised of MIM General Account AUM plus Institutional Client AUM (each, as defined below).
General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account ("GA") investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contract holder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate and real estate joint ventures and include them as commercial mortgage loans.
This report is for general discussion purposes only. It is not a solicitation for investment and is not intended as a recommendation or advice. Information used in the preparation of this report has been obtained from publicly and commercially available sources and is believed to be accurate. It has been checked for reasonableness but has not been verified.
Our analysis is based on SEC Form 10-K information for over 500 companies in the Russell 3000 companies reporting pensions.
All opinions included in this report are those of the authors and are subject to change without notice. Past performance is not indicative of future results.
Indexes used in the preparation of this report are the property of their respective owners. MetLife has no affiliation with any of these indexes or owners.
Bloomberg Long Government/Credit Bond Index is an index of bonds with maturities greater than 10 years and is comprised of U.S. Treasury, U.S. Corporate and Non-Corporate Credit bonds that are dollar denominated. It is a maintained by Bloomberg Finance LP (Bloomberg).
Bloomberg U.S. Aggregate Bond Index is a broad-based index and is often used to represent the universe of investment grade bonds being traded in United States. It is maintained by Bloomberg.
Bloomberg Commodity Index aims to provide broadly diversified representation of commodity markets as an asset class. It comprises exchange-traded futures on physical commodities, each are weighted to account for economic significance and market liquidity. It is maintained by Bloomberg.
FTSE Russell 3000 Index is a capitalization-weighted stock market index that represents the performance of the 3,000 largest (based on market capitalization) publicly held companies incorporated in the U.S. It represents approximately 98% of the U.S. public equity market. It is a copyright of the London Stock Exchange Group, PLC.
FTSE Russell NAREIT Equity Index is an index that contains all equity REITs not designated as timber REITs or infrastructure REITs and is a copyright of the London Stock Exchange Group, PLC. Our Commercial Real Estate returns include this at a 50% weighting.
NCREIF Fund Index - Open-End Diversified Core Equity is a fund-level capitalization weighted, time-weighted return index and includes property investments at ownership share, cash balances and leverage (i.e., returns reflect the fund's actual asset ownership positions and financing strategy). Our Commercial Real Estate returns include this at a 50% weighting. Returns are available quarterly with a one-month lag.
Bloomberg All Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies. It is maintained by Bloomberg. It replaced the HFRX Global Hedge Fund Index, which was used for periods prior to July 1, 2023. This index includes strategies that are asset weighted based on the distribution of assets in the hedge fund industry. It is a trademark of HFR, Inc. Returns are available with a one-month lag.
MSCI EAFE Index is a market-capitalization weighted stock market index that is designed to measure the performance of developed equity markets outside of the U.S. & Canada. It is a copyright of MSCI Inc.
S&P Listed Private Equity Index comprises the leading listed private equity companies that meet specific size, liquidity, exposure, and activity requirements. The index is designed to provide tradable exposure to the leading publicly listed companies that are active in the private equity space. It is a copyright of the S&P Dow Jones Indices LLC, a division of S&P Global Inc.
This document has been prepared by MetLife Investment Management, LLC , a U.S. Securities and Exchange Commission (SEC) registered investment adviser. Registration with the SEC does not imply a certain level of skill or that the SEC has endorsed the investment adviser.
The firm is part of MetLife Investment Management (MIM), which is MetLife Inc.’s institutional investment management business. MIM is a group of international companies that provides investment advice and markets asset management products and services to clients around the world. The various global teams referenced in this document, including portfolio managers, research analysts and traders are employed by the various legal entities that comprise MIM.
No money, securities or other consideration is being solicited. This document has been provided to you solely for informational purposes and does not constitute a recommendation regarding any investments or the provision of any investment advice, or constitute or form part of any advertisement of, offer for sale or subscription of, solicitation or invitation of any offer or recommendation to purchase or subscribe for any securities or investment advisory services. Subsequent developments may affect the information contained in this document materially, and MIM shall not have any obligation to update, revise or affirm. It is not MIM’s intention to provide, and you may not rely on this document as providing, a complete or comprehensive analysis of MIM’s investment portfolio, investment strategies or investment recommendations.
Confidentiality. This document and the information contained herein is strictly confidential (and by receiving such information you agree to keep such information confidential) and are being furnished to you solely for your information and may not be used or relied upon by any other party, or for any other purpose, and may not, directly or indirectly, be forwarded, published, reproduced, disseminated or quoted to any other person for any purpose without the prior written consent of MIM. This reminder should not be read to limit, in any way, the terms of any confidentiality agreement you or your organization may have in place with MIM. Any forwarding, publication, distribution or reproduction of this document in whole or in part is unauthorized. Any failure to comply with this restriction may constitute a violation of applicable securities laws.
Risk of loss. An investment in the strategy described herein is speculative and there can be no assurance that the strategy’s investment objectives will be achieved. Investors must be prepared to bear the risk of a total loss of their investment. Your capital is at risk, investing in the strategies discussed herein are subject to various risks which must be considered prior to investing. No tax, legal or accounting advice. This document is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Any statements of U.S. federal tax consequences contained in this document were not intended to be used and cannot be used to avoid penalties under the U.S. Internal Revenue Code or to promote, market or recommend to another party any tax-related matters addressed herein.
Forward-Looking Statements. This document may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will,” and other words and terms of similar meaning, or are tied to future periods in connection with a discussion of future performance. Forward-looking statements are based upon MIM’s assumptions and current expectations, which may be inaccurate, and on the current economic environment which may change. These statements are not guarantees of future performance. They involve a number of risks and uncertainties that are difficult to predict. Results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties and other factors that might cause such differences include but are not limited to: (1) difficult conditions in the global capital markets; (2) changes in general economic conditions, including changes in interest rates or fiscal policies; (3) changes in the investment environment; (4) changed conditions in the securities or real estate markets; and (5) regulatory, tax and political changes. MIM does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that such statement is not likely to be achieved.
