Resources featuring Brendan Cooper

Q4 2025 Plan Universe Allocation & Return Analysis

The Q4 2025 Confluence^® Plan Universe Report – the industry’s most granular analytics tool for plan sponsors with data sourced directly from over 4,000 institutions – reported another positive quarter for defined benefit plans with a median return of 1.74%. The median defined benefit plan returned 12.79% for the year, the strongest calendar year performance since 2020. 

Q4 2025 Preliminary Plan Universe Performance

Global equity markets posted a third consecutive quarter of positive performance in Q4 2025. A weakening U.S. dollar, attractive valuations, and monetary easing boosted international markets, with the MSCI EAFE Index returning 4.91% for the quarter. U.S. equities trailed non-U.S. equities for the quarter, with the Russell 1000 Index returning 2.41%. Within fixed income, the U.S. Bloomberg Aggregate Index returned 1.10% for the quarter, while the Bloomberg U.S. Long Treasury Index returned -.05%. 

Q3 2025 Preliminary Plan Universe Performance

Global equity markets posted strong performance in Q3 2025, led by continued excitement around AI (Artificial Intelligence) and a 25-basis point rate cut by the U.S. Federal Reserve. U.S. equities were led by growth stocks, with the Russell 1000 Growth Index returning 10.50%. A weakening U.S. dollar combined with the monetary easing also boosted emerging markets, with the MSCI Emerging Markets Index returning 10.95% for the quarter. Within fixed income, the U.S. Bloomberg Aggregate Index returned 2.03% for the quarter, while the Bloomberg U.S. Long Treasury Index returned 2.49%. 
The Confluence All Defined Benefit Plan Sponsor Universe posted a median net return of 4.59% for the quarter. All plan types underperformed a traditional 60/40 benchmark return of 5.43%. (60% MSCI ACWI Index/ 40% Bloomberg Barclays U.S. Aggregate Index).

Q2 2025 Plan Universe Allocation & Return Analysis

The Q2 2025 Confluence Plan Universe Report – the industry’s most granular analytics tool for plan sponsors with data sourced directly from over 4,000 institutions – reported the strongest quarter for defined benefit plans since Q4 2023.

Q2 2025 Preliminary Plan Universe Performance

Global equity markets faced continued volatility in Q2 2025, driven by the April 2nd Liberation Day announcement, the subsequent 90-day pause on tariffs, and continued geopolitical tensions in the Middle East. U.S. large cap equities bounced back during the quarter, with the Russell 1000 Index returning 11.11%. Non-US equity markets delivered another strong quarter with the MSCI EAFE Index returning 12.7%. Based on index performance, developed international markets have outpaced U.S. large cap stocks by over 13% year to date. Within fixed income, the U.S. Bloomberg Aggregate Index returned 1.21% for the quarter, while the Bloomberg U.S. Long Treasury Index returned -1.53%.

Q1 2025 Plan Universe Allocation & Return Analysis

The Q1 2025 Confluence Plan Universe Report – the industry’s most granular analytics tool for plan sponsors with data sourced directly from over 4,000 institutions – reported a relatively flat quarter for defined benefit plans.

Q1 2025 Preliminary Plan Universe Performance

Global equity markets faced heightened volatility in Q1 2025, ending the quarter in negative territory as geopolitical tensions and tariff uncertainties weighed on investor sentiment. While the Russell 1000 Index returned -4.49%, non-U.S. equity markets were up significantly, with the MSCI EAFE Index returning 7.01%. For international equity markets, Q1 2025 was the most significant quarterly outperformance of domestic equity since Q2 2002. Within fixed income, the U.S. Bloomberg Aggregate Index returned 2.78% for the quarter, while the Bloomberg U.S. Long Treasury Index returned 4.67%.

Q4 2024 Plan Universe Allocation & Return Analysis

The Q4 2024 Confluence Plan Universe Report – the industry’s most granular analytics tool for plan sponsors with data sourced directly from over 4,000 institutions – reported another robust quarter for defined benefit plans.

Q4 2024 Preliminary Plan Universe Performance

Despite another positive quarter from U.S. Large Cap equities, global equity markets posted their first negative quarter in 2024 with the MSCI ACWI Index returning -.89%. While the Russell 1000 Index returned 2.75%, non-us equity markets were down significantly with the MSCI EAFE and MSCI Emerging Markets indices down over 8%. Within fixed income, the U.S. Bloomberg Aggregate Index returned -3.06% for the quarter, while the Bloomberg U.S. Long Treasury Index returned -8.62%. 

Q3 2024 Plan Universe Allocation & Return Analysis

The Q3 2024 Confluence Plan Universe Report – the industry’s most granular analytics tool for plan sponsors with data sourced directly from over 4,000 institutions – reported another robust quarter for defined benefit plans.

October 2024 Q3 Preliminary Plan Universe Performance

Plan Universe Performance During the third quarter of 2024, global equity markets posted another positive quarter, with the MSCI ACWI Index returning 6.72%. Year-to-date, global equity markets have been strong, with the MSCI ACWI Index returning 19.08%. Equity markets have been led by U.S. large cap stocks, with the Russell 1000 Index returning 21.18% compared […]

Q2 2024 Plan Universe Allocation & Return Analysis

The Q2 2024 Confluence Plan Universe Report – the industry’s most granular analytics tool for plan sponsors with data sourced directly from over 4,000 institutions – reported relatively flat quarterly performance for defined plans.

Q2 Preliminary Plan Universe Performance

Plan Universe Performance During the second quarter of 2024, global equity markets posted another positive quarter with the MSCI ACWI Index returning 3%. Year to date, global equity markets have been strong with the MSCI ACWI Index returning 11.58%. Equity markets have been led by U.S. large cap stocks, with the Russell 1000 Index returning […]

Q1 2024 Plan Universe Allocation & Return Analysis

The Q1 2024 Investment Metrics Plan Universe Report – the industry’s most granular analytics tool for plan sponsors with data sourced directly from over 4,000 institutions – reported the strongest quarterly performance for defined plans in three years.

Q1 2024 Preliminary Plan Universe Performance

Plan Universe Performance During the first quarter of 2024 U.S. equity markets posted strong returns as the economy continues to show resilience although inflation remains above 3% and the federal reserve is unlikely to cut interest rates before July. The Investment Metrics All Defined Benefit Plan Sponsor Universe posted a median net return of 4.47% […]

2023 active developed market equity fee study

Executive summary In the following report we review separate accounts and commingled funds post negotiated fees using Confluence’s Prism Analytics. Utilizing data from Confluence’s PARis platform, Prism Analytics aggregates insights from 80% of the top 20 consultants as ranked by P&I on institutional assets, including over 15K institutional plans, 400K portfolios, and $8T Assets Under […]

Q4 2023 Plan Universe Allocation & Return Analysis

The Q4 2023 Investment Metrics Plan Universe Report – the industry’s most granular analytics tool for plan sponsors with data sourced directly from over 4,000 institutions – reported the strongest quarterly performance for defined plans in three years. 

Value & yield factors drive active managers to outperform in emerging markets equity

2023 marked the third consecutive year that developed markets equity has outperformed emerging markets. For the year, the MSCI World Index returned 24.42%, more than double the MSCI Emerging Markets Index return of 10.26%. Although their performance lagged in absolute terms, active managers of emerging markets equity outperformed their benchmarks. For the year, the median in the broad IM Emerging Markets Equity Peer Group beat the MSCI Emerging Markets Index by 260 basis points and the MSCI Emerging Markets IMI Index by 80bps. Comparatively, the median within developed markets large cap peer groups underperformed for the year.

January 2024 Q4 Preliminary Plan Universe Performance

During the fourth quarter of 2023, markets rallied, especially toward the end of the year, after the Federal Reserve’s optimistic comments propelled U.S. equity markets to two-year highs. Despite lingering challenges such as geopolitical tensions and the high cost of borrowing, the potential of loosening monetary policy renewed optimism in global markets. The Investment Metrics […]

Mandate winners and market shareholders 3Q 23

Consultants use the Confluence Portfolio Analytics and Reporting (PARis) platform to report results to institutional plans after the quarter. PARis allows consultants to provide comparisons at the plan and mandate/account levels.  They can compare allocations, risk and return to other peer plans at the plan level. For example, a consultant can compare a $475M corporate DB plan to other corporate DB plans between $400M and $600M.  At the mandate/account level, first, the consultant classifies the mandate into class, style, cap, etc.  An actively managed US small cap growth (SCG) equity mandate, for example, could then be compared to peers’ actively managed US SCG equity mandates.  In this example, the SCG mandate market share or actual fees paid could be compared to the Russell 2000 Growth.

Q3 2023 Plan Universe Allocation & Return Analysis

The Q3 2023 Investment Metrics Plan Universe Report – the industry’s most granular analytics tool for plan sponsors with data sourced directly from over 4,000 institutions – reported strong returns at a median level.

October 2023 Q3 Plan Universe Performance snapshot

During the third quarter of 2023, equity markets sold off, triggered by a rapid rise in bond yields due to the Fed’s tight monetary policy. Substantial challenges, including rising geopolitical tensions, the high cost of borrowing, and inflationary pressures, continue to plague the global economy. The Investment Metrics All Defined Benefit Plan Sponsor Universe posted a median net return of -2.9% for the third quarter and 4.35% for the year ending September 2023.

Q2 2023 Fee Analyzer Report

This report used Confluence’s Investment Metrics Fee Analyzer, the institutional industry’s most comprehensive tool to analyze post-negotiated fees to compare the performance and fees from active Emerging Markets equity managers with high dividend yield portfolios to the broad peer group.

Q2 2023 Plan Universe Allocation & Return Analysis

The Q2 2023 Investment Metrics Plan Universe Report – the industry’s most granular analytics tool for plan sponsors – reported positive returns, at a median level, in the second quarter of 2023.

Q2 2023 manager research: U.S. large cap value equity performance

U.S. large cap growth continues to outperform value, but value managers outperform benchmark as growth managers struggle to keep pace with Russell 1000 Index

Q1 2023 Preliminary Plan Universe Performance

Defined Benefit plans in the Investment Metrics Plan Sponsor Universes posted a median net return of 4.47% for the first quarter of 2023. Plan performance rebounded over the last two quarters with a median return of 10.07%, after three consecutive negative quarters to start the calendar year in 2022. For the quarter, corporate plans posted […]