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This article reports that the portion of new pension fund flows in the U.S. being devoted to common stock purchases has been dramatically reduced since the very high levels of the early 1970s. According to a recent study, only 15 percent of total net pension fund flows has been directed to common stock buying over the six-quarter period ending March 31, 1978. During the first quarter of 1978, pension funds actually sold equities in favor of other asset categories. Some observers now estimate that equities, as a percentage of total pension fund assets, have declined about 50 percent, the lowest ratio since 1963. Other institutional investor groups have similarly been restructuring their portfolios away from equities as market prices have moved lower and investment returns from stocks proved progressively disappointing. Pension fund trustees have rationalized that the Employee Retirement Income Security Act concerns favor stocks over bonds, conservatism over aggressiveness, and risk aversion over risk. |
