Summary
Explore all the insights from the 25th edition of the Pension Funds Letter. We explore how to build pension resilience through dynamic investing amid a multipolar, tech-led "controlled disorder." Drawing on the results of the annual Amundi‑CREATE survey and detailing the application of our in-house dynamic models, it examines evolving dynamic asset allocation practices and what is signalled for 2026, as well as the role of real assets in retirement accumulation to enhance diversification and long-term retirement outcomes.
Key Points
Endurance has been a watchword for markets in 2025. As we shift to a multipolar world, this new regime is being driven by innovation and defined by, what we are naming, “controlled disorder”. Despite repeated shocks, the tech-led transformation, fiscal stimulus and industrial policy are sustaining economic activity. New winners are emerging. As we advance across this unfamiliar territory, diversification and selectivity remain the most effective defense.
For pension investors, the turmoil seen in recent years has called into question the use of traditional asset allocation models. It is in this context, that this year’s Amundi-CREATE annual pension survey dives deeper into the universe of dynamic investing. Surveying pension funds from around the globe, we examine how the use of dynamic asset allocation is evolving and the drivers behind successful implementation.
Continuing this theme, our second article focuses on practical application of dynamic asset allocation. We explain the models used by Amundi, its purpose, the assumptions and how it is applied. We then break down what the current signals might mean for portfolios.
Finally, we review the main findings of a recent study produced by the Amundi Investment Institute on the integration of real assets into the retirement accumulation phase and the benefits these type of risky assets may offer to retirement outcomes.
In this edition we cover:
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