EFTA Document EFTA01385925

27 March 2015 US Fixed Income Weekly For pensions we simply adopt the GPIF asset allocation decision to raise foreign bond holdings by 4 percent. The allocation for all pensions is higher than GPIF at 23 percent but assuming the 4 percent is applied across all pension assets implies an increase in outward investment of about $51 billion. For depositories and insurers we are slightly more empirical and link changes in their allocation to the dollar yen 10 year forward rate. There tends to