Global pension fund have over half of all assets in bonds, suggesting an overall conservative stance, according to a recent OECD report.
Of course some countries are much more conservative than others.
The Japanese are famously obsessed with government bonds and averse to risk. Japanese pension funds have 7% of assets in equities. But even they aren’t the most conservative.
Israel has 6%; Germany has 5%; Estonia has 4%; Greece has 3%; Slovenia has 2%; Slovak Republic and Czech Republic have 1%; South Korea has close to 0%.
By contrast U.S. pension funds have nearly 50% of assets in equities.
Last year the best returns came from equities.
The best returns overall were in the Netherlands.