Canadian pensions however had their largest annual fixed income decline since 1994, losing 1.3 per cent over the last 12 months. "The weakness spread across the market, but inflation-sensitive longer-duration bonds were the most affected as the DEX Real Return Bond Index declined 13.1 per cent while DEX Long Term Bonds were down 6.2 per cent," noted MacDonald. "In this environment, the risk mitigating liability driven strategies were the hardest hit on the asset side."
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