UK - Pension funds' holdings in global equities plummeted for the eighth consecutive year in 2007, from 62.7% to 55.1%, according to BNY Mellon Asset Servicing.
Overseas equities also fell, from 28.3% to 26.4%, and the split between UK and overseas equities is now almost 50/50.
However, allocations to bonds and index-linked increased from 23.9% to 27.6% and from 7.8% to 9.6%, respectively.
Allocations to non-gilts have surged in value over recent years - by the end of 2007, allocations to non-gilts, at 14.1%, were well ahead of gilts at 11.8%. Cash weightings increased to 3.1%, up from 1.7%.
BNY Mellon said allocations to alternatives, remained relatively low with just one in eight pension funds investing in 'other assets' and the typical commitment being around 6% of assets.
Alan Wilcock, performance and risk analytics director at BNY Mellon Asset Servicing, said: "While UK equities has been declining as a major asset class for UK pension funds over the last few years, 2007 saw the largest fall to date. UK bond allocations, including index-linked, now exceed UK equities for the first time ever."
BNY Mellon also said the weighted average return for UK pension funds for 2007 was 6.4% and 80% of schemes had seen volatility, as measured by the standard deviation, of between 5.1% per annum and 7.8% per annum over the last five years.
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