Schroders’ third annual Institutional Investor Study analyses the investment perspectives of 650 institutional investors from 20 locations across the world. Coronavirus (COVID-19) has rattled investors of all kinds, but the market reaction poses some challenges unique to pension funds. These three charts show why that is. 20-year duration UK gilt yields collapsed to a new all-time low of 0.5% on 9 March 2020. If that wasn’t bad enough, the market is holding out little prospect of yields rising much, even over very long time horizons. The 20-year duration yield is priced to be only 0.7% in 10 years time.