Primary drivers included a sustained market selloff in tech stocks following coordinated strikes between the US, Israel, and Iran in February 2026. :

The world’s largest pension funds have navigated a period of extreme volatility, with major losses reported across leading institutions due to geopolitical instability and market shifts. Recent Major Losses for Global Pension Leaders :

The world’s largest pension funds – 2025 - Thinking Ahead Institute

The world’s top 300 pension funds saw assets fall by the largest amount in 20 years in 2022, a drop of (roughly $20.6 trillion).

Faced another quarterly loss in late 2024, its worst in over four years, due to losses in foreign bonds and foreign/domestic stocks.

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