LCP Investment Summary September 2026

Global equities fell by 0.8% (in local currency terms) in September, with Eurozone markets falling by 2.0% and North America rising by 1.7% (in EUR terms). The Euro weakened against the U.S. dollar over the month.

Global equity markets were volatile in September as investors weighed inflation pressures against economic activity and company earnings. Equities weakened early in the month amid expectations of continued monetary policy restraint, before briefly recovering on gains in large-cap growth and technology stocks. Small-cap companies lagged as the stronger US dollar and higher borrowing costs weighed on sentiment.

Fixed income markets declined in September as rising oil prices and persistent inflation reinforced expectations that interest rates would remain higher for longer. Government bond yields rose, particularly at longer maturities, amid the ECB’s rate increase and growing concerns about the fiscal sustainability of major economies.

The sample DB scheme’s funding level fell to c.110% during the month, with a small decline in asset values (calculated using a Funding Standard proxy).