According to the National Council of Real Estate Investment Fiduciaries (NCREIF), which
tracks pension fund investments, 41.5 % of pension fund money currently is invested in the office sector, followed by industrial (19.6 %), multifamily (18.5 %), retail (17.1 %), and hotels (3.4 %).
The risk for passive
investment funds, including some of the big
pension funds is particularly acute given they
track the indices and would have followed Peabody's share drop regardless, until it fell out of the S&P 500 Index in September.