Asset Class Preference for Pension Funds

Jane is an investment manager at a large pension fund. As part of her responsibilities, she needs to ensure that the fund meets its liabilities and provides sufficient returns for its beneficiaries. Recently, the fund’s board of trustees discussed the importance of maintaining a well-diversified investment portfolio. In this context, they are considering the different asset classes the pension fund could invest in.

Which of the following asset classes is most commonly associated with pension funds due to its long-term growth potential and income generation characteristics?