Nearly three-quarters of assets at Brazilian pension funds are invested in equities. Given the domestic stock market’s recent gains, this will stand pensioners in good stead (for now, at least).

According to new research on the world’s largest pension markets by consultancy Towers Watson, risk-seeking fund managers in Brazil are the most enthusiastic about equities, with colleagues in  countries of an Anglo-Saxon bent—the UK, US, South Africa and Hong Kong—close behind. By contrast, fund managers in continental Europe and Japan are much more conservative, with the bulk of year-end pension assets invested in bonds.