The COVID-19 pandemic may have disrupted markets across the world, but a new report reveals that pension fund assets rose vigorously in 2020. According to the annual joint study from Thinking Ahead Institute and Pensions & Investments, assets under management (AUM) of the world's top 300 pension funds grew by 11.5% in 2020, a 3.5% increase from 2019. Additionally, the top 20 pension funds made up 41.8% of 2020's total AUM, up 1.1% from the previous year. The study reports that North America was the largest region in terms of number of funds and AUM, accounting for 41.7% of all assets. Both Asia Pacific and Europe followed, each accounting for 27.5% of assets. Asia Pacific led the regions in annualized growth rate over the past five years, at 9.9%. During that time, the report notes, a total of 34 new funds entered the top 300, with the U.S. leading the charge at a net number of seven new funds, with 15 funds leaving the ranking and 22 joining. The U.S. has the largest number of funds in the top 300 with 138, followed by the U.K. (23), Canada (18), Australia (16), and Japan (14). Defined benefit (DB) schemes dominate the list, particularly in North America and Asia Pacific, representing 73.7% and 64.7% respectively. Overall, DB makes up 63.4% of the total AUM. The study asserts that defined contribution funds, reserve funds, and hybrid fund assets have gained traction over the years as well. The research shows that fund assets in the top 20 are invested first and foremost in equities (46.6%), followed by fixed income (36.3%) and alternatives and cash (17.1%). In aggregate, however, these funds have slowly expanded their allocation to alternatives over the past few years to meet return-target goals. Of the 10 funds that published annual reports in English on their web sites, seven emphasized the importance of responsible and sustainable investment, recommending the implementation of best practices in corporate governance. "As we are stewards entrusted with ensuring the plan's sustainability, environmental, social and governance issues are at the top of the agenda," reads a statement from Ontario Teachers, Canada. "To this end, the board supported a new climate change policy which commits Ontario Teachers' to achieve net-zero greenhouse gas emissions by 2050. Social issues like gender and racial equality are also increasingly prominent in boardroom discussions." Ontario Teachers ranks at number 20 on the study's top 300 list. See our slideshow above for the top 10 pension funds in the world, and click here for the full report.