TDF Underlying: Duration Exposure

We've previously discussed differences in TDF underlying exposure to U.S. vs International Equity exposure.  Continuing that theme, let’s shift gears and look at the fixed income side of the equation.  While there are many factors that can differentiate fixed income portfolios, in this post we’ll focus on the metric of the underlying duration of the fixed income holdings.


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TDF Underlying: U.S. vs International Exposure

In our Class on Asset Classes post, we laid the framework for the varying exposures that Target Date Funds (TDFS) can hold as underlying investments. Using that as a basis, we can compare the various TDF series and how they differ on various metrics. In this post, we’ll start by looking at how TDFs allocate to U.S. vs. International (Non-U.S.) exposure.


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4Q19 TDF Target Changes

Target Date Fund issuers have the right to change their glide path whenever they see fit. It makes the historical and ongoing analysis of the TDF a bit trickier. Sometimes the changes can be rather large and sometimes just nuanced changes. During the 4Q19 quarter we saw a handful of changes, most of which fall in the nuanced camp.


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4Q19 TDF Returns

As we march along into 2020, we’ll start reviewing what occurred in the TDF market in the last quarter on 2019. The first aspect we’ll look at is returns.


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CITs: The ‘other’ TDF vehicle

Mutual funds have been the preferred vehicle for Target Date Funds since TDFs' infancy. Because Target Date Funds employ a fund-of-funds structure, it made sense for TDFs to be offered in a mutual fund vehicle as well. However, the TDF market is transitioning to Collective Investment Trusts (CITs) as a preferred vehicle.


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