Series and Paths Come and Go

Here on TargetQ Views we often talk about series and paths, which enjoy a symbiotic relationship but remain distinct. But, before digging in, let’s take a quick refresher.


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4th Quarter and 2020 TDF Flows

As we continue to move on from a rough 2020, it is interesting to look back at Target Date Fund (TDF) flows to get a glimpse into how participants saved for retirement or unfortunately failed to save or, even worse, took withdrawals. While this glimpse does not give the total picture due to other investments available in retirement plans, we can still glean some interesting intel from TDF flows, both at a savings level and how the TDF industry continues to shift and morph.


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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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