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Article

How to Evaluate Target-Date Funds: A Practical Guide

Radu Constantin Gabudean and Richard A. Weiss
The Journal of Retirement Spring 2019, jor.2019.1.048; DOI: https://doi.org/10.3905/jor.2019.1.048
Radu Constantin Gabudean
is a vice president and portfolio manager of multi-asset strategies at American Century Investments in Mountain View, CA
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Richard A. Weiss
is CIO of multi-asset strategies at American Century Investments in Mountain View, CA
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Abstract

The authors describe and showcase a framework to analyze life-cycle, or target-date, investment strategies with intuitive, practical metrics. Anchored in the complex theory of life-cycle investing, we propose a comprehensive collection, or “dashboard,“ of measures to capture various aspects of the problem: wealth-focused versions of return and risk concepts; the link between retirement contributions and portfolio returns; the strategy’s ability to support income in retirement; and behavior around retirement, a period when risk to invested wealth is greatest. These metrics are synthesized into one holistic view based on investor-specific preferences, highlighting the connection between investor characteristics and the life-cycle investment problem.

TOPICS: Wealth management, long-term/retirement investing, pension funds

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The Journal of Retirement: 8 (3)
The Journal of Retirement
Vol. 8, Issue 3
Winter 2021
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How to Evaluate Target-Date Funds: A Practical Guide
Radu Constantin Gabudean, Richard A. Weiss
The Journal of Retirement Apr 2019, jor.2019.1.048; DOI: 10.3905/jor.2019.1.048

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How to Evaluate Target-Date Funds: A Practical Guide
Radu Constantin Gabudean, Richard A. Weiss
The Journal of Retirement Apr 2019, jor.2019.1.048; DOI: 10.3905/jor.2019.1.048
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  • Article
    • Abstract
    • EVALUATING TARGET-DATE FUNDS: CURRENT STATE OF AFFAIRS
    • THE THEORY OF LIFE-CYCLE INVESTING
    • A PRACTICAL APPROACH TO TARGET-DATE EVALUATION
    • COMBINE THE DASHBOARD OF METRICS INTO ONE NUMBER
    • CONCLUSION
    • ACKNOWLEDGMENT
    • ENDNOTES
    • REFERENCES
  • Info & Metrics
  • PDF (Subscribers Only)
  • PDF (Subscribers Only)

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