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White Papers

Vanguard Life-Cycle Investing Model: A framework for building target-date portfolios

Interest in tailored target-date fund solutions continues to grow. New tools from Vanguard can help plan sponsors determine if their plan participants could benefit from a glide path designed for their unique participant populations.

In Vanguard Life-Cycle Investing Model: A framework for building target-date portfolios, authors Roger Aliaga-Díaz, Harshdeep Ahluwalia, Kevin DiCiurcio, Matthew Brancato, Scott Donaldson, and David Pakula explain the inner workings of Vanguard's proprietary model for glide path construction. The VLCM enables cost-benefit analysis of glide path customization, evaluation of risk-return trade-offs, and portfolio performance simulation under different market scenarios. The paper also shares general findings on which participant populations could see the greatest benefit from glide path customization.

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All white papers posted were created by the listed authors who are solely responsible for the research, finding and all materials contained therein. Pensions & Investments has not verified or edited the materials (other than for length and style) and does not necessarily agree or disagree with the analysis and positions expressed by the authors. Reference to any company, product or service does not imply recommendation or sponsorship by Pensions & Investments.

For more information on submitting a white paper, please contact Richard Scanlon at rscanlon@pionline.com or 212-210-0157.