A powerful combination: Target-date funds and managed accounts

Published by: Vanguard

Cynthia Pagliaro and Stephen Utkus, Vanguard Center for Retirement Research, explain how a combination of target-date funds and managed accounts can work with all your plan participants.

Beyond Labels: Advancing Your Approach to Target-Date Evaluation and Selection

Published by: American Century Investments

Overview of four common labels to better compare TDFs – and advance the manager selection process.

Central Banks of the World: Yield to the Markets!

Published by: Prudential Fixed Income

Are overzealous monetary policies contributing to market volatility? Are the aggressive policies of the BoJ and ECB inflicting more harm than good? We also consider where policies are headed next and why this should support the bond markets.

DC Plan of the Future: DB Principles for the DC Generation

Published by: BNY Mellon

The age of DB may be over but many of its principles can be used to improve DC plans. BNY Mellon has revealing insights into how DC plan sponsors are drawing on DB best practices to increase efficiency.

Fooled by Conviction: The pitfalls of “high conviction” investing

Published by: S&P Dow Jones Indices

Active management advocates say managers should hold portfolios of just the securities in which they have the highest confidence. But growing “high conviction” investing is likely to increase risk, make manager skill harder to detect, raise asset owners’ costs, and reduce the number of outperforming funds.

Key Fault Lines in the Global Earthquake Zone

Published by: Prudential Fixed Income

Slow economic growth. Mountains of debt. Central bank buying. Negative bond yields. Rising inequality. Find out how the macroeconomic and policy failures of developed economies led to rising political risk, how these risks interact, and the implications for fixed income strategies.

LDI Implementation—Managing Surplus Volatility by Reducing the Drawdown Risk of Growth Assets

Published by: QMA

The funded statuses of defined benefit plans continue to struggle. QMA's US Market Participation Strategy—with its asymmetrical return profile and low correlation to other growth assets—provides an effective solution for draw-down risk while still seeking long term returns.

Passive and Active Fulfillment Choices
Target Date Funds: Combining the Best of Active and Passive

Published by: QMA

QMA discusses the characteristics of different types of active equity managers and examines the advantages of combining a quant approach with indexing. We also consider the implications in target date funds and how fulfillment choices impact retirement savings and income.

The Ease of Automation and Guaranteed Lifetime Income

Published by: Prudential Financial, Inc.

Prudential Retirement commissioned a survey that asked plan participants their thoughts on plan design features. This whitepaper takes an in-depth look at the findings and suggests ways for plan sponsors to better meet participant needs and expectations.

Rising interest rates: Weighing risk for TDF retirees

Published by: Vanguard

Vanguard discusses how a higher interest rate environment might impact investors who rely on target-date funds in retirement. The authors argue that a hike in interest rates can be positive for retirees, particularly if it coincides with economic growth.

The Global Credit Cycle: What Inning Are We In?

Published by: Prudential Fixed Income

All credit cycles have almost eerie similarities as well as distinct nuances. In this paper, we describe the unique characteristics of the current credit cycle and highlight how various industries are moving through the cycle at different paces.

China's debt problem may be different from what you think

Published by: BNP Paribas Investment Partners

Debt arises when an economy transforms its savings into investment. Some observers argue that China’s debt-to-GDP ratio, estimated at close to 250% in 2015, has reached a point that could soon trigger a systemic collapse. This paper goes back to the basics to assess the situation.

DC Goes Global: 10 Best Practices for Global DC Plans

Published by: State Street Global Advisors

State Street Global Advisors partnered with their multinational clients to provide 10 best practices for Global DC Plans. These guidelines help establish a strong framework for efficiently managing DC plans for a globalized workforce.

Long-Termism Versus Short-Termism: Time for the Pendulum to Shift?

Published by: S&P Dow Jones Indices

Corporate sentiment, investor holding data, and secular trends highlight the short-term pressures companies face. A coalition of large-asset owners has realized the need for change and has put forth its recommendations on how the asset owner community can adopt long-termism principles.

Retirement: From the mind of the TDF investor

Published by: Vanguard

In this third of three papers, Vanguard experts present key findings from Vanguard's target-date fund investor survey.

Pensions With Purpose: Meeting the Retirement Challenge

Published by: State Street Corporation

“Pensions with Purpose: Meeting the Retirement Challenge,” is based on a global survey of 400 pension funds and interviews with more than 40 industry experts. The study reveals that pension fund leaders are building internal expertise while reinforcing risk and governance frameworks for long-term strength and agility.

Are Central Banks Losing Their Mojo?

Published by: Prudential Fixed Income

In recent weeks, the effectiveness of monetary policy has been questioned. This paper highlights the circumstances that have led up to the change in market perception and discusses the need for a comprehensive policy response to mitigate systemic risks.

Choices to Address Foreign Currency Exposure

Published by: Fischer Francis Trees & Watts, a BNP Paribas Investment Partner

Institutional portfolios typically hold a significant allocation of foreign currency denominated assets. Left unmanaged, this currency exposure receives little or no risk premium and adds unwanted volatility. This paper outlines best-practice solutions to be considered when addressing currency exposures.

Introducing an Innovative Approach to Retirement Investing

Published by: S&P Dow Jones Indices

As the ongoing shift from DB to DC continues, individuals are challenged with the burdens of long term investing and judiciously transitioning to income generation. Learn how the S&P STRIDE Indices offer an innovative approach to these significant hurdles.

Not All Quality is Created Equal

Published by: Jensen Investment Management

At Jensen, we define quality somewhat differently. We invite you to read the article below, as we explore the pros and cons of our unique definition of quality and how it relates to the broader market landscape through various market cycles.

Risk Tolerance: From the mind of the TDF investor

Published by: Vanguard

In this second of three papers, Vanguard experts present key findings from Vanguard's target-date fund investor survey.

Product comprehension: From the mind of the TDF investor

Published by: Vanguard

In this first of three papers, Vanguard experts present key findings from Vanguard's target-date fund investor survey.

Absolute Return Fixed Income: What It Is, How It Works, and Who It Is For

Published by: Fischer Francis Trees & Watts, a BNP Paribas Investment Partner

Investors are becoming more familiar with absolute return but with only the broadest overall definition. It’s not easy to identify what the product is or the problems it may solve. This paper defines absolute return and explains the characteristics to be aware of when evaluating the asset class.

The Persistence of Smart Beta

Published by: S&P Dow Jones Indices

When evaluating investments linked to non-standard indices, investors should first ask if the anomaly is expected to persist, as well as if a particular vehicle is well-designed to exploit the factor.

Women versus men in DC plans

Published by: Vanguard

Learn the factors driving a sizeable difference in 401(k) wealth accumulation between men and women.

Archived White Papers by Topic

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.

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