Devon Energy Corp., Oklahoma City, added BlackRock’s LifePath series of target-date funds to the investment options lineup of its 401(k) plan in 2019, said spokesman John Porretto in an email.
The lineup of nine target-date funds managed by BlackRock had a total of $435 million in assets in the plan as of Dec. 31, according to an 11-K filing Thursday with the SEC.
The 401(k) plan also added the Vanguard Total Bond Market Index Fund, which had $6 million in assets in the plan as of Dec. 31.
The company’s prior 11-K filing did not list any target-date funds.
Mr. Porretto said the company’s retirement plans investment fiduciary committee decided to emphasize passive investments in the overall lineup following an in-depth review.
“The selection of the BlackRock LifePath series was made after further study of passively managed (target-date fund) products,” he said.
The plan also removed seven individual investment options from its lineup during 2019.
The funds, and their respective assets in the plan as of Dec. 31, 2018, according to the prior 11-K filing, were:
- An actively managed tactical asset allocation fund managed by Pacific Investment Management Co., $42 million.
- An active international equity fund managed by Harbor Capital Advisors, also $42 million.
- An active domestic high-yield fixed-income fund managed by Neuberger Berman, $21 million.
- An active emerging markets equity fund managed by Aberdeen Standard Investments.
- A passive domestic inflation-protected fixed-income fund managed by Western Asset Management, $10 million.
- An active international equity fund managed by Capital Group.
- A real estate investment trust fund managed by Invesco.
The reasons for the changes were not provided.
As of Dec. 31, the Devon Energy Corp. Incentive Savings Plan had $739 million in assets, according to the new 11-K filing. As of that date, the plan had a total of eight individual investment options, a common stock fund and the BlackRock target-date fund series.