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White Paper

Rethinking DC Portfolio Diversification

We make the case for an allocation to liquid alternatives as a viable and versatile complement to existing DC portfolios.

White Paper

Intelligent Risk Taking: How to Secure Retirement in a Low Expected Return World

We examine the rate of return needed to deliver a comfortable retirement based on current savings rates as well as intelligent ways to construct portfolios to achieve this rate of return.

DC Solutions Series: Defensive Equity, Part 2

In part two of this two-part series, we focus on the implementation of a defensive equity strategy within the context of a DC retirement plan.

Journal Article

Defined Contribution Retirement Plans Should Look and Feel More Like Defined Benefit Plans

Defined contribution (DC) plans have, to this point, delivered uneven and sometimes inadequate results.

Journal Article

How Much Should DC Savers Worry About Expected Returns?

DC savings analyses typically anchor on long-term stock and bond returns when estimating retirement income.

Journal Article

Balancing on the Life Cycle: Target Date Funds Need Better Diversification

Traditional life-cycle strategies have some serious shortcomings.

DC Solutions Series: Defensive Equity, Part 1

In part one of this two-part series, we focus on the intuition behind defensive equity and present evidence for its efficacy as part of an effective defined contribution retirement plan.

DC Solutions Series: Trend Following Strategies in Target-Date Funds

We focus on the need for target-date funds to better protect against losses during equity market drawdowns and to better diversify. We suggest incorporating trend following as a potential solution, which may mitigate the problems caused by equity risk concentration.

Journal Article

U.S. Corporate DB Pension Plans — Today’s Challenges

This article, coauthored by asset-liability-management pioneer Marty Leibowitz of Morgan Stanley and Antti Ilmanen of AQR Capital Management, analyses the many challenges U.S.

Real Assets in Target-Date Funds

Target-date funds have become popular defined contribution investing vehicle. We believe, however, several shortcomings should be addressed to more reliably maximize retirement outcomes and we suggest incorporating real assets.