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Journal Article

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

Traditional life-cycle strategies have some serious shortcomings.

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.

Chief Investment Quarterly

Who Knew Annuities Could Be So Exciting?!

The debate over annuities in Defined Contribution (DC) plans is so boring that it’s a bipartisan issue. But, their impact on retiree consumption is actually pretty exciting.

DC Solutions

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.

DC Solutions

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.

DC Solutions

Risk Parity in Target-Date Funds

Target-date funds (TDF) have a few shortcomings, but we believe that implementing risk parity as a sleeve within a TDF can help—by potentially enhancing returns, mitigating risk and reducing portfolio drawdowns.

DC Solutions

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

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

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

The Future of Life-Cycle Saving and Investing

Life-cycle finance is the branch of finance that affects everyone.