Overview of Sway’s Target Date Research
Leading Target-Date providers harness Sway’s Target-Date research to measure performance, identify opportunities, and devise strategy. Our analysis is generated from a proprietary database of mutual fund and collective trust data, which includes 214 different Target-Date series (150 with assets as of year-end 2024). Sway harnesses this data to provide insights into shifts within the $4 trillion Target-Date market. Each State of the Target Date Market report features data and analysis of the following areas:
• Income TDs
• Co-manufactured TDs
• Custom TDs
• Third-Party Trust Companies
• Firm Type – Recordkeeper, Asset Mgr., RIA/BD, Bank
• Asset-weighted Expense Ratio and Returns.
• Underlying Investments – Active, Hybrid, Passive
• Underlying Investments – Proprietary, Non-Prop. Multi-Manager
• Underlying Investments – Funds of Funds, ETF, Individual Securities, Mix
• Glide Path - Pre-determined vs. Tactical
• Glide Path - To vs. Through
• Glide Path - Multi (i.e., Cons, Mod, Agg)
The State of the Target-Date Market: 2025
Examining Asset Trends Across Providers, Products, Vehicles, Management Styles, and Glide Path Structures
Sway’s latest research (as of year-end 2024) finds that assets in MF and CIT TD series rose 15% in 2024, reaching $3.97 trillion as of year-end, as CITs overtook MFs to become the largest holder of TD assets. Six of fifteen TD series introduced in 2024 were co-manufactured and thus exclusive to specific DC recordkeepers and insurers. At the end of 2024, Empower Retirement, the nation’s second largest DC plan recordkeeper, exclusively offered 12 different TD series. Eleven Target Date series featured some form of embedded income. The newest of these being BlackRock LifePath® Paycheck, which finished its first year on the market with $16.4B of AUM.
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The State of the Target-Date Market: Mid-Year 2024
Examining Asset Trends Across Providers, Products, Vehicles, Management Styles, and Glide Path Structures
Leading Target-Date providers harness Sway’s Target-Date research to measure performance, identify opportunities, and devise strategy. Our analysis is generated from a proprietary database of mutual fund and collective trust data, which includes 205 different Target-Date series (143 with assets as of June 30, 2024) spread across more than 6,000 mutual fund share classes and collective trusts. Sway harnesses this data to provide insights into shifts within the $4 trillion Target-Date market, including across Target-Date series and providers, investment vehicles, underlying investments, management approach, glide path types, and expenses and returns.
