No. of Recommendations: 2

Executive Summary
As the target-date industry continues to mature, it is displaying both predictable and surprising
attributes. Predictably, its organic growth rate is slowing as target-date series have become
established fixtures in defined-contribution plans. Fees in the series continue to fall as assets flow in,
and post-2008 returns have been strong, reflecting broad market trends.
Surprisingly, some of the industry’s debate over how to best manage target-date series’ asset
allocation may be overdone. A Morningstar analysis of the average industry glide path shows it will
meet most retirees’ spending needs, and funds with significantly different asset allocations have
delivered similar returns in recent years.
Other factors may contribute to these investments’ relative success over the long term. A new
Morningstar study of data on the firms offering the target-date series suggests a tie between better
stewardship practices and stronger risk-adjusted performance.
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