2Q 2009 Investment Perspectives

July 15, 2009 | Brett Christenson, CFA, CFP®, Managing Director, Greg Leonberger, FSA, EA, MAAA, FCA, Director of Research, Managing Partner

SEC and DOL Discuss Target Date Funds
Over the course of the past several years target-date funds (TDFs) have grown in popularity amongst participant-directed retirement plans. TDFs offer investors the benefit of asset class diversification while rebalancing the asset allocation automatically as the investor progresses along the glide path. As the investor approaches retirement age, the portfolio’s equity exposure is methodically reduced over time according to the glide path, and replaced with more conservative, less volatile asset classes such as bonds, inflation-protected securities, and cash. The glide path dictates at what ages, and to what extent, the asset allocation is modified, in effect transferring the responsibility of portfolio management from the investor to a professional money manager.

Are Equities Poised for a Rebound?
Whenever we are asked for guidance on the stock market, we find it useful to look at long-term data to reveal trends and conclusions. In the following, we examine historical and current market data, along with macroeconomic figures. Collectively, our analysis provides evidence that current equity market conditions may have reached their bottom, and a recovery could be sooner than many expect.

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Brett Christenson, CFA, CFP®
Managing Director

Get to Know Brett

Greg Leonberger, FSA, EA, MAAA, FCA
Director of Research, Managing Partner

Get to Know Greg

The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

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