Target date retirement funds use conventional life-cycle investing, whereby asset allocation shifts from equities to bonds and cash in predetermined steps as the target retirement date nears. The authors compare the conventional life-cycle strategy with a dynamic life-cycle strategy, which takes achieved investment returns into account and allows assets to be shifted back to equities if unde…
http://www.cfainstitute.org/learning/products/publications/dig/Pages/dig.v41.n2.27.aspx?WPID=Topic_List_Tabbed&PageName=All
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