TY - JOUR T1 - Dynamic Lifecycle Strategies for Target Date<br/>Retirement Funds JF - The Journal of Portfolio Management SP - 83 LP - 96 DO - 10.3905/jpm.2011.37.2.083 VL - 37 IS - 2 AU - Anup K. Basu AU - Alistair Byrne AU - Michael E. Drew Y1 - 2011/01/31 UR - https://pm-research.com/content/37/2/83.abstract N2 - Lifecycle funds offered to retirement plan participants gradually reduce exposure to stocks as the funds approach the target date of the participants’ retirement.The authors show that such deterministic switching rules produce inferior wealth outcomes for the investor compared to strategies that dynamically alter the allocation between growth and conservative assets based on cumulative portfolio performance relative to a set target.The dynamic allocation strategies proposed in this article exhibit almost stochastic dominance over strategies that unidirectionally switch assets without consideration of portfolio performance.TOPICS: Retirement, portfolio construction ER -