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A World Apart Target-date mutual funds don t look anything like the major university endowment funds. The disparity would seem to be a puzzle. Dissimilarity between endowment and target-date funds would be understandable with, say, 2025 funds, which have a relatively short time horizon. But why would a 2055 fund not resemble an endowment fund? At 39 years, the target-date fund s time horizon is long enough to permit any investment approach. And if the 2055 fund sometimes requires liquidity (to meet redemption requests), so, too, does the endowment fund (to meet its university s spending needs). But diverge they do. Compare the asset allocations for the 2055 funds from the two largest target-date families, Vanguard and Fidelity, with that of Stanford s endowment fund. (I selected Stanford at random; I wanted a large fund from a top university and not the usual example of Yale.) The two mutual funds are peas in a pod. Stanford s fund is something else altogether.

Investment actLife cycleTarget date funds need better diversificationPortfolio managementமுதலீடு நாடகம்வாழ்க்கை மிதிவண்டிபோர்ட்‌ஃபோலீயோ மேலாண்மை