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Alight Solutions 401(k) Index™: September 2019 Observations

Alight Solutions 401(k) Index™: September 2019 Observations

September was a slow month for 401(k) trading with only one above-normal1 activity, according to Alight Solutions 401(k) Index™. When investors made trades, they favored fixed income funds with over 90% of net trading dollars moving from equities into fixed income.

September observations:

  • On average, 0.016% of 401(k) balances were traded daily
  • 19 of 20 days favored fixed income funds

The Alight Solutions 401(k) Index™ statistics for the month of September 2019:

Index statistics September 2019 YTD
Total transfers as percentage of starting balance 0.23% 1.77%
# Fixed days 19 (95%) 161 (86%)
# Equity days 1 (5%) 27 (14%)
# Above normal days 1 24        

 

Inflows and outflows during the month:

  • Trading inflows mainly went to stable value, bond and money market funds
  • Outflows were primarily from large U.S. equity, company stock and mid U.S. equity funds
Asset classes with most trading inflows in September
  Percentage of inflows Index dollar value ($ mil)
Stable value funds 44% $206
Bond funds 33% $154
Money market funds 15% $69
Asset classes with most trading outflows in September
  Percentage of outflows Index dollar value ($ mil)
Large U.S. equity funds 44% $208
Company stock  36% $168
Mid U.S. equity funds 7% $35
 

September investment portfolios:

  • After reflecting market movements and trading activity, average asset allocation in equities
    decreased from 67.5% in August to 67.1% in September
  • ​New contributions to equities decreased from 67.6% in August to 67.5% in September
Asset classes with largest percentage of total balance at end of September
  Percentage of balance Index dollar value ($ mil)
Target date2 funds 29% $62,587
Large U.S. equity funds 25% $53,398
Stable value funds 10% $21,400
Asset classes with most contributions in September
  Percentage of contributions Index dollar value ($ mil)
Target date funds 48% $484
Large U.S. equity funds 20% $203
International funds 7% $75
 

September market observations:

Equity markets were broadly positive in September with international equities (represented by the MSCI All Country World ex-U.S. Index) up 2.6%, large U.S. equities (represented by the S&P 500 Index) gaining 1.9% and small U.S. equities (represented by the Russell 2000 Index) rising 2.1%. However, U.S. bonds (represented by the Bloomberg Barclays U.S. Aggregate Index) fell 0.5%.

Returns for common indices September 2019 YTD
Bloomberg Barclays U.S. Aggregate Index -0.5% 8.5%
S&P 500 Index 1.9% 20.6%
Russell 2000 Index 2.1% 14.2%
MSCI All Country World ex-U.S. Index (net) 2.6% 11.6%      
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