Manager perspectives

How investor behavior factors into our TDF portfolio plan

August 01, 2023

A graphic that depicts the Vanguard Life-Cycle Model framework. Four inputs--including investor goal, investor risk preferences, investor demographic characteristics, and Vanguard Capital Markets Model projections—lead to the evaluation of thousands of potential paths, then the selection of the one that offers the best balance between amount of volatility and lifetime spending.
A graphic that displays the 70% expense ratio deduction among Vanguard multiasset funds from the time of their inception in 2003 through year end 2022.

Meet the experts

Michael Roach, CFA
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