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TARGET-DATE FUND

Experts and strategic oversight

  • TDF approach
  • Experts and oversight
  • Glide path
  • Portfolio construction

    SAAC co-chair explains what guides our methodology

    Roger Aliaga-Díaz, Ph.D.
    Global Head of Portfolio Construction and Chief Economist for the Americas
    Co-Portfolio Manager of Vanguard Target Retirement Funds
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    John James

    Roger Aliaga-Díaz, Ph.D.

    Global Head of Portfolio Construction and Chief Economist for the Americas
    Co-Portfolio Manager of Vanguard Target Retirement Funds

    Roger Aliaga-Díaz, Ph.D., is global head of portfolio construction and chief economist for the Americas. His areas of expertise are economics, macroeconomic forecasting, and portfolio construction.

    Roger and his global research team develop multi-asset-class strategies and conduct quantitative research on asset allocation and investment solutions. With his team, he has built two proprietary portfolio construction models that underpin the firm’s global investment advice methodology: the Vanguard Life-Cycle Investing Model and the Vanguard Asset Allocation Model.

    Roger is also vice-chair of Vanguard's Strategic Asset Allocation Committee and chair of its Time-Varying Asset Allocation Subcommittee, which oversee and determine the asset allocation of multi-asset-class funds such as the Vanguard Target Retirement Funds. He has served as a co-portfolio manager of several multi-asset-class funds since February 2023.

    Before joining Vanguard in 2007, Roger served as a visiting professor of macroeconomics at Drexel University’s LeBow College of Business.

    Roger has published on investment and macroeconomic issues and has presented at industry and academic conferences, including the Board of Governors of the Federal Reserve System, the American Enterprise Institute, and the American Economic Association. He is frequently interviewed by financial media around the world.

    Roger earned a B.A. in economics from Universidad Nacional de Córdoba, Argentina, and a Ph.D. in economics from North Carolina State University.

    Meet the Strategic Asset Allocation Committee (SAAC)


    14  executive leaders
    4   Ph.D.s
    9   CFA® professionals
    The SAAC is an executive oversight committee composed of investment experts sitting in key leadership roles across investment research, behavioral research, portfolio management, and portfolio construction.

    Our governance framework

    Our focus is on ensuring that our investment methodology represents the viewpoints of critical roles in multiasset portfolio construction and the management process rather than the viewpoints of a specific individual. Here's how our investment management groups work in tandem for the benefit of our investors' retirement success.
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    Global Investment Committee (GIC)

    • Primary governance committee for all Vanguard products composed of global business leaders, including Vanguard’s CEO. 
    • Considers and approves investment matters pertaining to all Vanguard products and provides organizational direction on strategic fund/investment initiatives.

    Global Investment Committee
    (GIC)
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    Strategic Asset Allocation Committee (SAAC)

    • Multi-asset governance committee composed of global investment leaders, including Vanguard’s global CIO and chief economist.
    • Regularly reviews investment methodology, provides consideration and approval for investment strategies, and ensures a consistent approach across product and advice offers.
    Strategic Asset Allocation Committee
    (SAAC)
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    Multi-Asset Solutions Team

    Portfolio Review Department

    • Responsible for fund health and product oversight, product research and new product development, and competitive analysis and landscape assessment.
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    Multi-Asset Portfolio Management Team

    Investment Management Group

    • Provides daily implementation of the strategic asset allocation, portfolio rebalance policy execution, and daily cash-flow management.
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    Portfolio Construction Team

    Investment Strategy Group

    • Responsible for Vanguard’s investment model development and maintenance, strategic asset allocation methodology, and sub-asset allocation and portfolio construction research.
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    Multi-Asset Risk Team

    Investment Management and Finance Risk

    • Conducts investment and operational risk monitoring and analysis, ensures adherence to relevant policies and guardrails, and provides risk and performance assessments.
    Multi-Asset Solutions Team
    Portfolio Review Department
    Multi-Asset Portfolio Management Team
    Investment Management Group
    Michael Roach, CFA

    Head of Multi-Asset

    Portfolio Management

     

     

     

     

     

     

     

    Portfolio Construction Team
    Investment Strategy Group
    Roger Aliaga-Díaz, Ph.D.

    Global Head of Portfolio Construction and Chief Economist for the Americas

     

     

     

     

     

     

     

    Multi-Asset Risk Team
    Investment Management & Finance Risk

    Constant debate but not constant change

    Our conviction in setting a prudent strategic asset allocation as a key foundation for long-term investing success remains strong. The goal of our target-date funds (TDF)s, and annual due diligence performed by the SAAC, is to answer the question: How can we best serve a range of investors? This line of thinking not only guides the research we conduct in the TDF space but also ensures that our TDFs reflect our best thinking on glide-path design and sub-asset allocation.

    Our willingness to avoid change for the sake of change has driven outcomes for the past decade and, based on our research, we believe it should continue to drive outcomes in the future.

    Multiasset team at work

    Discover the advantages of Target Retirement Funds and learn more about our approach to managing the funds from Vanguard Portfolio Manager Michael Roach and team members and Vanguard Target Retirement series co-portfolio managers, Aurélie Denis, CFA, and Walter Nejman.
    Michael Roach, CFA
    Head of Multi-Asset Portfolio Management
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    John James

    Michael Roach, CFA

    Senior Manager, Head of Mult-iasset Portfolio Management

    Michael Roach, CFA, is senior manager and head of multi-asset portfolio management in Vanguard Equity Investment Group. He also serves as comanager on several Vanguard multiasset strategies, including the Vanguard Target Retirement series. Since starting at Vanguard in 1998, Michael has served as head of U.S. Equity Operational Risk and was the Australia regional head of the Quantitative Equity Group. In addition to his 10 years of direct portfolio management experience, he has held a variety of strategic investment roles in the investments division, fund manager search and oversight, and corporate strategy.

    A member of the CFA institute, Michael earned an M.S. in finance from Drexel University and a B.S. in business administration with a concentration in finance from Bloomsburg University of Pennsylvania.

    CFA® and Charted Financial Analyst® are registered trademarks owned by CFA Institute.

    Deeper dive into SAAC

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    More thought leadership

    Read the latest research on Vanguard's investment principles.
    Vanguard's portfolio construction framework
    Vanguard's approach to target-date funds
    Vanguard’s Life-Cycle Investing Model (VLCM): A general portfolio framework for goals-based investing
    How America Saves
    Hybrid annuity TDFs and the search for income in retirement
    Target-date strategies and advice
    Vanguard’s approach to target-date fund rebalancing
    Custom versus off-the-lot TDFs
    Continue to Glide path →

    For more information about Vanguard funds, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.

    All investing is subject to risk, including the possible loss of the money you invest. Diversification does not ensure a profit or protect against a loss.

    Investments in Target Retirement Trusts and Funds are subject to the risks of their underlying funds. The year in the trust or fund name refers to the approximate year (the target date) when an investor in the trust or fund would retire and leave the workforce. The trust or fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. The Income Trust/Fund and the Income and Growth Trust have fixed investment allocations and are designed for investors who are already retired. An investment in a Target Retirement Trust or Fund is not guaranteed at any time, including on or after the target date.

    Vanguard is responsible only for selecting the underlying funds and periodically rebalancing the holdings of target-date investments. The asset allocations Vanguard has selected for the Target Retirement Funds are based on our investment experience and are geared to the average investor. Regularly check the asset mix of the option you choose to ensure it is appropriate for your current situation.

    Vanguard Target Retirement Trusts are not mutual funds. They are collective trusts available only to tax-qualified plans and their eligible participants. Investment objectives, risks, charges, expenses, and other important information should be considered carefully before investing. The collective trust mandates are managed by Vanguard Fiduciary Trust Company, a wholly owned subsidiary of The Vanguard Group, Inc.

    CFA® is a registered trademark owned by CFA Institute.