TDF(Target Date Fund),also known as lifecycle fund,is a type of pension target fund which is born in the United States in the 1990 s.However,in China,the first batch of14 TDF was approved for issuance until 2018.Therefore,TDF is still a relatively new financial product in China.With the establishment of personal pension system in China,it is expected that TDF will be widely developed in the future.Firstly,this paper expounds the birth and development history of TDF,and compares the TDF market in the United States and China,indicating that the TDF market in China is vast;secondly,this paper discusses the specific situation of J Fund Company and TDF 2040,and the TDF 2040’s underlying assets,operating conditions,taxiing paths,etc.are analyzed to find out the aspects that need to be optimized.Specifically,according to the Sharpe ratio,etc.,the performance of some heavily held funds in TDF 2040 is not good enough and needs to be adjusted;at the same time,after the replacement of the fund manager,the management ability of the new fund manager is not outstanding;What’s more,the proportion of investment in equity assets is relatively low,and the slide path is too short.In response to these problems,this paper proposes a corresponding optimization plan:(1)Adjusting the position of the weaker heavily held funds;(2)Restraining the fund managers through internal and external mechanisms;(3)Using the asset allocation strategy which is proposed by Haberman and Vigna for correcting the slide path.Through the optimization of TDF 2040,I hope to give some inspiration for the structure and improvement of TDF in our country,and help the TDF to flourish. |