To enable portfolio managers of its target-date funds to respond more nimbly to extreme market volatility, starting in April, AllianceBernstein will allow these funds to move up to 20% of their assets from equities and real estate investment trusts into bonds and cash.

AllianceBernstein is calling this a “volatility management component” and says it is in response to many of the criticisms levied at target-date funds following poor performance due to high equity exposure in 2008.

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