Target-date funds pulled in $13.9 billion in the second quarter despite the nearly 3% loss on average, according to Morningstar.
Fidelity, Vanguard, and T. Rowe Price continue to garner the majority of flows, capturing 73% of net flows during the quarter as well as other fund providers including JP Morgan, John Hancock, TIAA-CREF, and BlackRock. Notably, PIMCO again saw a significant increase with assets in its series rising by 12.8% to more than $298 million.
However, three fund providers (Oppenheimer, Goldman Sachs, and Columbia) closed their target date series.
As of the end of Q2, total assets in target maturity funds were nearly $431.5 billion, a slight 0.6% increase from a quarter ago.