Interest-only securities offer attractive, high-single-digit unlevered yields to the market’s base-case prepayment expectation and stand to benefit from significant spread tightening as demand for the asset class increases amid limited supply.

Plan sponsors often find the target date fund (TDF) selection process understandably daunting. Evaluating TDFs is a multi-faceted process that requires a deep dive into the four components of TDF design — glide path design, asset allocation, selecting underlying managers, and portfolio construction.

1Q23 was marred by significant volatility in the banking sector...