Voya Target Retirement 2045 Fund
A Target Date Choice to Help Keep Retirement Goals on Track
Voya’s Target Retirement Funds are designed to specifically balance the evolving risk-return profiles of participants as they age to maximize the probability of a successful retirement. The target date in the funds’ name is the approximate date when investors plan to start withdrawing their money.
The Voya Target Retirement 2045 Fund Offers
Participant Focused Glide Path
A Portfolio that Adjusts as Participants’ Careers Progress
At Voya, our glide path relative to peers has a higher equity allocation for younger participants to build wealth and a lower equity allocation for participants near and in retirement to reduce risk in those critical years. Younger participants can afford to take on more investment risk in exchange for greater potential returns. However, in the later years, participants are more vulnerable to a market downturn, particularly the day they retire.
Source: Voya Investment Management
The Portfolio may periodically deviate from the Target Allocation, generally within the range of +/- 10% relative to the current Target Allocation. The sub-adviser may determine to deviate by a wider margin in order to protect the Portfolio, achieve its investment objective, or to take advantage of particular opportunities. This chart is for illustrative purposes only and may not reflect the current allocations of the Voya Target Solution Trust Series. This illustration is intended to show how the Voya Target Solution Trust Series transitions over time.
The Voya Difference
- Participant Focused Glide Path
Seeks to maximize wealth in early years and reduce risk in later years. More equity relative to peers in early years, less equity relative to peers in later years†
Voya is a pioneer of the multi-manager TD approach, with 10 years+ of experience. Access to Voya’s investment capabilities and other well-recognized asset managers
- Active/Passive Blend
Active managers offer the potential for excess returns in less efficient asset classes. Passive managers offer cost effective exposure to highly efficient asset classes within a competitive fee structure
† Between 50-40 years out from the fund’s ‘target date’ the Voya Target Retirement Funds allocate 95% to equities compared to the industry average of 89%. At the ‘target date’ the Voya Target Retirement Funds allocate 35% to equities compared to the industry average of 42%. Source: Morningstar. Average includes all mutual fund and VP target date suites in Morningstar. Equity allocations based on Years to Target (YTT) Stock glide path data in Morningstar® Direct.
* Multi-Manger refers to the use of investment managers including Voya Investment Management and outside managers, which may be offered through affiliated sub-advised funds. The Target Retirement Funds have a 50% cap on the use of unaffiliated funds.
|Inception Date||December 21, 2015|
|Min. Initial Investment||$1,000.00|
About this Product
Voya Target Retirement Funds maximize asset accumulation in the early years of participants’ careers, taking aggressive equity positions. The funds shift emphasis to asset protection in later years, reducing risk and ultimately reaching their most conservative equity allocation of 35% at retirement to help investors hold onto what they have accumulated in a lifetime of saving.
The Voya Target Retirement 2045 Fund is designed for people who plan to begin living their retirement goals in the years 2043 to 2047. Currently, it is designed to begin reducing investment risk and exposure to stocks as contributions grow.
Until the day prior to its Target Date, the Fund seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2045. On the Target Date, the Fund's investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.
Contact your Voya Representative to gain access to program materials.
Average Annual Total Returns %
As of October 31, 2022
As of September 30, 2022
|Most Recent Month End||YTD||1 YR||3 YR||5 YR||10 YR||Inception||Expense Ratios|
|Net Asset Value||-20.86||-19.47||+5.04||+5.08||—||+7.56||0.61%||0.61%|
|With Sales Charge||-25.39||-24.08||+2.98||+3.84||—||+6.92|
|Net Asset Value||-25.41||-20.31||+3.70||+4.22||—||+6.98||0.61%||0.61%|
|With Sales Charge||-29.69||-24.88||+1.68||+2.99||—||+6.33|
|S&P Target Date 2045 Index||-18.69||-17.36||+4.52||+5.13||—||+7.79||—||—|
|S&P Target Date 2045 Index||-23.33||-18.70||+3.25||+4.27||—||+7.21||—||—|
Inception Date - Class A:December 21, 2015
Inception Date - Class I:December 20, 2012
Current Maximum Sales Charge: 5.75%
The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above "Average Annual Total Returns %" for performance information current to the most recent month-end.
Returns for the other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes.
Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of the period and a sale at net asset value at the end of the period; and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Net asset value equals total Fund assets net of Fund expenses such as operating costs and management fees. Total investment return at net asset value is not annualized for periods less than one year.
The Adviser has contractually agreed to limit expenses of the Fund. This expense limitation agreement excludes interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses and may be subject to possible recoupment. Please see the Fund's prospectus for more information. The expense limits will continue through at least 2023-10-01. The Fund is operating under the contractual expense limits. The Fund's Acquired (Underlying) Funds Fees and Expenses are based on a weighted average of the fees and expenses of the Underlying Funds in which it invests. The amount of fees and expenses of the Underlying Funds borne by the Fund will vary based on the Fund's allocation of assets to, and annualized net expenses of, the particular Underlying Funds during the Fund's fiscal year.
Historical performance shown for Class A reflects the historical performance of Class I shares adjusted to reflect the higher expenses of Class A for periods prior to the inception date of Class A and is being shown in blue text. Historical performance of Class A shares likely would have been different based on differences in share class expense ratios.
The S&P Target Date® Index Series consists of twelve multi-asset class indices, each corresponding to a particular target retirement date. The benchmark asset allocation and glide path for each index in the series is determined once a year and represents market consensus across the universe of target date fund managers. The Index does not reflect fees, brokerage commissions, taxes or other expenses of investing. Investors cannot directly invest in an index.
An investor should consider the investment objectives, risks, charges and expenses of the Fund(s) carefully before investing. For a free copy of the Fund’s prospectus or summary prospectus, which contains this and other information, visit us at www.voyainvestments.com or call (800) 992-0180. Please read all materials carefully before investing.
As of October 31, 2022
|3 Year||5 Year||10 Year|
A measure of the degree to which an individual probability value varies from the distribution mean. The higher the number, the greater the risk.
The sensitivity of a portfolio's returns to changes in the return of the market as measured by the index or benchmark that represents the market. A portfolio with a beta of 1.0 behaves exactly like the index. A beta less than 1.0 suggests lower risk than the index, while a beta greater than 1.0 indicates a risk level higher than the index.
The proportion of the variation in a portfolio's returns that can be explained by the variability of the returns of an index. High R-squared (close to 1.0) is usually consistent with broad diversification.
A measure of risk-adjusted performance; alpha reflects the difference between a portfolio's actual return and the return that could be expected give its risk as measured by beta.
A risk-adjusted measure calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance.
The ratio of portfolio returns in excess of a market index to the variability of those excess returns; in effect, information ratio describes the value added by active management in relation to the risk taken to achieve those returns.
Growth of a $10,000 Investment
For the period 12/21/2015 through 10/31/2022
Ending Value: $16,144.00
The performance quoted in the "Growth of a $10,000 Investment" chart represents past performance. Performance shown is without sales charges; had sales charges been deducted, performance would have been less. Ending value includes reinvestment of distributions.
As of October 31, 2022
|Net Assets millions|
The per-share dollar amount of the fund, calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding.
|Number of Holdings|
Number of Holdings:
Number of Holdings in the investment.
% of Total Investments as of October 31, 2022
|TIAA-CREF S&P 500 Index Fund||53.88|
|Vanguard FTSE Developed Markets ETF||13.84|
|TIAA-CREF SmallCap Blend Index Fund - Class I||6.08|
|Voya Multi-Manager International Equity Fund - Class P3||4.96|
|Vanguard Mid-Cap ETF||4.02|
|Voya Multi-Manager International Factors Fund - Class P3||3.96|
|Voya Multi-Manager Emerging Markets Equity Fund - Class P3||3.95|
|Voya Intermediate Bond Fund - Class P3||3.94|
|iShares 20+ Year Treasury Bond ETF||3.90|
|Vanguard Emerging Markets ETF||0.98|
as of October 31, 2022
|Large Cap U.S.||53.88|
|Small Cap U.S.||6.08|
|Mid Cap U.S.||4.02|
|Core Plus Fixed Income||3.94|
|Long Gov't Bonds||3.90|
Information provided is not a recommendation to buy or sell any security. Portfolio data is subject to daily change.
Payment Frequency: Annually
Date on which a stock begins trading without the benefit of the dividend. Typically, a stock’s price moves up by the dollar amount of the dividend as the ex-dividend date approaches, then falls by the amount of the dividend after that date.
Date on which a declared stock dividend or a bond interest payment is scheduled to be paid.
Date on which a shareholder must officially own shares in order to be entitled to a dividend. After the date of record, the stock is said to be ex-dividend.
|Short-Term Capital Gain||12/31/2021||01/03/2022||12/30/2021||$1.150400|
|Long-Term Capital Gain||12/31/2021||01/03/2022||12/30/2021||$1.744000|
Income Dividend: Payout to shareholders of interest, dividends, or other income received by the Fund, net of operating expenses. By law, all such income must be distributed to shareholders, who may choose to take the money in cash or reinvest it in more shares of the Fund.
Short-Term Capital Gain: The profit realized from the sale of securities held for less than one year.
Long-Term Capital Gain: Gain on the sale of a security where the holding period was 12 months or more and the profit was subject to the long-term capital gains tax.
Portfolio Management Team
Voya Investments, LLC
Voya Investment Management Co. LLC
Barbara Reinhard, CFA
Managing Director, Head of Asset Allocation
Years of Experience: 33
Years with Voya: 6
Paul Zemsky, CFA
Chief Investment Officer, Multi-Asset Strategies and Solutions
Years of Experience: 38
Years with Voya: 17
There is no guarantee that any investment option will achieve its stated objective. Principal value fluctuates and there is no guarantee of value at any time, including the target date.
The “target date” is the approximate date when an investor plans to start withdrawing their money. When their target date is reached, they may have more or less than the original amount invested. For each target-date portfolio, until the day prior to its target date, the portfolio will seek to provide total returns consistent with an asset allocation targeted for an investor who is retiring in approximately each portfolio’s designated target year. On the target date, the portfolio will seek to provide a combination of total return and stability of principal.
Stocks are more volatile than bonds, and portfolios with a higher concentration of stocks are more likely to experience greater fluctuations in value than portfolios with a higher concentration in bonds. Foreign stocks and small- and mid-cap stocks may be more volatile than large-cap stocks. Investing in bonds also, entails credit risk and interest rate risk. Generally investors with longer timeframes can consider assuming more risk in their investment portfolio.
As with any portfolio, you could lose money on your investment in a Voya Target Retirement Fund. Although the strategy seeks to optimize risk-adjusted returns given various time horizons, you still may lose money and experience volatility. Forward looking asset class assumptions and market judgment are used to form the asset allocations for the Voya Target Retirement Fund. There is risk that you could achieve better returns in an underlying portfolio or other portfolios representing a single asset class than in the Voya Target Retirement Fund. Important factors to consider when planning for retirement include your expected expenses, sources of income, and available assets. Before investing in the Voya Target Retirement Fund, weigh your objectives, time horizon, and risk tolerance. The Voya Target Retirement Fund invests in many underlying portfolios which are exposed to the risks of different areas of the market. The higher a portfolio's allocation to stocks, the greater the risk. Diversification cannot assure a profit or protect against loss in a declining market.