Active ingredients: How actively managed holdings shape target date fund performance and costs
研究了目标日期基金持有主动管理基金对其业绩和成本的影响，发现持有更多主动基金平均能提升业绩，但也会增加费用比率，且影响因距离目标日期和市场条件而异。
Abstract This paper examines the impact of active funds held by target date funds (TDFs). Results indicate holding more funds with active management benefits TDF performance, on average. The benefit is driven by domestic equity holdings for TDFs that are far from the target date and domestic income holdings for TDFs that are near or past the target date. Time to target and market conditions impact TDF choice of activeness. TDFs benefit from embracing their family's core competency of active/passive management, and the largest families' TDFs outperform. Finally, holding more active funds is associated with higher TDF expense ratios.