Canada (EN)
Trading activity continued to accelerate in April, with four days of above‑normal1 trading volume. What’s more, the S&P 500 posted a double‑digit gain for the month, only the 13th time this has occurred in the past century.
April largely unfolded in two distinct phases. Over the first 12 trading days, $74.5 million moved from fixed income into equities. In the final nine trading days, $212 million flowed in the opposite direction, from equities back into fixed funds, as some participants took profits and locked in gains.
The majority of participants, however, remained invested throughout April. That discipline proved beneficial, as broad market returns continued to build over the course of the month. In March, participants generally stayed committed to their long‑term allocations, despite geopolitical uncertainty and market volatility, an approach that was rewarded in April.
April observations:
- On average, 0.012% of 401(k) balances were traded daily.
- 13 of 21 days favored fixed income funds.
The Alight Solutions 401(k) Index statistics for the month of April: |
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Inflows and outflows during the month of April:
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Asset classes with most trading inflows in April | Percentage of inflows | Index dollar value ($mil) |
| Bond funds | 29% | $69 |
| Money market | 25% | $60 |
| Large U.S. equity | 24% | $59 |
Asset classes with most trading outflows in April | Percentage of outflows | Index dollar value ($mil) |
| Company stock funds | 62% | $149 |
| Small U.S. equity | 18% | $44 |
| International funds | 16% | $39 |
April investment portfolios:
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Asset classes with largest percentage of total balance at the end of April | Percentage of balance | Index dollar value ($mil) |
Target date funds2 | 31% | $93,846 |
Large U.S. equity funds | 29% | $89,494 |
Company stock funds | 8% | $25,113 |
Asset classes with most contributions in April | Percentage of contributions | Index dollar value($mil) |
Target date funds2 | 49% | $597 |
Large U.S. equity funds | 24% | $288 |
International equity funds | 7% | $89 |
Returns for common indices | April | 2026 YTD |
Bloomberg Barclays U.S. Aggregate Bond Index | 0.11% | 0.07% |
S&P 500 Index | 10.49% | 5.70% |
Russell 2000 Index | 12.21% | 13.21% |
MSCI All Country World ex-U.S. Index (net) | 9.65% | 8.88% |
1 A “normal” level of relative transfer activity is when the net daily movement of participants’ balances, as a percent of total 401(k) balances within the Alight Solutions 401(k) Index™, equals between 0.3 times and 1.5 times the average daily net activity of the preceding 12 months. A “high” relative transfer activity day is when the net daily movement exceeds two times the average daily net activity. A “moderate” relative transfer activity day is when the net daily movement is between 1.5 and 2 times the average daily net activity of the preceding 12 months.
2 Target date funds also include the amounts in target risk funds. The amount in the target risk funds is less than 10% of the total.
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