Alight Solutions 401(k) Index™: June 2023 Observations

Inflows and outflows during the month of June:

•    Trading inflows mainly went to large U.S. equity, bond and international equity funds.
•    Outflows were primarily from stable value, company stock and small U.S. equity funds.

June investment portfolios:

• After reflecting market movements and trading activity, average asset allocation in equities increased from 68.8% in May to 69.7% in June.
• New contributions to equities remained at 68.6% from May through June.

^{[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.}