Canada (EN)
Retirement plan trading was minimal throughout the fourth quarter of 2025, according to the Alight Solutions 401(k) IndexTM. When trades did occur, most days saw money moving from equities to safer options like bond, money market and stable value funds.
Fourth quarter observations:
- Net transfers for the quarter were 0.41% of balances.
- 54 out of 64 trading days in the fourth quarter had net trading dollars moving from equities to fixed income.
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Asset classes with most trading inflows in Q4 2025 | Percentage of inflows | Index dollar value ($mil) |
| Bond funds | 52% | $630 |
| Stable value funds | 15% | $180 |
| International funds | 9% | $109 |
Asset classes with most trading outflows in Q4 2025 | Percentage of outflows | Index dollar value ($mil) | |
| 42% | $511 | |
Large U.S. equity funds | 35% | $428 | |
| Small U.S. equity funds | 13% | $155 |
Returns for common indices | Q4 2025 | 2025 YTD |
Bloomberg Barclays U.S. Aggregate Bond Index | 1.10% | 7.30% |
S&P 500 Index | 2.66% | 17.88% |
Russell 2000 Index | 2.19% | 12.81% |
MSCI All Country World ex-U.S. Index (net) | 5.05% | 32.39% |
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.
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