"𝘈𝘶𝘴𝘵𝘳𝘢𝘭𝘪𝘢𝘯 𝘴𝘶𝘱𝘦𝘳 𝘧𝘶𝘯𝘥𝘴 𝘢𝘳𝘦 𝘪𝘯𝘤𝘳𝘦𝘢𝘴𝘪𝘯𝘨 𝘵𝘩𝘦𝘪𝘳 𝘶𝘴𝘦 𝘰𝘧 𝘰𝘷𝘦𝘳𝘭𝘢𝘺𝘴 𝘢𝘯𝘥 𝘱𝘰𝘳𝘵𝘢𝘣𝘭𝘦 𝘢𝘭𝘱𝘩𝘢 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘦𝘴 𝘵𝘰 𝘳𝘶𝘯 𝘭𝘪𝘲𝘶𝘪𝘥 𝘢𝘭𝘵𝘦𝘳𝘯𝘢𝘵𝘪𝘷𝘦 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘦𝘴 𝘢𝘯𝘥 𝘴𝘵𝘢𝘺 𝘤𝘰𝘮𝘱𝘭𝘪𝘢𝘯𝘵 𝘸𝘪𝘵𝘩 𝘠𝘰𝘶𝘳 𝘍𝘶𝘵𝘶𝘳𝘦, 𝘠𝘰𝘶𝘳 𝘚𝘶𝘱𝘦𝘳 𝘳𝘦𝘧𝘰𝘳𝘮𝘴." Imagine if US-based target date fund providers started adopting portable alpha because the DoL had an annual benchmark test. That's basically what is happening here. "[Duy To] 𝘴𝘢𝘪𝘥 𝘧𝘳𝘰𝘮 𝘢 𝘠𝘍𝘠𝘚 𝘱𝘦𝘳𝘴𝘱𝘦𝘤𝘵𝘪𝘷𝘦, 𝘵𝘩𝘦 𝘵𝘳𝘢𝘤𝘬𝘪𝘯𝘨 𝘦𝘳𝘳𝘰𝘳 𝘵𝘩𝘢𝘵 𝘺𝘰𝘶 𝘨𝘦𝘵 𝘪𝘴 𝘯𝘰𝘵 𝘸𝘰𝘳𝘵𝘩 𝘵𝘩𝘦 𝘱𝘰𝘵𝘦𝘯𝘵𝘪𝘢𝘭 𝘶𝘱𝘴𝘪𝘥𝘦 𝘧𝘰𝘳 𝘩𝘢𝘷𝘪𝘯𝘨 𝘭𝘪𝘲𝘶𝘪𝘥 𝘢𝘭𝘵𝘦𝘳𝘯𝘢𝘵𝘪𝘷𝘦𝘴 𝘪𝘯 𝘰𝘶𝘳 𝘚𝘈𝘈. 𝘐𝘯𝘴𝘵𝘦𝘢𝘥, 𝘈𝘔𝘗 𝘩𝘢𝘴 𝘱𝘶𝘴𝘩𝘦𝘥 𝘪𝘵𝘴 𝘢𝘭𝘵𝘦𝘳𝘯𝘢𝘵𝘪𝘷𝘦𝘴 𝘦𝘹𝘱𝘰𝘴𝘶𝘳𝘦, 𝘪𝘯𝘤𝘭𝘶𝘥𝘪𝘯𝘨 𝘷𝘢𝘭𝘶𝘦, 𝘤𝘢𝘳𝘳𝘺, 𝘵𝘳𝘦𝘯𝘥 𝘧𝘰𝘭𝘭𝘰𝘸𝘪𝘯𝘨, 𝘢𝘴 𝘸𝘦𝘭𝘭 𝘢𝘴 𝘴𝘰𝘮𝘦 𝘷𝘰𝘭 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘦𝘴, 𝘪𝘯𝘵𝘰 𝘰𝘷𝘦𝘳𝘭𝘢𝘺𝘴 𝘢𝘯𝘥 𝘱𝘰𝘳𝘵𝘢𝘣𝘭𝘦 𝘢𝘭𝘱𝘩𝘢 𝘴𝘵𝘳𝘶𝘤𝘵𝘶𝘳𝘦𝘴 𝘵𝘩𝘢𝘵 𝘴𝘪𝘵 𝘰𝘯 𝘵𝘰𝘱 𝘰𝘧 𝘣𝘦𝘯𝘤𝘩𝘮𝘢𝘳𝘬 𝘦𝘲𝘶𝘪𝘵𝘺 𝘪𝘯𝘥𝘪𝘤𝘦𝘴." From Georgia Reynolds: