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Compare that figure with the 10.1 annualized gains of concentrated funds with 30 or fewer stocks.
That means the allocation will shift to more bonds and fewer stocks as the date gets closer.
Active managers often have fewer stocks inside their funds as well, and that can create higher, more concentrated risks than index funds have.
And a lot of Wall Street firms now cover many fewer stocks, making it particularly hard for small companies to win attention.Similarly, new rules drawn up after the mutual-fund scandals have been a mixed blessing.
Their service-based economies have fewer stocks to liquidate.The rundown in stocks across the euro area may have cut as much as 1% off GDP during the first quarter, reckons Julian Callow at Barclays Capital.
With fewer stocks to manage, the S.& P./Topix 150 is cheaper to operate, so its expense ratio is 0.5percentt, compared with 0.84percentt for the MSCI fund.
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The upshot would be a world with fewer stock animals.
The bulk of the decline came from fewer stock options.
He earned a $2 million salary, down from $4.8 million, and fewer stock and option awards.
Mr. Galvin said he would have approved far fewer stock offerings had he known how public offering allocations were abused.
The trend was to hand out fewer stock options and more cash and outright stock grants.
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