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MassMutual RetireSMART by JPMorgan In Retirement Fund
mutual fund
MRDAX
Payout Change
Pending
Price as of:
$10.85
+0.01
+0.09%
primary theme
Target Date
share class
MRDAX (Mutual Fund)
MassMutual RetireSMART by JPMorgan In Retirement Fund
Payout Change
Pending
Price as of:
$10.85
+0.01
+0.09%
primary theme
Target Date
share class
MRDAX (Mutual Fund)
MassMutual RetireSMART by JPMorgan In Retirement Fund
Payout Change
Pending
Price as of:
$10.85
+0.01
+0.09%
primary theme
Target Date
share class
Name
As of 12/11/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
9.2%
1 yr return
10.2%
3 Yr Avg Return
1.5%
5 Yr Avg Return
4.0%
Net Assets
$73.9 M
Holdings in Top 10
80.1%
52 WEEK LOW AND HIGH
$10.8
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.24%
SALES FEES
Front Load 5.50%
Deferred Load N/A
TRADING FEES
Turnover 28.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/11/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
MRDAX - Profile
Distributions
- YTD Total Return 9.2%
- 3 Yr Annualized Total Return 1.5%
- 5 Yr Annualized Total Return 4.0%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.45%
- Dividend Yield 2.4%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameMassMutual RetireSMART by JPMorgan In Retirement Fund
-
Fund Family NameMASSMUTUAL FUNDS
-
Inception DateJan 26, 2004
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerFrederick(Rick) Schulitz
Fund Description
Principal Investment Strategies
The Fund is a “fund of funds” that seeks to achieve its investment objective by investing in a combination of U.S. domestic and international mutual funds (“Underlying Funds”) using an asset allocation strategy designed for investors who are retired or expect to retire soon. The Fund is advised by MML Investment Advisers, LLC (“MML Advisers”) and subadvised by J.P. Morgan Investment Management Inc. (“J.P. Morgan”). J.P. Morgan has responsibility for determining the Fund’s strategic asset allocation and tactical asset allocation (adjusting the Fund’s specific exposures in response to changes in market conditions). MML Advisers has overall responsibility for the Fund and for implementing those allocations
through the selection of, and allocations to, Underlying Funds.
Underlying Funds will include a combination of MassMutual Funds advised by MML Advisers and J.P. Morgan Funds advised by J.P. Morgan or its affiliates, and may also include other, non-affiliated mutual funds. Underlying Funds may invest in various asset classes, including equity securities, fixed income securities, and money market instruments. Underlying Funds may also invest some or all of their assets in commodities or commodities-related investments. The Fund will typically invest 80% or more of its assets in mutual funds advised by MML Advisers, J.P. Morgan, or affiliates of J.P. Morgan, including typically a 15% to 35% allocation to mutual funds advised or subadvised by J.P. Morgan or its affiliates. Non-affiliated Underlying Funds in which the Fund may invest are typically passively managed funds that seek to track the performance of a particular market index, which may be broad-based or relate to a particular sector, market, region, or industry.
The Fund’s assets are allocated among Underlying Funds according to an asset allocation strategy that emphasizes fixed income and money market funds, but also includes smaller allocations to equity and certain other funds.
The table below shows the Fund’s strategic target allocations among asset and sub-asset classes as of February 1, 2024.
| | Strategic Target Allocations(1) | | | | | | ||
| | Fixed Income | | | | | 55.00% | | |
| | U.S. Fixed Income | | | | | 41.60% | | |
| | Inflation Managed | | | | | 5.00% | | |
| | High Yield Fixed Income | | | | | 6.60% | | |
| | Emerging Markets Debt | | | | | 1.80% | | |
| | Equity | | | | | 40.00% | | |
| | U.S. Large Cap Equity | | | | | 21.15% | | |
| | U.S. Mid Cap Equity | | | | | 2.80% | | |
| | U.S. Small Cap Equity | | | | | 1.55% | | |
| | REITs | | | | | 0.80% | | |
| | International Equity | | | | | 10.00% | | |
| | Emerging Markets Equity | | | | | 3.70% | | |
| | Money Market/Cash and Cash Equivalents | | | | | 5.00% | | |
| | Money Market/Cash and Cash Equivalents | | | | | 5.00% | | |
The Fund utilizes Underlying Funds to implement its strategic target allocations.
Note: Above allocations may not sum up to 100% due to rounding.
The Fund’s actual allocations at any time will likely differ from those shown in the table above due to a number of factors, including, among others,
changes made by J.P. Morgan to those strategic target allocations or changes arising from tactical allocations of the Fund’s investments, cash flows into and out of the Fund, and appreciation/depreciation of the Fund’s investments in different asset classes.
J.P. Morgan will periodically assess the strategic target allocations shown above, and may make adjustments to them, taking into account various factors, such as current market conditions, assumptions regarding future market performance, time horizon, and data on the savings and spending behavior of investors. Based on J.P. Morgan’s assessment, these adjustments may include modifying the existing allocations among asset classes or, among other things, adding or removing asset classes or maintaining asset allocations for longer or shorter periods of time. As a result of J.P. Morgan’s ability to make these modifications, the Fund’s actual allocations may differ from the strategic target allocations shown above by as much as +/- 15%. In addition, as J.P. Morgan monitors the risk profile of the Fund in various market environments, it may determine that conditions are not favorable and that deviations beyond +/- 15% are necessary to substantially reduce risk in order to preserve capital.
The Fund will normally invest most of its assets in Underlying Funds advised by MML Advisers, J.P. Morgan, or affiliates of J.P. Morgan (which may include a fund or funds subadvised by J.P. Morgan); the Fund will normally invest no more than 20% of its assets in mutual funds not advised by MML Advisers, J.P. Morgan, or affiliates of J.P. Morgan (referred to here as “non-affiliated” funds). MML Advisers will select Underlying Funds from among mutual funds advised by it or J.P. Morgan or its affiliates even though they may have higher expense ratios or less favorable historical performance than non-affiliated funds, and MML Advisers will have no obligation to select the least expensive or best performing funds available to serve as Underlying Funds. In addition, MML Advisers will likely seek to invest assets in funds advised or subadvised by J.P. Morgan or its affiliates in an amount sufficient to ensure an appropriate level of revenue to J.P. Morgan. J.P. Morgan will be subject to a conflict of interest in determining the Fund’s assets allocations, because it might expect to benefit financially by allocating the Fund’s assets to asset classes where MML Advisers would be likely to invest in mutual funds advised or subadvised by J.P. Morgan or its affiliates. These conflicts of interest may result in a
portfolio of Underlying Funds that achieves a level of performance, or incurs higher fees, less favorable to the Fund than if MML Advisers or J.P. Morgan did not consider such factors or were not subject to such conflicts of interest. There may be circumstances where MML Advisers’ possession of non-public information regarding an Underlying Fund will limit the ability of the Fund to buy or sell shares in that Underlying Fund when it might otherwise do so, which might adversely affect the investment performance of the Fund.
The table below shows the Fund’s approximate allocation, as of January 12, 2024, to Underlying Funds in which the Fund invests 5% or more of its assets. Other Underlying Funds in which the Fund invests are listed under “Additional Information Regarding Investment Objectives and Principal Investment Strategies” in the Fund’s Prospectus. MML Advisers may in its absolute discretion modify the selection of Underlying Funds at any time and from time to time, and may invest the Fund’s assets in additional or different Underlying Funds, including Funds that may be created in the future. At any given time, the Fund’s allocations to Underlying Funds may be affected by a variety of factors (such as, for example, whether an Underlying Fund is accepting additional investments). Information regarding the Fund’s actual allocations to Underlying Funds is available in the Fund’s shareholder reports and at https://www.massmutual.com/funds from time to time. A brief description of the Underlying Funds is included in Appendix D of the Statement of Additional Information (“SAI”).
| | MM Equity Asset Fund | | | | | 9.33% | | |
| | MassMutual Core Bond Fund | | | | | 22.74% | | |
| | Vanguard Total Bond Market Index Fund | | | | | 5.82% | | |
| | MassMutual Total Return Bond Fund | | | | | 7.63% | | |
| | MassMutual Strategic Bond Fund | | | | | 7.61% | | |
| | MassMutual High Yield Fund | | | | | 7.31% | | |
| | JPMorgan U.S. Government Money Market Fund | | | | | 8.41% | | |
Through its investments in Underlying Funds, the Fund will be exposed to a wide range of securities and other instruments with differing characteristics (such as credit quality, duration, geography, industry, and market capitalization), which may include without limitation equity securities of small-, mid-, or large-capitalization U.S. or non-U.S. issuers (including issuers that may only recently have become public companies), fixed income securities of U.S. or non-U.S. private or governmental issuers (including “junk” or “high yield” bonds, including securities in default),
inflation-protected securities, bank loans, and short-term investments of any kind. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stock, real estate investment trusts (“REITs”), rights, and warrants. An Underlying Fund may engage in foreign currency exchange transactions, including forward contracts, options on currency, futures contracts, and swap contracts, to take long or short positions in foreign currencies in order to enhance its investment return or to attempt to protect against adverse changes in currency exchange rates. An Underlying Fund may be permitted to use a wide variety of additional exchange-traded and over-the-counter derivatives, including options, futures contracts, swap contracts (including interest rate swaps, total return swaps, and credit default swaps), and hybrid instruments. An Underlying Fund may typically use these derivatives for hedging purposes, as a substitute for direct investments, to earn additional income, to gain exposure to securities or markets in which it might not be able to invest directly, or to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Fund’s portfolio of debt securities. Use of derivatives by an Underlying Fund may create investment leverage. An Underlying Fund may enter into repurchase agreement transactions. An Underlying Fund may invest in mortgage-backed or other asset-backed securities. An Underlying Fund may enter into dollar roll or reverse repurchase agreement transactions. Some investments by an Underlying Fund may be restricted as to resale or otherwise considered to be illiquid. An Underlying Fund may engage in active and frequent trading and so could have a relatively high portfolio turnover rate. The Fund will bear a pro rata share of the Underlying Funds’ expenses. The Fund also bears all of the risks associated with the investment strategies used by the Underlying Funds.
MRDAX - Performance
Return Ranking - Trailing
| Period | MRDAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 9.2% | 1.4% | 14.8% | 44.26% |
| 1 Yr | 10.2% | 2.4% | 15.1% | 31.15% |
| 3 Yr | 1.5%* | -3.2% | 4.6% | 47.51% |
| 5 Yr | 4.0%* | 0.7% | 6.1% | 45.91% |
| 10 Yr | 3.8%* | 1.9% | 5.4% | 69.62% |
* Annualized
Return Ranking - Calendar
| Period | MRDAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 8.0% | -9.8% | 12.8% | 22.40% |
| 2022 | -20.4% | -38.3% | -3.8% | 90.71% |
| 2021 | -4.6% | -9.1% | 10.3% | 88.95% |
| 2020 | 3.5% | -13.4% | 12.6% | 90.00% |
| 2019 | 11.4% | -1.1% | 13.9% | 15.67% |
Total Return Ranking - Trailing
| Period | MRDAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 9.2% | 1.4% | 14.8% | 44.26% |
| 1 Yr | 10.2% | 2.4% | 15.1% | 31.15% |
| 3 Yr | 1.5%* | -3.2% | 4.6% | 47.51% |
| 5 Yr | 4.0%* | 0.7% | 6.1% | 45.91% |
| 10 Yr | 3.8%* | 1.9% | 5.4% | 69.62% |
* Annualized
Total Return Ranking - Calendar
| Period | MRDAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 11.0% | -9.8% | 15.4% | 36.61% |
| 2022 | -14.6% | -16.9% | -2.9% | 87.43% |
| 2021 | 6.8% | -3.8% | 10.3% | 35.91% |
| 2020 | 9.3% | -13.4% | 16.6% | 56.88% |
| 2019 | 14.4% | 6.9% | 25.2% | 41.79% |
NAV & Total Return History
MRDAX - Holdings
Concentration Analysis
| MRDAX | Category Low | Category High | MRDAX % Rank | |
|---|---|---|---|---|
| Net Assets | 73.9 M | 3.58 M | 35.6 B | 77.17% |
| Number of Holdings | 24 | 2 | 1478 | 47.83% |
| Net Assets in Top 10 | 55 M | 3.08 M | 36.5 B | 69.57% |
| Weighting of Top 10 | 80.11% | 4.6% | 124.2% | 63.64% |
Top 10 Holdings
- MASSMUTUAL CORE BOND I 28.42%
- MM EQUITY ASSET FUND I 10.65%
- MASSMUTUAL TTL RTRN BND I 7.23%
- MASSMUTUAL HIGH YIELD I 6.70%
- VANGUARD TTL BD MKT IDX ADM 5.53%
- MASSMUTUAL INFL PR + INC I 5.04%
- JPMORGAN US GOVT MMKT IM 4.90%
- VANGUARD DEV MKT INDX ADM 4.68%
- MASSMUTUAL EQUITY OPPORT I 3.50%
- MASSMUTUAL OVERSEAS I 3.45%
Asset Allocation
| Weighting | Return Low | Return High | MRDAX % Rank | |
|---|---|---|---|---|
| Stocks | 100.21% | 0.00% | 100.21% | 3.80% |
| Convertible Bonds | 0.54% | 0.00% | 6.56% | 64.67% |
| Preferred Stocks | 0.00% | 0.00% | 11.70% | 74.46% |
| Other | 0.00% | -0.01% | 5.62% | 69.57% |
| Cash | 0.00% | -24.70% | 53.61% | 99.46% |
| Bonds | 0.00% | 0.00% | 109.30% | 88.59% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MRDAX % Rank | |
|---|---|---|---|---|
| Technology | 16.20% | 16.20% | 25.61% | 100.00% |
| Financial Services | 15.52% | 11.53% | 20.26% | 42.57% |
| Healthcare | 13.85% | 6.38% | 14.87% | 12.16% |
| Consumer Cyclical | 11.53% | 4.61% | 13.00% | 12.16% |
| Industrials | 10.72% | 7.75% | 12.84% | 54.05% |
| Real Estate | 7.47% | 1.86% | 19.30% | 43.24% |
| Consumer Defense | 7.21% | 4.27% | 8.57% | 29.05% |
| Communication Services | 6.68% | 4.20% | 8.42% | 66.89% |
| Basic Materials | 4.63% | 2.71% | 8.17% | 49.32% |
| Energy | 3.56% | 2.88% | 13.48% | 99.32% |
| Utilities | 2.63% | 1.85% | 8.79% | 70.27% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MRDAX % Rank | |
|---|---|---|---|---|
| US | 100.21% | 0.00% | 100.21% | 3.80% |
| Non US | 0.00% | 0.00% | 17.40% | 75.00% |
MRDAX - Expenses
Operational Fees
| MRDAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.24% | 0.05% | 13.27% | 20.22% |
| Management Fee | 0.00% | 0.00% | 0.78% | 23.26% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 43.75% |
| Administrative Fee | 0.15% | 0.01% | 0.29% | 63.64% |
Sales Fees
| MRDAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 5.50% | 2.75% | 5.75% | 42.11% |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| MRDAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| MRDAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 28.00% | 0.00% | 121.26% | 43.51% |
MRDAX - Distributions
Dividend Yield Analysis
| MRDAX | Category Low | Category High | MRDAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.45% | 0.00% | 9.37% | 69.57% |
Dividend Distribution Analysis
| MRDAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| MRDAX | Category Low | Category High | MRDAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.45% | -0.06% | 5.71% | 12.21% |
Capital Gain Distribution Analysis
| MRDAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Semi-Annually | Semi-Annually | Semi-Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 18, 2023 | $0.266 | OrdinaryDividend |
| Dec 19, 2022 | $0.428 | OrdinaryDividend |
| Dec 19, 2022 | $0.246 | CapitalGainLongTerm |
| Dec 21, 2021 | $0.208 | OrdinaryDividend |
| Dec 21, 2021 | $0.087 | CapitalGainShortTerm |
| Dec 21, 2021 | $1.072 | CapitalGainLongTerm |
| Dec 18, 2020 | $0.377 | OrdinaryDividend |
| Dec 18, 2020 | $0.302 | CapitalGainLongTerm |
| Dec 20, 2019 | $0.223 | OrdinaryDividend |
| Dec 20, 2019 | $0.000 | CapitalGainShortTerm |
| Dec 20, 2019 | $0.095 | CapitalGainLongTerm |
| Dec 21, 2018 | $0.010 | CapitalGainShortTerm |
| Dec 21, 2018 | $0.141 | CapitalGainLongTerm |
| Dec 21, 2018 | $0.352 | OrdinaryDividend |
| Dec 22, 2017 | $0.164 | OrdinaryDividend |
| Dec 22, 2016 | $0.214 | OrdinaryDividend |
| Aug 26, 2010 | $0.230 | ExtraDividend |
| Dec 19, 2008 | $0.451 | OrdinaryDividend |
| Aug 26, 2008 | $0.005 | OrdinaryDividend |
| Aug 26, 2008 | $0.053 | CapitalGainShortTerm |
| Aug 26, 2008 | $0.171 | CapitalGainLongTerm |
| Dec 20, 2007 | $0.410 | OrdinaryDividend |
| Dec 07, 2007 | $0.019 | CapitalGainShortTerm |
| Dec 07, 2007 | $0.160 | CapitalGainLongTerm |
| Aug 28, 2007 | $0.015 | CapitalGainShortTerm |
| Aug 28, 2007 | $0.199 | CapitalGainLongTerm |
| Dec 27, 2006 | $0.325 | OrdinaryDividend |
| Dec 27, 2006 | $0.056 | CapitalGainLongTerm |
| Aug 29, 2006 | $0.089 | CapitalGainLongTerm |
| Dec 29, 2005 | $0.353 | OrdinaryDividend |
| Dec 29, 2005 | $0.015 | CapitalGainShortTerm |
| Dec 29, 2005 | $0.024 | CapitalGainLongTerm |
| Aug 30, 2005 | $0.031 | CapitalGainShortTerm |
| Aug 30, 2005 | $0.012 | CapitalGainLongTerm |
| Dec 30, 2004 | $0.273 | OrdinaryDividend |
| Dec 30, 2004 | $0.003 | CapitalGainShortTerm |
| Dec 30, 2004 | $0.038 | CapitalGainLongTerm |
MRDAX - Fund Manager Analysis
Managers
Frederick(Rick) Schulitz
Start Date
Tenure
Tenure Rank
Dec 01, 2006
15.51
15.5%
Mr. Schulitz, an Investment Director and portfolio manager, joined MML Advisers in 2014. Mr. Schulitz is also an Investment Director for the Retirement Services Investment Services Division of MassMutual, which he joined in 2006. Prior to joining MassMutual, Mr. Schulitz held Director positions at Prudential Retirement and ING.
Daniel Oldroyd
Start Date
Tenure
Tenure Rank
Sep 24, 2018
3.68
3.7%
Daniel Oldroyd, CFA, CAIA, Managing Director, is a portfolio manager for the Global Multi-Asset Group, focusing on the JPMorgan SmartRetirement target-date funds. An employee since 2000, he has held several positions including that of investment strategist for JPMorgan Retirement Plan Services responsible for communicating investment management information to Retirement Plan Services' clients and providing ongoing monitoring of plan's investment options. Prior to this, he was responsible for manager research of nonproprietary investment managers for JPMorgan Retirement Plan Services. Dan holds a B.S. with honors in finance and international business from Georgetown University. Dan is a CFA and CAIA charterholder, holds NASD Series 7 and 63 licenses, and is a member of NYSSA, The CFA Institute, and the CAIA Association.
Silvia Trillo
Start Date
Tenure
Tenure Rank
Feb 01, 2020
2.33
2.3%
Ms. Trillo, Managing Director, has been an employee of J.P. Morgan Investment Management Inc. and a member of Multi-Asset Solutions since 2011 and a portfolio manager of the Fund since 2019.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 17.59 | 6.41 | 3.75 |
