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Stable value fund
A stable value fund is a type of investment available in 401(k) plans and other defined contribution plans as well as some 529 or tuition assistance plans.〔(【引用サイトリンク】url=http://stablevalue.org/knowledge/faqs )〕 Stable value funds are often made available in these plans under a name that intends to describe the nature of the fund (such as ''capital preservation fund'', ''fixed-interest fund'', ''capital accumulation fund'', ''principal protection fund'', ''guaranteed fund'', ''preservation fund'', or ''income fund'' among others). They offer principal preservation, predictable returns, and a rate higher than similar options without proportionately increasing risk. The funds are structured in various ways, but in general they are composed of high quality, diversified fixed income portfolios that are protected against interest rate volatility by contracts from banks and insurance companies.〔 For example, a stable value fund may hold highly rated government or corporate debt, asset-backed securities, residential and commercial mortgage-backed securities, and cash equivalents.〔Lemke and Lins, ERISA for Money Managers, §2:135 (Thomson West, 2013 ed.).〕 Stable value funds are designed to preserve principal while providing steady, positive returns, and are considered one of the lowest risk investment options offered in 401(k) plans.〔 Stable value funds have recently been returning an average of 2.86% as of April 2012, higher than the 0.03% offered by money-market funds, and are offered in around 189,000 retirement plans.〔
== Explanation ==
The investment objective of stable value funds is to provide capital preservation and predictable, steady returns.〔 During the 2008 financial crisis, stable value funds were one of the few 401(k) investments that produced a positive return; stable value fund returns generally ranged between 3 and 5 percent for 2008.〔
Stable value funds generally invest in high credit rating bonds, typically AAA and AA, and then “wrap” them with contracts issued by banks and insurance companies that help smooth out the returns of the underlying portfolio of bonds.〔(【引用サイトリンク】url=https://www.retireonline.com/rpsparticipant/education_center/The_Way_Forward/Frequently_asked_questions_about_stable_value_funds.jsp )〕 The wrap protects the fund in times of market volatility by smoothing out the losses and gains of the underlying investments over the duration of the fund.〔 Another popular stable value structure is the general account product which provides a fixed rate of return for a stated period backed by the full faith and credit of the insurance company and transfers investment risks to the insurer as well.〔(【引用サイトリンク】url=https://galliardcapital.worldsecuresystems.com/LiteratureRetrieve.aspx?ID=152562 )〕 Stable value funds have a level of risk and stability similar to that of money market funds but generate higher returns.〔〔
Stable value funds are offered in approximately half of all 401(k) plans and some 529 tuition savings plans. Individuals have invested $701.3 billion in stable value funds through 189,000 defined contribution plans, which include 457, 403(b) and 401(k) plans as of December 31, 2012.〔
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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