The fund seeks to approximate, before fees and expenses, the total return of the Dow Jones Target 2055 Index. The fund offers Administrator, Institutional, and Investor share classes.
According to a press release, the Target 2055 Fund is designed to meet the investment needs of investors who are just beginning the accumulation phase of their lives, with more than 40 years ahead of them until retirement. The fund offers investors 90% equity risk exposure, providing young investors with greater return potential.
Global Index Advisors (GIA) will manage the Target 2055 Fund as the fund’s sub-adviser, and will maintain the model that generates the risk allocation used in establishing equity, bond, and cash allocations for the fund. State Street Global Advisors (SSgA) is the manager for the underlying equity and bond portfolios, and Wells Capital Management is responsible for managing the cash portfolio.
“We believe that starting early is the best way for investors to achieve their long–term retirement goals,” said Andrew Owen, head of the Marketing, Investments and Product team with Wells Fargo Funds Management, the adviser to Wells Fargo Advantage Funds, in the announcement. “With that in mind, the Wells Fargo Advantage Dow Jones Target 2055 Fund now offers investors who are embarking on their careers the opportunity to establish a retirement plan that is well diversified across a broad range of asset classes and investment styles based on their time horizon until retirement.”