LifePath® Dynamic Funds: A modern approach to target date funds

What is a Morningstar rating and why do we care?
Every year Morningstar rates a wide range of investment funds, including target date series, using five pillars: people, process, parent (that’s the firm), performance and price. Basically they ask, is a strategy well positioned to outperform over time?
Depending on the answer, they may be given a bronze, silver or gold rating – we’re proud that LifePath Dynamic – our actively managed target date funds - received a gold rating.
We care not because it’s a headline—but because it tells us we’ve built something that can make a real impact.

What makes LifePath Dynamic different?

It combines two powerful levers often treated separately—long-term lifecycle design and active market positioning.
We’re not a traditional fund-of-funds. We build portfolios with a focused set of high-conviction strategies that each play a distinct role in driving returns. Less overlap. More intentional risk.
How do we think about LifePath Dynamic?
1) Returns
Since 2017, monthly LifePath Dynamic returns have outperformed on average ~97% of the time across vintages.
2) Consistency

Participants can’t choose the market they retire in – so we built LifePath Dynamic to deliver across time and market regimes, not cherry-picked points in time.

3) Impact
Small return differences compound into big outcomes – so we aim for consistent performance that translates into more spending power in retirement.It’s a good thing that people are living longer. But they shouldn’t have to work longer. Helping them afford a decades-long retirement - that’s our north star.You should consider the investment objectives, risks, charges and expenses of each fund carefully before investing. The prospectuses and, if available, the summary prospectuses contain this and other information about the funds, and are available, along with information on other BlackRock funds, by calling 800-882-0052 or from your financial professional. The prospectuses and, if available, the summary prospectuses should be read carefully before investing.

Performance data quoted represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. All returns assume reinvestment of all dividend and capital gain distributions. Click here to obtain standardized performance of each vintage. 

[Gold medal]

Morningstar awarded the LifePath Dynamic Funds a gold medal effective April 25, 2026.

The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by the global.morningstar.com/managerdisclosures/. The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

Analyst-Driven %

100%

Data-Coverage %

100%

Analyst Driven % is the analyst input into the overall rating assignment, including direct analyst coverage and inheritance of an analyst-rated pillar. Data Coverage % is available input data for rating calculation at the Pillar level.Prepared by BlackRock Investments, LLC, member FINRA.

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Even a small improvement in portfolio returns can make a big impact on financial security. Easier said than done. But, it’s precisely what we aim to achieve with our series of actively managed target date funds.

[Show on screen] Meet LifePath Dynamic.

Our goal for LifePath Dynamic is straightforward: Achieve consistent excess returns across market environments.

We’re aiming to deliver annualized returns that exceed our LifePath Index funds. A boost that, over time, can generate additional spending power in retirement.

Our differentiated approach:

• Lifecycle design
• Investment breadth
• And quality control

[On screen] Lifecycle design

With an active target date fund, lifecycle design matters. Both in terms of participant outcomes – and for measuring success.

Our approach is time-tested, with a glidepath that changes as a participant does and aims to deliver the consistent spending they want in retirement.

By using the same glidepath in our active and index funds, we can make it easier for plan sponsors and their advisors to measure the value of active management.

[On screen] Investment breadth

Have you thought about whether your active target date fund might be over-diversified?

Some providers take a kitchen-sink, fund-of-funds approach to asset allocation – but the risk is that you wind up with index-like returns at an active-price-point.

That’s why investment breadth matters. With BlackRock’s expansive active investment platform and hundreds of strategies at our fingertips, we handpick the most suitable underlying active managers .

We also use proprietary macro-economic research to make decisions about where to introduce active asset allocation insights, only changing course if we find something the market hasn't yet priced in -- and making sure we’re aware of the risks when we do it.

And instead of limiting ourselves to mutual funds, we leverage a full institutional toolkit.

The result? Intentional exposures, improved precision, and reduced overall portfolio risk for participants – delivered with the convenience our investors expect.

[On screen] Quality control

There are risks to lifecycle investing . But when it comes to the active risks in LifePath Dynamic, we rely on our tech and our people.

Aladdin®, our proprietary portfolio management software, helps us ensure that every risk exposure is precise, intentional, lowly correlated, and drives expected excess returns.

And at the end of the day, it’s one portfolio, managed by one team, with one outcome in mind - a better participant experience.

It’s how we’ve been able to grow participant balances and strive to protect those balances in even the most challenging market environments.

[On screen] LifePath Dynamic

LifePath Dynamic. It serves up the kind of sophisticated portfolio construction that large institutions, pension funds, and high-net-worth individuals expect.

So, ask yourself “why shouldn't my retirement plan participants benefit from these approaches to portfolio construction, too?”

With LifePath Dynamic, they can .