Fund Evaluator:
State Street Target Retirement I (SSFNX)
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Best Performing in Target-Date Retirement Over the Last Year
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Fund Details
State Street Target Retirement I Overview
State Street Target Retirement I (SSFNX) is an actively managed Allocation Target-Date Retirement fund. State Street Investment Management launched the fund in 2014.
The investment seeks current income and, secondarily, capital growth. SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM") manages the Target Retirement Fund using a proprietary asset allocation strategy. The fund is a "fund of funds" that invests in a combination of mutual funds and ETFs sponsored by the Adviser or its affiliates ("underlying funds"). Its assets are allocated among the underlying funds according to a target asset allocation strategy that emphasizes fixed income, but also includes a smaller allocation to equity and certain other asset classes.
About State Street Target Retirement I (SSFNX)
There are 2 members of the management team with an average tenure of 6.39 years: Michael Narkiewicz (2018), Seamus Quinn (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and State Street Trgt Retirement Comp TR USD index with a weighting of 100%. State Street Target Retirement I has 12 securities in its portfolio. The top 10 holdings constitute 99.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
State Street Target Retirement I is part of the Allocation global asset class and is within the Allocation fund group. State Street Target Retirement I has 14.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 21.6%. There is 12.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 61.1% (58.3% domestic bond, 2.8% foreign bond and 0.0% convertible bond). State Street Target Retirement I has 4.9% of the portfolio in cash.
Assets Under Management
The fund has $3 million in total assets, which is below the $487 million average for the Target-Date Retirement category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SSFNX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The State Street Target Retirement I expense ratio is below average compared to funds in the Target-Date Retirement category. State Street Target Retirement I has an expense ratio of 0.29%, which is 55% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. State Street Target Retirement I has a portfolio turnover rate of 19%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 28% for the Target-Date Retirement category.
Recently, in the month of July 2026, State Street Target Retirement I returned 0.1%, which earned it a grade of A, as the Target-Date Retirement category had an average return of -0.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
State Street Target Retirement I has a trailing yield of 3.28%, which is above the 3.19% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
State Street Target Retirement I Grades
Year to date, the fund has returned 5.2%, 1.3 percentage points better than the category, which translates into a grade of A. The fund has returned 10.3% over the past year (grade of A), 8.9% over the past three years (grade of B) and 4.1% per year over the past five years (grade of B) and 5.6% per year over the past 10 years (grade of A).
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SSFNX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SSFNX Return (NAV) | 0.1% | 1.1% | 10.3% | 8.9% | 4.1% | 5.6% |
| SSFNX Grade | A | B | A | B | B | A |
| +/- Category | 0.7% | 0.1% | 1.5% | 0.8% | 0.6% | 0.7% |
| Target-Date Retirement Avg | -0.6% | 1.0% | 8.9% | 8.2% | 3.6% | 4.9% |
| SSFNX Tax Cost Ratio | na | na | 1.7% | 1.8% | 1.8% | 1.4% |
SSFNX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SSFNX Return (NAV) | 5.2% | 10.9% | 7.1% | 10.7% | -12.2% | 6.9% | 10.3% | 14.0% | -2.5% | 8.9% | 5.3% |
| SSFNX Grade | A | C | B | C | B | A | B | B | B | C | B |
| +/- Category | 1.3% | 0.3% | 0.7% | 0.6% | 0.4% | 1.5% | 1.1% | 1.3% | 0.8% | 0.1% | 0.3% |
| Target-Date Retirement Avg | 4.0% | 10.6% | 6.4% | 10.1% | -12.6% | 5.4% | 9.1% | 12.7% | -3.3% | 8.8% | 5.0% |
| Risk Measures | |
| Standard Deviation: | 6.0% |
| Total Risk Index: | 0.49 - Below Average |
| Category Risk Index: | 0.95 - Below Average |
| Category Risk Grade: | B (38% Rank) |
| Beta: | 0.63 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 3.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1378 Mil |
| Fund Total Assets: | $ 3 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 19% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 8.5 years | |||
| Average Tenure: 6.4 years | |||
| Managers (Year): Narkiewicz Michael (2018), Quinn Seamus (2022) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 12 |
| % in Top 10 Holdings: | 99.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 14.8% |
Portfolio Allocation |
|
| Domestic Stock: | 21.6% |
| Foreign Stock: | 12.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 58.3% |
| Foreign Bond: | 2.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.5% |
| Cash: | 4.9% |
Purchase Information
| Fund Family: | State Street Investment Management |
| Phone Number: | 800-997-7327 |
| Website: | www.ssrfunds.com |
| Status: | Open |
| Inception Date: | September 30, 2014 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.29% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.65% |
| Share Class: | State Street Target Retirement K |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
