Fund Evaluator:
Voya Target Retirement 2040 A (VTRJX)
Follow This Fund
Best Performing in Target-Date 2040 Over the Last Year
| 28.5% | SP Funds 2040 Target Date Investor (SPTBX) |
| 21.0% | Fidelity Advisor Freedom Blend 2040 Z (FHHFX) |
| 20.4% | Fidelity Advisor Sust Trgt Dt 2040 Z (FSYDX) |
| 20.3% | Victory Target Retirement 2040 (URFRX) |
| 20.3% | Fidelity Advisor Sust Trgt Dt 2040 I (FSYBX) |
Fund Details
Voya Target Retirement 2040 A Overview
Voya Target Retirement 2040 A (VTRJX) is an actively managed Allocation Target-Date 2040 fund. Voya launched the fund in 2015.
The investment seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2040. The fund invests primarily in a combination of underlying funds, which are actively managed funds or passively managed funds. The underlying funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the fund uses an asset allocation strategy designed for investors expecting to retire around the year 2040. The fund's current approximate target investment allocation among the underlying funds is as follows: 74% in equity securities and 26% in debt instruments.
About Voya Target Retirement 2040 A (VTRJX)
There are 2 members of the management team with an average tenure of 5.05 years: Barbara Reinhard (2019), Lanyon Blair (2023). 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 MSCI ACWI NR USD index with a weighting of 100%. Voya Target Retirement 2040 A has 16 securities in its portfolio. The top 10 holdings constitute 98.2% 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.
Voya Target Retirement 2040 A is part of the Allocation global asset class and is within the Allocation fund group. Voya Target Retirement 2040 A has 30.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 51.7%. There is 28.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 18.3% (16.9% domestic bond, 1.4% foreign bond and 0.0% convertible bond). Voya Target Retirement 2040 A has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $31 million in total assets, which is below the $1 billion average for the Target-Date 2040 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.
VTRJX 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 Voya Target Retirement 2040 A expense ratio is above average compared to funds in the Target-Date 2040 category. Voya Target Retirement 2040 A has an expense ratio of 0.61%, which is 10% lower than its category average, making the fund expense ratio grade a C. 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. Voya Target Retirement 2040 A has a portfolio turnover rate of 79%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 22% for the Target-Date 2040 category.
Recently, in the month of July 2026, Voya Target Retirement 2040 A returned -1.0%, which earned it a grade of D, as the Target-Date 2040 category had an average return of -0.8%. 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.
Voya Target Retirement 2040 A has a trailing yield of 2.35%, which is above the 1.91% 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.
Voya Target Retirement 2040 A Grades
Year to date, the fund has returned 9.6%, 0.8 percentage points better than the category, which translates into a grade of B. The fund has returned 19.1% over the past year (grade of A), 15.2% over the past three years (grade of B) and 8.4% per year over the past five years (grade of B) and 10.4% per year over the past 10 years (grade of B).
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VTRJX 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 |
|
| VTRJX Return (NAV) | -1.0% | 2.9% | 19.1% | 15.2% | 8.4% | 10.4% |
| VTRJX Grade | D | B | A | B | B | B |
| +/- Category | -0.2% | 0.1% | 2.0% | 1.0% | 0.7% | 0.5% |
| Target-Date 2040 Avg | -0.8% | 2.8% | 17.2% | 14.2% | 7.7% | 10.0% |
| VTRJX Tax Cost Ratio | na | na | 3.1% | 1.5% | 2.2% | 1.8% |
VTRJX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VTRJX Return (NAV) | 9.6% | 18.9% | 13.4% | 18.8% | -18.6% | 17.3% | 16.7% | 23.4% | -8.7% | 19.9% | 7.2% |
| VTRJX Grade | B | B | B | B | F | A | B | D | D | D | D |
| +/- Category | 0.8% | 1.5% | 0.6% | 0.9% | -1.2% | 1.6% | 1.4% | -0.4% | -0.8% | -0.1% | -0.6% |
| Target-Date 2040 Avg | 8.8% | 17.4% | 12.8% | 17.9% | -17.4% | 15.7% | 15.3% | 23.8% | -7.9% | 20.1% | 7.8% |
| Risk Measures | |
| Standard Deviation: | 11.2% |
| Total Risk Index: | 0.91 - Average |
| Category Risk Index: | 1.05 - Above Average |
| Category Risk Grade: | D (77% Rank) |
| Beta: | 1.16 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $144 Mil |
| Fund Total Assets: | $ 31 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 79% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.8 years | |||
| Average Tenure: 5.0 years | |||
| Managers (Year): Reinhard Barbara (2019), Blair Lanyon (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 16 |
| % in Top 10 Holdings: | 98.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 30.3% |
Portfolio Allocation |
|
| Domestic Stock: | 51.7% |
| Foreign Stock: | 28.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 16.9% |
| Foreign Bond: | 1.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.0% |
Purchase Information
| Fund Family: | Voya |
| Phone Number: | 800-992-0180 |
| Website: | www.voyainvestments.com |
| Status: | Open |
| Inception Date: | December 21, 2015 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | No |
| Front Load Maximum: | 5.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.61% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.67% |
| Share Class: | Voya Target Retirement 2040 I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
