Donald G. Bennyhoff is a senior investment strategist for Vanguard Investment Strategy Group. He is a member of the group responsible for capital markets research and the asset allocations used in Vanguard’s fund-of-fund solutions, such as the Target Retirement Funds. The group is also responsible for maintaining and enhancing the investment methodology used for advice-based relationships with high-net-worth and institutional clients. In addition, Mr. Bennyhoff has authored a number of research papers on topics of concern for institutional and ultra-high-net-worth audiences. He earned a bachelor’s degree from Furman University, has been in the financial services industry since 1991, and is a CFA charterholder. CFA® is a registered trademark owned by CFA Institute.