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I Fund

International Stock Index Investment Fund

First, let's answer a few questions.

  • Investment in the I Fund offers the opportunity to experience gains from equity ownership of non-U.S. companies. Because it represents the stocks of companies in many developed countries (excluding the U.S.), it is an excellent way to diversify the stock portion of your TSP allocation.

  • I Fund returns move up and down with the returns in the MSCI EAFE (market risk). The EAFE Index (and the I Fund returns) will rise or fall as the value of the U.S. dollar decreases or increases relative to the value of the currencies of the countries represented in the EAFE index (currency risk) or if I Fund investments do not grow enough to offset the reduction in purchasing power (inflation risk).

  • The I Fund can be useful in a portfolio that also contains stock funds that track other indexes such as the C Fund and the S Fund. By investing in all segments of the stock market (as opposed to just one), you reduce your exposure to market risk. The I Fund can also be useful in a portfolio that contains bonds. A retirement portfolio that contains a bond fund like the F Fund, along with other stock funds, like the C and S Funds, will tend to be less volatile than one that contains stock funds alone.

The I Fund's investment objective is to match the performance of the MSCI EAFE (Europe, Australasia, Far East) Index.

Performance

Average annual returns
2020 YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs
- - - - -
  • Details As of 12/31/2019

    Assets
    $54.3 billion

    Net admin expense
    $0.420/$1,000 account balance 0.042% (4.2 basis points)

    Other expense
    $0.070/$1,000 account balance 0.007% (0.7 basis points)

    Benchmark index
    MSCI EAFE Stock Index | www.msci.com

    Asset manager
    BlackRock Institutional Trust Company, N.A

    Inception date
    5/1/2001

    Top ten holdings As of 12/31/2019

    1. NSRGF Nestlé S.A.
    2. RHHBF Roche Holding
    3. NVSEF Novartis AG
    4. TOYOF Toyota Motor Corporation
    5. HBCYF HSBC Holdings PLC
    6. SAP SAP
    7. TTFNF Total S.A.
    8. AZN AstraZeneca PLC
    9. LVMUY LVMH
    10. BPAQF BP PLC
  • Portfolio Weight As of December 31, 2019

    Country Percent of Holdings* Portfolio Percentage Number of Companies
    Austria 0.2%
    6
    Belgium 1.0%
    11
    Denmark 1.8%
    17
    Finland 0.9%
    12
    France 11.5%
    77
    Germany 8.7%
    59
    Ireland 0.6%
    7
    Italy 2.3%
    24
    Netherlands 4.0%
    22
    Norway 0.6%
    10
    Portugal 0.2%
    3
    Spain 2.9%
    22
    Sweden 2.6%
    32
    Switzerland 9.1%
    39
    United Kingdom 16.7%
    96
    Australia 6.9%
    69
    Hong Kong 3.4%
    43
    Israel 0.6%
    12
    Japan 24.5%
    324
    New Zealand 0.3%
    8
    Singapore 1.2%
    25
    Total 1 100.0% 918
    1. Due to rounding, numbers may not add up to exactly 100%.
  • Fees As of 12/31/2019

    Net admin expense*
    $0.420/$1,000 account balance 0.042% (4.2 basis points)

    Other expense**
    $0.070/$1,000 account balance 0.007% (0.7 basis points)

    * An expense ratio of 0.042% translates to 4.2 basis points or $0.420 per $1,000 acount balance.

    **Fees paid to the investment manager.

    Additional information

    By law, the I Fund must be invested in a portfolio designed to track the performance of an index of common stocks representing international stock markets outside of the United States. The Federal Retirement Thrift Investment Board has chosen as its benchmark the MSCI EAFE (Europe, Australasia, Far East) Index, which tracks the overall performance of the major companies and industries in the European, Australian, and Asian stock markets.

    The EAFE Index, published by MSCI, is an index of the equity markets of the developed world outside of the United States and Canada. It is the most widely used international stock index. As of December 31, 2017, the index covered the equity markets of 21 countries, as shown in the table.

    The I Fund is invested in a separate account that is managed by BlackRock Institutional Trust Company, N.A. The I Fund holds common stocks of all the companies represented in the EAFE Index in virtually the same weights that they have in the index. The performance of the I Fund is evaluated on the basis of how closely its returns match those of the EAFE Index.