This month’s old adage, “Sell in May and go away,” didn’t resonate with the most active TSP Talk AutoTracker participants. Instead, many members used May’s market rebound as an opportunity to dial back “safe” funds and chase growth—particularly in small caps.
Over May, 136 non-premium AutoTracker members executed at least one interfund transfer (IFT). Comparing their allocations from May 1 to May 31 shows a clear shift away from conservative options (G-Fund and F-Fund) toward higher stock exposure—most notably the S-Fund. Below are the average percentage-point changes across the month for these 136 members:
These allocation shifts likely stem from May’s kept momentum of April's rebound off its lows. Many members rode that momentum, allocating into small caps as the broader market recovered.
Now this observation does not show us intra-month timing, multiple IFTs, or returns for these active members. We are simply seeing an increase in appetite for risk, particularly in the S-fund, coming out of the quick sell-off in early April and the recovery since.
Three Month Chart of DWCPF (S-fund)
Top Performers: Members Who Beat the S-Fund
While the S-Fund itself returned +7.21 percent in May, seven AutoTracker members outperformed that benchmark. Interestingly, the top four performers began May fully invested in stock funds and ended May with a 100 percent G-Fund allocation.
Reaper finished May with the best return (+8.88%) among all AutoTracker members. Reaper started the month with a 100% S-fund allocation, then moved to 100% G-fund on May 20th, one day before the S-fund lost 2.67% on May 21st.
The other top 3 had similar situations but took profits earlier in the month than Reaper.
The top 5 won the May AutoTracker Return Contest
Looking Ahead to June
May demonstrated divergent strategies among AutoTracker members: most active participants chased small-cap growth, boosting S-Fund exposure by nearly 14 percentage points. Meanwhile, the top performers locked in their gains mid-month—exiting equities entirely into the G-Fund before late-month volatility hit.
As June approaches, we have a fresh set of IFTs to work with. Take a moment to review your own TSP allocation and clarify your risk tolerance as summer unfolds. Stay ahead of the curve on community-wide shifts and the strategies of top AutoTracker performers—subscribe to the Last Look Report for daily, pre-deadline insights that help you make informed allocation decisions.
Send me (TommyIV) a Private Message to get a free trial and more information about the Last Look Report.
Not an AutoTracker Member? Join For Free! Track your TSP investments alongside your peers with a chance to win monthly and yearly prizes.
Thomas Crowley
(TommyIV)
Writer of the Last Look Report
Weekly Wrap-Ups Archive
The legal stuff: This information is for educational purposes only! This is not advice or a recommendation. We do not give investment advice. Do not act on this data. Do not buy, sell or trade the funds mentioned herein based on this information. We may trade these funds differently than discussed above. We use additional methods and strategies to determine fund positions.
Broader Cohort: 136 Non-Premium Members
Over May, 136 non-premium AutoTracker members executed at least one interfund transfer (IFT). Comparing their allocations from May 1 to May 31 shows a clear shift away from conservative options (G-Fund and F-Fund) toward higher stock exposure—most notably the S-Fund. Below are the average percentage-point changes across the month for these 136 members:
| TSP Fund | Change (Percentage Points) |
| G-fund | -9.9 |
| F-fund | -2.6 |
| C-fund | +1.7 |
| S-fund | +13.7 |
| I-fund | +0.3 |
These allocation shifts likely stem from May’s kept momentum of April's rebound off its lows. Many members rode that momentum, allocating into small caps as the broader market recovered.
Now this observation does not show us intra-month timing, multiple IFTs, or returns for these active members. We are simply seeing an increase in appetite for risk, particularly in the S-fund, coming out of the quick sell-off in early April and the recovery since.
Three Month Chart of DWCPF (S-fund)
Top Performers: Members Who Beat the S-Fund
While the S-Fund itself returned +7.21 percent in May, seven AutoTracker members outperformed that benchmark. Interestingly, the top four performers began May fully invested in stock funds and ended May with a 100 percent G-Fund allocation.
Reaper finished May with the best return (+8.88%) among all AutoTracker members. Reaper started the month with a 100% S-fund allocation, then moved to 100% G-fund on May 20th, one day before the S-fund lost 2.67% on May 21st.
The other top 3 had similar situations but took profits earlier in the month than Reaper.
The top 5 won the May AutoTracker Return Contest
Looking Ahead to June
May demonstrated divergent strategies among AutoTracker members: most active participants chased small-cap growth, boosting S-Fund exposure by nearly 14 percentage points. Meanwhile, the top performers locked in their gains mid-month—exiting equities entirely into the G-Fund before late-month volatility hit.
As June approaches, we have a fresh set of IFTs to work with. Take a moment to review your own TSP allocation and clarify your risk tolerance as summer unfolds. Stay ahead of the curve on community-wide shifts and the strategies of top AutoTracker performers—subscribe to the Last Look Report for daily, pre-deadline insights that help you make informed allocation decisions.
Send me (TommyIV) a Private Message to get a free trial and more information about the Last Look Report.
Not an AutoTracker Member? Join For Free! Track your TSP investments alongside your peers with a chance to win monthly and yearly prizes.
Thomas Crowley
(TommyIV)
Writer of the Last Look Report
Weekly Wrap-Ups Archive
The legal stuff: This information is for educational purposes only! This is not advice or a recommendation. We do not give investment advice. Do not act on this data. Do not buy, sell or trade the funds mentioned herein based on this information. We may trade these funds differently than discussed above. We use additional methods and strategies to determine fund positions.
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