Latest TSP Interfund Transfers
Investors in the Thrift Savings Plan (TSP) sometimes follow market trends by changing how they invest their money. As the market rises, they increase their investment in the core TSP stock funds. When it goes down, they transfer money out of the stock funds, particularly the C and S stock funds.
In an article published on April 1st, FedSmith noted:
[I]n February, as the market was declining, TSP investors added more than $10 billion to the G Fund. They also withdrew more than $10 billion from the S and C Funds. When the March data for changes in TSP investments by investors are released later in April, this trend is likely to continue.
Now that the final data for last month have been released, it is clear the recent trend in transferring funds into the G Fund continued.
Interfund transfers were roughly twice as high in March over the usual number of transfers, probably as a result of the falling market in stocks. 3.77% of TSP investors transferred money during the month according to data released by the FRTIB in the monthly meeting of April 22, 2025. Obviously, this is a small percentage of all TSP investors although about $21 billion leaving the two largest stock funds in one month is still a great deal of money.
In March, the C Fund dropped 5.64%. The S Fund fell 7.92%.
Probably as a result, interfund transfers from the C Fund were over $14 billion. Another $7 billion was transferred from the S Fund, and $16.6 billion was transferred into the G Fund. The table below shows the March 2025 TSP interfund transfer figures.
| Fund | Transfer Amount (Millions) |
|---|---|
| G | $16,627 |
| F | $1,359 |
| C | ($14,117) |
| S | ($7,005) |
| I | $5,756 |
For most investors making these changes, this likely reflects a desire to seek the safety of the G Fund amid the current market environment, where stocks are continuing to drop.
As of March 31st, the G Fund still has a smaller percentage of investor assets (27%) than the C Fund (33.1%). As an indication of the current trend, as of December 31, 2024, the G Fund had 23.6% of participant assets while the C Fund had 36.1%.
It is likely this trend will continue and the TSP stock fund assets by participants will drop even more based on how the market is performing in April.
Recent TSP Fund Performance
This chart illustrates the performance of the TSP Funds through April 21, 2024. The S Fund has the largest loss among the TSP core funds (-16.5%) while the C Fund has dropped 11.96% in 2025. The usual safety of the G Fund is apparent as it is up 1.37% for the month.
Those moving into the G Fund have avoided the losses so far in the stock funds. The disadvantage of having moved money into the G Fund is that when the market starts going up, it often moves up quickly and G Fund investors lose out on these gains. It is impossible to predict specifically when stocks will move up or down which means moving money around based on the latest short-term moves may accentuate any losses that occur if an investor guesses wrong on future stock market performance.
| Fund | MTD | YTD |
|---|---|---|
| G Fund | 0.25% | 1.37% |
| F Fund | -1.32% | 1.42% |
| C Fund | -8.02% | -11.96% |
| S Fund | -8.31% | -16.50% |
| I Fund | -0.31% | 4.32% |
| L Income | -1.26% | -0.81% |
| L 2025 | -1.34% | -0.96% |
| L 2030 | -3.13% | -3.64% |
| L 2035 | -3.48% | -4.15% |
| L 2040 | -3.82% | -4.65% |
| L 2045 | -4.12% | -5.09% |
| L 2050 | -4.41% | -5.53% |
| L 2055 | -5.35% | -7.07% |
| L 2060 | -5.35% | -7.07% |
| L 2065 | -5.35% | -7.06% |
| L 2070 | -5.35% | -7.05% |
TSP Mobile App Use Increasing
In the latest monthly meeting of the Federal Retirement Thrift Investment Board (FRTIB), it was announced that participants’ use of the official TSP Mobile App is continuing to increase. More than 30% of the MyAccount logins came through the app during the first quarter of 2025, which was almost twice as many as over the same time period in 2024.
