Strategic allocation

event July 2025

14 min

Article

2027-01-01

Liquid alternatives & hedge funds Strategic allocation Private equity DB Private Program Privates Private investing Liability-driven investing Article

Allocating to alternatives: A role-based guide for corporate DB plans

For corporate plan sponsors thinking about weaving hedge funds and private equity into their portfolios, we offer this brief guide to the potential benefits and key considerations when establishing an allocation, including liquidity stress testing.

Multiple authors

event July 2025

17 min

Article

2027-06-30

LDI Alert Macro and market Asset allocation DB Private Program Multi-asset Strategic allocation Article

How is funded status holding up in the volatility? Updates on the corporate DB landscape

Members of our LDI Team share key takeaways from their latest analysis of US corporate pension plans' funded status, derisking activity, and ROA assumptions, as well as their outlook for plan contributions.

By

Jacqueline Yang, CFA

event May 2025

8 min

Article

2026-06-01

Portfolio strategy Strategic allocation Private investing Private Investing Program iStrat Venture capital Private equity Manager selection Article

Sizing private-market allocations

Our multi-asset experts explore three key components of sizing private market allocations, offering a framework to evaluate the capacity to take on illiquidity, the need for excess return, and the ability to consistently source 'good' investments.

By

Supriya Menon

event May 2025

8 min

Article

2026-05-31

Active management Equity Strategic allocation DB Public Program Top of Mind Article

Lessons learned from a top-heavy equity market

Can the Magnificent Seven stocks continue to dominate the equity market? And what can asset owners do when markets are narrow? Head of Multi-Asset Strategy Adam Berger and Global Equity Strategist Andy Heiskell discuss the challenges and opportunities.

By

Andrew Heiskell

event April 2025

10 min

Article

2026-04-30

Strategic allocation Private investing Private equity DB Public Program Macro and market Late stage Top of Mind Whitepaper

When will capital come back to private equity?

Head of Multi-Asset Strategy Adam Berger and Head of Late-Stage Growth Matt Witheiler consider the state of the private equity market, including liquidity challenges, the effects of higher interest rates, late-stage opportunities, and the impact of AI.

By

Matthew Witheiler

event April 2025

12 min

Whitepaper

2026-03-31

Blockchain Cryptocurrency Strategic allocation Content CoE Program Global Program iStrat Article

Bitcoin on the brink: What investors need to know

As bitcoin appears to be entering a new phase of acceptance, we offer a brief asset owner's guide to the cryptocurrency's role, the evolving regulatory environment, potential investment benefits and risks, and portfolio implementation.

Multiple authors

event March 2025

10 min

Article

2026-03-31

Fixed income LDI Alert Liability-driven investing DB Private Program iStrat Strategic allocation Article

The high cost of unfunded duration — and some hope on the horizon

With many corporate DB plans thinking about managing their hedge ratios, members of our LDI Team explain the high cost of synthetic duration, how plans might want to think about this issue when targeting a specific duration profile, and why costs could improve over time.

Multiple authors

event March 2025

6 min

Article

2026-03-31

LDI Alert Macro and market Asset allocation DB Private Program Private pension (DB) iStrat Multi-asset Strategic allocation Liability-driven investing Article

Flipping the script: Our updated market outlook and the derisking/rerisking decision

Members of our LDI Team share an unusual outlook for equities and bonds and explain what it could mean for US corporate pension plans contemplating either derisking or rerisking moves from here.

By

Ian Spencer

event February 2025

6 min

Article

2026-02-28

Liquid alternatives & hedge funds Macro and market Multi-asset DB Public Program iStrat Strategic allocation Risk management Top of Mind Article

The allocator’s checklist for 2025 and beyond

Head of Multi-Asset Strategy Adam Berger offers near- and longer-term ideas for allocators, including thoughts on alternatives, potential market surprises, and risk management.

By

event January 2025

15 min

Article

2026-01-30

Liability-driven investing Multi-asset Strategic allocation DB Private Program iStrat Private pension (DB) Article

LDI in 2025: Ten questions corporate plan sponsors are asking

Members of our LDI Team address a range of topics that US corporate plans will be thinking about this year, from pension funding and accounting issues to portfolio diversification opportunities.

By

Ryan Randolph

event January 2025

12 min

Article

2026-01-31

Hedge funds Macro and market Strategic allocation Content CoE Program Global Program iStrat Long-short Macro hedge funds Liquid alternatives & hedge funds Manager selection Outlook Article

Three performance drivers could help hedge funds rev up returns

Alex King and Adam Berger, members of our Investment Strategy & Solutions Group, explain why we're at a turning point for economic and market conditions that could benefit hedge funds and make them a potentially valuable addition to a multi-asset portfolio.

By

event January 2025

6 min

Article

2025-12-31

Nature background of dreamy, fairy tale and beautiful jungle forest pedestrian footpath alley way place for walking in tunnel of old oak green trees light up with sun rays trough grass at sunset on spring day

Hedge funds Macro and market Strategic allocation Alternatives Hedge Funds Program Manager selection Whitepaper iStrat

“Goldilocks” and the three drivers of hedge fund outperformance

Members of our Investment Strategy & Solutions Group explain why shifting economic conditions may bode well for hedge funds broadly but also see reasons that manager selection may be more important than ever.

By

Elisabeth Perenick, FSA, CFA

event November 2024

15 min

Whitepaper

2026-11-30

Liability-driven investing Strategic allocation Regulatory DB Private Program Multi-asset Whitepaper iStrat

Setting ROAs for 2025: A guide for US corporate and public plans

How are pension plans adjusting their ROA assumptions? And how do those assumptions line up with our long-term capital market assumptions? Find out in this annual update.

Multiple authors

event November 2024

16 min

Whitepaper

2025-11-30

Private investing iStrat Strategic allocation Private pension (DB) Article Private credit Americas Liability-driven investing DB Private Program

Private placements: A primer for corporate DB plans preparing to derisk

With many corporate DB plans exploring derisking opportunities, Portfolio Manager Elisabeth Perenick and Multi-Asset Strategist Amy Trainor discuss the potential role that private investment-grade credit, or private placements, could play and consider common questions about liquidity and allocation sizing.

By

event August 2024

9 min

Article

2025-08-31

Fixed income Liability-driven investing Asset allocation DB Private Program Private pension (DB) Strategic allocation Whitepaper iStrat

The evolution of derisking: Assessing new and time-tested liability-hedging ideas

As defined benefit plans contemplate the best path to their eventual “end state,” members of our LDI team update their liability-hedging research with a blend of traditional benchmark ideas and new opportunities to capitalize on changing market conditions and a broader investment universe.

By

Jacqueline Yang, CFA

event July 2024

22 min

Whitepaper

2026-06-30

Liquid alternatives & hedge funds Alternatives investing iStrat program Strategic allocation Multi-strat hedge funds iStrat Article

Can hedge funds play the role?

How should investors select the most suitable types of hedge funds for specific roles? Members of our Investment Strategy & Solutions Group offer a simple and intuitive framework that can help.

Multiple authors

event April 2024

11 min

Article

2025-03-31

Manager selection Climate Sustainable investing iStrat program Strategic allocation Active management Equity Fixed income Multi-asset Liquid alternatives & hedge funds Article iStrat Tactical allocation

Picking the right building blocks for a climate-aware portfolio

For asset owners integrating climate change into their multi-asset portfolios, members of our Investment Strategy & Solutions Group offer five important insights.

Multiple authors

event April 2024

3 min

Article

2025-04-30

Manager selection Climate iStrat program Strategic allocation Multi-asset iStrat Whitepaper

A blueprint for building climate-aware multi-asset portfolios

Members of our Investment Strategy & Solutions Group take a deep dive on the issues asset owners should consider when choosing climate-aware portfolio building blocks, from the evolving opportunity set to the active/passive decision.

Multiple authors

event March 2024

Whitepaper

2026-03-31

Liability-driven investing Equity Private pension (DB) iStrat Factor solutions Multi-asset Strategic allocation Factors iStrat program Article

Using defensive equities in a return-seeking portfolio: A factor framework for corporate plans

Members of our LDI and Fundamental Factor teams share their views on defensive equity investments, including their role in a plan's portfolio and the current environment for defensive factors.

By

Tom Simon, CFA, FRM

Nick Samouilhan, PhD, CFA, FRM

event March 2024

Article

2025-03-31

Asset allocation Risk management Multi-asset Currency Strategic allocation iStrat program Article iStrat

Managing currency exposure in multi-asset portfolios: how to weigh the trade-offs and impact

Nick Samouilhan, Head of Multi-Asset Strategy – APAC, evaluates the trade-offs of different currency hedging approaches and offers a novel framework for gauging their potential portfolio impact.

Multiple authors

event February 2024

Article

2026-02-28

Outlook Multi-asset iStrat Emerging Market Development Multi-Asset solutions Factor solutions Tactical allocation Strategic allocation Manager selection Thematic exposure Article

Multi-Asset Market Outlook

To help think through the asset allocation outlook and implications for 2023, we offer views from iStrat, our investment strategy and solutions group

Multiple authors

event January 2024

Article

2024-12-31

Asset allocation Multi-asset Risk management iStrat Strategic allocation iStrat program Whitepaper

Rebalancing a multi-asset portfolio: A guide to the choices and trade-offs

Many investors wrestle with portfolio rebalancing decisions, particularly in volatile environments. In this paper, members of our Investment Strategy Team argue for a well-structured rebalancing policy and share research on different approaches and common implementation considerations.

By

Jacqueline Yang, CFA

event December 2023

Whitepaper

2025-12-31

Asset allocation Emerging markets Equity iStrat EM equity China Strategic allocation Article

Beyond China: what does the rest of the EM equity world have to offer?

For investors contemplating a separate allocation to EM ex-China equities, members of our iStrat Team share their research on the composition of the opportunity set, the growing divergence in the behavior of EM ex-China equities and Chinese equities, and the long-term market outlook.

By

Supriya Menon

event November 2023

Article

2025-11-30

Asset allocation Liability-driven investing Regulatory iStrat program Strategic allocation Multi-asset Private pension (DB) Public pension (DB) Whitepaper iStrat

Setting ROAs for 2024: A guide for US corporate and public plans

How are pension plans adjusting their ROA assumptions? And how do those assumptions line up with our long-term capital market assumptions? Find out in this annual update.

Multiple authors

event November 2023

Whitepaper

2024-12-31

Liability-driven investing Asset allocation Portfolio construction Private pension (DB) iStrat Private credit Multi-asset Strategic allocation Diversification Whitepaper

Liability-hedging diversifiers: What’s on your pension’s playlist?

Corporate pensions moving closer to their end state may benefit from more diversified liability-hedging allocations. To help, LDI Team Chair Amy Trainor offers a liability-hedging diversifiers “playlist” — a set of asset classes and strategies that may harmonize well with a variety of objectives, from downside mitigation to long-term outperformance versus long corporate bonds.

By

event October 2023

Whitepaper

2024-10-31

Income Asset allocation Multi-asset iStrat Whitepaper Strategic allocation

Income investing in multi-asset portfolios: Tipping the balance in your favour

Income can play a crucial role in the pursuit of investment objectives over time, but research from our iStrat Team argues for a balanced approach to asset allocation decisions given the potential trade-offs between income and capital return, risk, and portfolio diversification.

Multiple authors

event September 2023

Whitepaper

2024-09-30

Liability-driven investing Portfolio construction Multi-asset iStrat Private pension (DB) Article Strategic allocation Liquid alternatives & hedge funds

Mind the liquidity (and cost) gap: Revisiting a plan’s hedge-ratio approach

Members of our LDI Team take a fresh look at the process of setting and managing liability hedge ratio targets, including liquidity considerations that are top of mind today and the implementation toolkit.

By

Jeremy Forster

event June 2023

Article

2025-06-30

Climate Macro and market iStrat Multi-asset Strategic allocation Liquid alternatives & hedge funds Tactical allocation Article

Is your asset allocation ready for the realities of climate change?

Our Investment Strategy Team shares key findings from the research behind their climate-aware strategic asset allocation (SAA) approach, including challenges and trade-offs that asset owners should understand.

Multiple authors

event June 2023

Article

2025-06-30

Multi-asset Liquid alternatives & hedge funds iStrat Strategic allocation Public pension (DB) Equity Fixed income Whitepaper Private equity

Closing the return gap: A new set of “stepping stone” ideas

Multi-Asset Strategist Adam Berger offers incremental, flexible investment ideas that can be combined to help asset owners pursue their goals amid declining capital market return expectations.

By

event May 2023

Whitepaper

2024-08-02

Portfolio construction Risk management Multi-asset iStrat Whitepaper Strategic allocation Multi-Asset solutions Liquid alternatives & hedge funds

The alpha equation: Balancing active risk sources in multi-asset portfolios

Members of our iStrat Team share their research on the process of deciding how much active risk to take at the asset class and security levels in pursuit of alpha objectives. They also offer a step-by-step framework for implementing the research findings.

By