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Think function, not form: The evolution of asset allocation
Traditional asset allocation policies have in many ways failed to keep up with the changing needs of institutional investors. To help close the gap, we offer insights from our Asset Allocation Strategies Group based on the continued development of our strategic, environment-based framework, designed to improve portfolio diversification and avoid ill-timed policy shifts.
 
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Think Function, Not Form 2.0: Putting asset allocation assumptions to the test

Author: Wendy Cromwell, CFA

Investment expectations are often driven by personal experience, and for many in our industry the scope of experience is limited to the past 30 years or so ― a lengthy period but also one marked by...

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Is parity passé? A better way to balance risk

Author: Steve Gorman, CFA

We believe that risk parity, broadly speaking, is a sensible approach to asset allocation. In our view, however, there are shortcomings in what might be termed traditional risk parity. These include “...

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Rebalance when? Guess again!

Author: Rich Meagher, CFA

We published our first edition of this paper in 1999. Much has transpired since then, of course, including the global financial crisis, which raised fundamental questions about asset allocation practices, not...

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Analyzing asset sensitivity to economic regimes

Author: Nick Petrucelli, CFA

Many investment portfolios are overly reliant on assets that perform well in periods of strong economic growth. Our “Think Function, Not Form,”1 seeks to overcome this bias by allocating assets...

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