- Alternative Assets
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Asset Allocation
Firm
Type
Global Macroeconomics
February 2026
2025’s Implications for the Future: “Some Like it Hot”?
Research Affiliates
Research
28 Pages
Jim Masturzo says markets in a high temperature regime show unpredictable correlations and return patterns compared with stable low volatility environments.
Asset Allocation
December 2025
Decoding Markets: The accidental death of diversification
Schroders
Research
14 Pages
Schroeders explains how the classic 60/40 portfolio became the most concentrated balanced portfolio in modern history, and how to bring genuine diversification back to life.
Asset Allocation
November 2025
Curing Paranoia
Man Group
Research
23 Pages
Man Group uses two centuries of data to compare risk parity with classic 60-40 portfolios and draw asset allocation lessons.
Alternative Assets
November 2025
Alternatives & Strategic Asset Allocation Creating a robust framework for private investors
Deutsche Bank
Research
24 Pages
Deutsche Bank explains how alternative investments can be integrated into a strategic asset allocation for private investors. The paper details the evolution of private markets, clarifies what counts as an alternative asset, and emphasizes risk factor diversification over headline outperformance.
Portfolio Management
November 2025
Diversifying Alternatives and the Rearview Mirror
AQR
Research
13 Pages
Antti Ilmanen looks at why diversifying alternatives are hard for investors to stick with. He contrasts their objective case in portfolios with the behavioral biases and rearview mirror thinking that lead to under allocation.
Asset Allocation
November 2025
Multi-Asset Strategies and Asset Allocation
Vanguard
Research
22 Pages
Vanguard’s Investment Strategy Group presents a tax aware multi asset construction framework that optimizes after tax outcomes by modeling income, dividend, and capital gains rates alongside rebalancing frictions.
Asset Allocation
November 2025
Strategic Style Allocation: Absolute or Relative?
Robeco
Research
17 Pages
Robeco examines how to allocate equity styles for absolute versus benchmark-relative goals, demonstrating how factor combinations can be tailored to meet different investment objectives.
Asset Allocation
November 2025
A New Era of Higher Inflation Risks
Bridgewater
Research
17 Pages
Bridgewater says most portfolios remain poorly equipped to manage structurally higher inflation risks than pre-COVID.
AI
November 2025
Surviving the AI Capex Boom
Sparkline Capital
Research
14 Pages
Kai Wu finds historical capital expenditure booms have typically resulted in overinvestment, excess competition, and poor stock returns.
Asset Allocation
October 2025
A Second Opinion on the 60/40 Default
GMO
Research
10 Pages
GMO reexamines the 60/40 portfolio through a valuation lens and argues that today’s starting point warrants a more dynamic approach.
Asset Allocation
October 2025
Investing in Everything, Everywhere, All at Once
Goldman Sachs
Research
44 Pages
Peter Oppenheimer's team looks at the World Portfolio, which is the sum of all investable assets globally (estimated to be roughly US$250trn, or 200% of world GDP) and has returned 7.8% nominal and 4.1% in real terms annually since 1950.
Asset Allocation
October 2025
Long-term treasuries in diversified portfolios
Meketa
Research
18 Pages
Meketa analyzes the role of long-term U.S. Treasuries in institutional portfolios, emphasizing their unique ability to hedge equity drawdowns, dampen volatility, and enhance liquidity during stress periods.
Portfolio Management
September 2025
When Public Meets Private: Rethinking the Modern Market
Morningstar
Research
12 Pages
Morningstar Indexes introduces the Morningstar PitchBook US Modern Market 100 Index, a benchmark combining 90 public and 10 private companies to capture the full scope of the modern U.S. equity landscape.
Portfolio Management
August 2025
American Unexceptionalism
GMO
Research
15 Pages
GMO challenges the long-held belief in U.S. equity superiority by breaking down the S&P 500’s outperformance into key sources—80% derived from dollar strength and valuation expansion, not sustained fundamental growth.
Portfolio Management
July 2025
In an Unsteady World, Time to (Finally) Tilt Away from U.S. Equities?
Acadian
Research
5 Pages
Acadian argues that post‑Global Financial Crisis tailwinds that favored U.S. equities have diminished, making a case to rebalance toward non‑U.S. equities.
Portfolio Management
June 2025
The International Rebalance
Morgan Stanley
Research
7 Pages
Morgan Stanley highlights the entrenched home‑country bias among U.S. investors, with nearly 15 years of U.S. equity dominance masking broader opportunities abroad.
Portfolio Management
June 2025
Balancing Act: Building Resilient Portfolios in a Changing Landscape
PIMCO
Research
6 Pages
PIMCO’s mid-2025 asset allocation outlook outlines a systematic approach to building resilient portfolios amid policy uncertainty and shifting global growth dynamics.
Portfolio Management
June 2025
Risk Speedometers: What are allocators buying and selling?
Vanguard
Research
12 Pages
Vanguard shares what allocators are buying and selling across more than 100 sub-asset classes, durations, styles, sectors and thematic investment strategies.
Portfolio Management
May 2025
Alternatives & Strategic Asset Allocation Creating a robust framework for private investors
Deutsche Bank
Research
24 Pages
Deutsche Bank outlines a strategic framework for incorporating alternatives into long-term asset allocation, emphasizing their role in diversification and risk balance.
Portfolio Management
May 2025
Go Small or Go Home
AQR
Research
9 Pages
AQR explores why small caps, especially in the international and emerging regions, present a compelling investment opportunity driven by the potential for higher expected market returns, attractive earnings growth, strong diversification benefits, and rich alpha opportunities.
Portfolio Management
April 2025
Market Timing: More than a Mirage
Man Group
Research
12 Pages
Man Group says market timing, when executed with skill and discipline, is a powerful tool that allocators should use in seeking to deliver returns to their investors across the cycle.
Portfolio Management
April 2025
What Should You Do When You Don’t Know What to Do?
Man Group
Research
14 Pages
Man Group emphasizes that in the face of heightened market uncertainty, investors should focus on three core principles: diversification, volatility-based exposure management, and systematic risk controls.
Portfolio Management
January 2025
2035: An Allocator Looks Back Over the Last 10 Years
AQR
Research
6 Pages
Cliff Asness presents a fictional endowment manager reflecting on a decade of underwhelming investment performance, emphasizing the enduring value of diversification, disciplined asset allocation, and contrarian investing, especially when such approaches are out of favor.
Portfolio Management
January 2025
Can Private Markets Be the Alternative to Lofty Public Market Valuations?
Apollo
Research
10 Pages
With both stocks and bonds becoming more correlated and trading at elevated valuations, Apollo looks at whether or not private markets can enhance potential returns and improve diversification.
Portfolio Management
December 2024
Choosing the Right Diversifying Strategies for your Portfolio
NEPC
Research
14 Pages
NEPC looks at true diversifying strategies - those that utilize investment processes that produce returns driven by idiosyncratic risk rather than factor risk.
Asset Allocation
November 2024
Negative Correlations, Positive Allocations
PIMCO
Research
8 pages Pages
PIMCO discusses the resurgence of the inverse relationship between bonds and stocks, highlighting its potential to enhance risk-adjusted returns in multi-asset portfolios.
Portfolio Management
October 2024
Against Apathy
Man Group
Research
9 Pages
Man advocates for a balanced investment strategy that includes asset and regional diversification and selective market timing to manage risk and reduce potential losses during market downturns, challenging the idea that a purely passive, U.S.-focused stock approach is always best.
Portfolio Management
October 2024
A Second Opinion Is Just What the Doctor Ordered
GMO
Research
9 Pages
GMO shares where they see opportunity if you are willing to look different than a standard, capitalization-weighted 60/40 portfolio.
Portfolio Management
October 2024
Broad Strategic Asset Allocation: Sizing Allocations to Liquid and Illiquid Alternatives Alongside Traditional Assets
AQR
Research
21 pages Pages
AQR's Portfolio Solutions Group explores the integration of liquid and illiquid alternative investments into traditional portfolios, aiming to enhance diversification and improve risk-adjusted returns.
Portfolio Management
October 2024
Concentrated Equity: Practice Versus Premise
Acadian
Research
12 pages Pages
Acadian critically examines the efficacy of concentrated equity strategies, which focus on a limited number of high-conviction holdings, to determine if they deliver superior active returns compared to more diversified approaches.
Portfolio Management
September 2024
Risk Speedometers: What are allocators buying and selling?
Vanguard
Research
12 Pages
Vanguard analyzes allocators' risk appetite and what they’re buying and selling across more than 100 sub-asset classes, durations, styles, sectors, and thematic investment categories.
Asset Allocation
August 2024
The Risk and Reward of Investing
Robeco
Research
44 Pages
Ronald Doeswijk and Laurens Swinkels analyze the risks and rewards of investing by constructing a comprehensive global market portfolio valued at $150 trillion, covering the period from 1970 to 2022.
Portfolio Management
July 2024
Worth the Weight
S&P Global
Research
19 Pages
S&P Dow Jones Indices examines the S&P 500 Equal Weight Index’s historical outperformance, identifying the structural and factor-based drivers behind its returns relative to the traditional market-cap-weighted benchmark.
Portfolio Management
June 2024
Should Your Stock Portfolio Consider Your Career?
Morningstar
Research
35 Pages
Morningstar explores how investors can improve risk-adjusted returns by aligning stock portfolios with their nontradable wealth, such as human capital and restricted stock units.
Portfolio Management
May 2024
Analysis of Large US University Endowment Outperformance
True North Institute
Research
29 Pages
Stan Miranda analyzed the performance of 12 large US university endowments and shares four key takeaways.
Portfolio Management
March 2024
The Cockroach Approach
Mutiny Funds
Research
86 Pages
The Mutiny team wrote a long paper on the cockroach portfolio, which shares their framework for portfolio construction to compound wealth in both boom and bust environments.
Portfolio Management
March 2024
Record Highs…But We’re Still Excited
GMO
Research
2 Pages
This brief piece from GMO explains why an abundance of cheap assets and appealing valuation spreads within asset classes presents the best relative asset allocation opportunity they’ve seen in 35 years.
Portfolio Management
December 2023
Constructing return-target portfolios: A time-varying, valuation-aware approach to asset allocation
Vanguard
Research
14 Pages
Vanguard presents a framework for building return target portfolios that link medium term return goals to evolving market valuations.
Portfolio Management
December 2023
Endowment asset allocations: insights and strategies
Research
20 Pages
This paper highlights the importance of asset allocation in portfolio performance, along with the relevance of various asset classes (including International Equity, Real Estate, and Natural Resources) over time.
Portfolio Management
November 2023
Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice
Research
29 Pages
This paper challenges two central tenets of lifecycle investing — savers should diversify across stocks and bonds and the young should invest more heavily in stocks than the old.
Portfolio Management
October 2023
Honey, the Fed Shrunk the Equity Premium
AQR
Research
18 Pages
AQR Capital Management examines how higher interest rate levels affect equity risk premia and strategic asset allocation.
Portfolio Management
July 2023
The Road Ahead: Of Rocks and Hard Places
Man Group
Research
7 Pages
Man Institute explores how long only equity and bond investors can navigate an unappealing valuation backdrop using portfolio construction tools.
Portfolio Management
May 2023
International Diversification— Still Not Crazy after All These Years
AQR
Research
12 Pages
AQR Capital Management revisits international equity diversification and argues it still makes sense even after a long stretch of US outperformance.
Portfolio Management
March 2023
Risk Mitigating Strategies (RMS) Framework
Meketa
Research
10 Pages
Meketa Investment Group lays out a risk mitigating strategies framework that groups defensive tools by how they behave in equity stress.
Portfolio Management
February 2023
A Century of Asset Allocation Crash Risk
Samonov & Sorokina
Research
56 Pages
Samonov and Sorokina analyze one century of asset allocation crash risk across popular portfolio frameworks.
Portfolio Management
January 2023
Don’t Lose Faith in the 60/40 Portfolio
Morningstar
Research
13 Pages
Morningstar reassesses the classic 60/40 mix and argues its core logic still holds.
Portfolio Management
January 2023
After a Timeout, Back to the Meat Grinder!
GMO
Research
10 Pages
GMO argues the first and easiest leg of a speculative bubble has burst, but risks remain.
Portfolio Management
January 2023
Quarterly Letter 4Q 2022
GMO
Research
9 Pages
GMO reviews how 2022 rewarded patience as speculative assets deflated and unfashionable exposures held up.
Portfolio Management
January 2023
Functional Allocation Framework
Meketa
Research
18 Pages
Meketa outlines a portfolio design that groups assets by what they do rather than by traditional labels.
Portfolio Management
August 2022
Alternative Thinking – New Rules of Diversification
AQR
Research
18 Pages
AQR looks at why 2022 felt like a “different kind” of recession risk, where inflation and tightening can pressure both stocks and bonds at once.
Portfolio Management
July 2022
Investing in Deflation, Inflation, and Stagflation Regimes
Robeco
Research
38 Pages
Robeco examines how stocks, bonds, and factor premiums behave across deflation, inflation, and stagflation regimes.
Portfolio Management
July 2022
The Stock/Bond Correlation
AQR
Research
18 Pages
AQR Capital Management explains why the stock and bond correlation may turn positive again and why that matters.