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Asset Allocation
Firm
Type
Asset Allocation
October 2026
Don’t Write Off Bonds Yet
Man Group
Research
8 Pages
Man Group pushes back on the idea that bonds no longer belong in long term portfolios, studying US Treasury returns across more than a century of inflation regimes.
Asset Allocation
September 2026
The Everything Trade
AllianceBernstein
Research
24 Pages
AllianceBernstein examines how AI's demand for capital is linking asset classes and making diversification harder across a portfolio.
Asset Allocation
September 2026
Beyond Buffers: Can You Have Your Cake and Eat It Too?
Man Group
Research
14 Pages
Man Group examines whether buffer ETFs’ downside protection is worth the long-term cost of capped upside.
Portfolio Management
September 2026
Competition for Capital
Goldman Sachs
Research
12 Pages
Goldman Sachs examines how rising AI investment and government borrowing are intensifying competition for capital, lifting yields and pressuring equity valuations.
Portfolio Management
September 2026
Explaining the Rise in Alternative Investments in Public Pension Plans
Center for Retirement Research
Research
9 Pages
The authors examine why U.S. public pensions shifted from public equities toward alternatives.
Portfolio Management
September 2026
Inflation Redux? Real Solutions for Real Returns
AQR
Research
25 Pages
The authors examine how investors can protect portfolios from renewed inflation without betting on its direction.
Asset Allocation
September 2026
25 Years of Benchmark-Free Investing
GMO
Research
11 Pages
GMO reflects on 25 years of benchmark-free investing, arguing that absolute risk and return matter more than tracking traditional allocations.
Asset Allocation
September 2026
Welcome Back, Balanced Portfolio
PIMCO
Research
20 Pages
The authors argue higher bond yields have restored fixed income’s role in balanced portfolios after the low-yield 2010–2022 regime.
Asset Allocation
August 2026
Risk Parity
Meketa
Research
13 Pages
Meketa Investment Group examines risk parity, a portfolio framework that balances risk across asset classes rather than allocating capital conventionally.
Asset Allocation
August 2026
Crazy days in the stock market
Acadian
Article
5 Pages
Acadian Asset Management examines an unusually calm index masking extreme stock level volatility in July 2026.
Portfolio Management
August 2026
Investing for the Right Tail: Asymmetric Wealth Creation Across Public and Private Markets
Meketa
13 Pages
Meketa Investment Group examines “right-tail” investing, where a small minority of companies drives most long-run wealth creation.
Portfolio Management
August 2026
The 100-Year Portfolio: A State of Mind Rather Than an Allocation
AllianceBernstein
Research
19 Pages
The authors argue that a 100-year portfolio is defined more by governance and process than by a fixed allocation.
Portfolio Management
August 2026
There’s more to growth than AI
Richard Bernstein Advisors
Research
8 Pages
Richard Bernstein Advisors argues that tighter liquidity and broadening global profit growth are creating opportunities beyond AI and the Magnificent 7.
Asset Allocation
August 2026
Investing Across a New Inflation Regime
HSBC Asset Management
Research
12 Pages
HSBC Asset Management examines how persistent, more volatile inflation could reshape portfolio construction across equities, bonds, securitised credit and real assets.
Asset Allocation
August 2026
Portable Alpha: Ask the Hard Questions
Man Group
Research
16 Pages
Man Group examines why portable alpha structures that look efficient in normal markets can become fragile under stress.
Asset Allocation
August 2026
Momentum, rotation and the value in growth
Goldman Sachs
Research
15 Pages
Peter Oppenheimer dives into how global liquidity shifts are shaking up equity valuations today.
Asset Allocation
August 2026
Risk Speedometers: What Are Allocators Buying and Selling?
Vanguard
Research
12 Pages
Vanguard examines how fund allocators responded to exceptional equity gains without broadly chasing risk.
Asset Allocation
July 2026
When and how asset location matters
Vanguard
Research
10 Pages
The authors explain when placing investments across taxable and tax-advantaged accounts improves after-tax outcomes.
Asset Allocation
July 2026
Home Bias: The Hidden Cost of Staying Close to Home
CFA Institute
Research
9 Pages
CFA Institute examines how home bias can quietly reduce portfolio efficiency by concentrating investors in familiar domestic assets.
Asset Allocation
July 2026
The Perfect Hedge
One River Asset Management
Research
14 Pages
One River Asset Management presents a framework for integrating risk mitigation into a Total Portfolio Approach to improve long-term compounding rather than evaluating hedges in isolation.
Asset Allocation
July 2026
Adapting asset allocation to the risk of stagflation
Schroders
Research
18 Pages
Schroders examines how investors can strengthen portfolios if stagflation becomes a more persistent market backdrop.
Asset Allocation
June 2026
Notes From the Road: The coming wall of issuance, commodities and TIPS
AllianceBernstein
Research
12 Pages
AllianceBernstein summarizes recurring investor questions from recent North America and Europe meetings.
Asset Allocation
June 2026
Multi-Asset Insights: Building resilience across regimes and regions
HSBC Asset Management
Research
20 Pages
HSBC Asset Management argues that diversification has become more regime dependent as stock bond hedges, currencies, commodities and EM exposures behave differently across shocks.
Asset Allocation
May 2026
Commodities, Real Assets and the Return of the Physical Economy
AllianceBernstein
Research
32 Pages
AllianceBernstein argues that commodities and industrial metals are becoming more strategically relevant as geopolitics, AI infrastructure, and resource nationalism revive the physical economy.
Asset Allocation
May 2026
Putting Portfolios Together when the World is Falling Apart
Acadian
Research
5 Pages
Acadian Asset Management argues that deglobalization could make global diversification more valuable, not less. U.S. and German equity correlations rose from 0.35 before 1998 to 0.81 after 1998, showing how globalization changed the portfolio math.
Asset Allocation
April 2026
A Positive Stock-Bond Correlation Is a Terrible Reason to Add More Equity Risk to Your Portfolio
AQR
Research
7 Pages
AQR argues that a positive stock bond correlation is not a good reason to replace bonds with more equity like assets.
Asset Allocation
April 2026
A Second Opinion on the 60/40 Default: Just What the Doctor Ordered
GMO
Research
10 Pages
GMO argues the classic 60/40 portfolio works over very long periods but can disappoint badly when starting valuations are stretched.
Asset Allocation
March 2026
Risk Speedometers: What are allocators buying and selling?
Vanguard
Research
12 Pages
Vanguard says that portfolios built around traditional risk assets should be balanced with practical expectations as interest rates, valuations, and volatility all remain higher than historical norms.
Alternative Assets
February 2026
The Boost From the Hard Assets Rotation
Goldman Sachs
Research
22 Pages
Following a strong and volatile start for commodities in 2026, Goldman Sachs analyzes how sustained investor diversification into hard assets would affect commodity prices.
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
What is the Safest Invesment Asset?
Cambria Investments
Research
6 Pages
Cambria explores whether traditional safe assets truly preserve wealth after inflation and argues that diversification matters more than many investors assume.
Portfolio Management
May 2025
What if You Owned No U.S. Stocks?
Cambria Investments
Research
5 Pages
Cambria examines whether investors truly need US stocks to build long term wealth.
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.
Portfolio Management
December 2021
Time To Diversify – But Into What?
AQR
Research
9 Pages
AQR argues that traditional portfolios face structurally lower returns and explores where investors can realistically diversify beyond equities and bonds.
Portfolio Management
December 2021
Quarterly Letter 3Q 2021
GMO
Research
10 Pages
GMO examines why relying on historical returns can mislead investors, using bond markets to show how return components matter more than averages.
Portfolio Management
October 2021
Life Cycle Investing
O’Shaughnessy Asset Management
Research
10 Pages
O’Shaughnessy Asset Management presents the Life Cycle Canvas, a framework for mapping decisions across an investment or project lifecycle from idea to execution.
Portfolio Management
October 2021
Cash Flows Matter For Tail Hedging Strategies
LongTail Alpha
Research
11 Pages
LongTail Alpha argues that traditional return metrics can misrepresent tail hedging by ignoring the timing and magnitude of cash flows, framing these strategies more like insurance than investments.
Portfolio Management
July 2021
Mid-Year Letter For 2021
GMO
Research
7 Pages
GMO’s mid-year 2021 letter outlines a turning point in equity markets, arguing that the long-awaited reversal from Growth to Value has begun and could extend for years.
Portfolio Management
May 2021
Asset Allocation: Private Markets In Global Multi-Asset Portfolios
Pantheon
Research
17 Pages
Pantheon explores how private markets can enhance a global portfolio by improving diversification, return potential, and resilience across cycles.
Portfolio Management
April 2021
Countercyclical Investing – Foundations of a Cycle-Driven Approach to Asset Allocation
Verdad
Research
50 Pages
Verdad Advisors examines countercyclical asset allocation, arguing that disciplined rebalancing into underperforming assets can enhance long-term returns despite short-term discomfort.
Portfolio Management
January 2021
Why Investors Should Hold a Diversified Portfolio of Commodities
Bridgewater
Article
1 Pages
The authors argue that commodities can diversify portfolios against different forms of inflation, but broad exposure matters because individual markets respond to different economic forces.
Portfolio Management
December 2020
Quarterly Letter 3Q 2020
GMO
Research
20 Pages
GMO argues that value stocks are trading at historically extreme discounts after their worst 12-month stretch on record, setting up a potential reversal versus growth.
Portfolio Management
November 2020
Diversifying Diversification
LongTail Alpha
Research
19 Pages
LongTail Alpha explores how combining multiple diversification strategies can improve downside protection in equity-heavy portfolios.
Alternative Assets
August 2020
Public To Private Equity In The United States: A Long-Term Look
Morgan Stanley
Research
82 Pages
Morgan Stanley examines the long-term shift from public to private equity markets in the U.S., exploring why capital, companies, and returns have increasingly migrated away from public listings.
Portfolio Management
August 2020
Risk Parity: Methods And Measures Of Success
Resolve Asset Management
Research
21 Pages
ReSolve Asset Management explains how risk parity aims to build portfolios that can perform across different economic regimes by balancing risk rather than capital.
Portfolio Management
June 2020
Quarterly Letter 1Q 2020
GMO
Research
11 Pages
GMO’s Q1 2020 quarterly letter explores the disconnect between collapsing economic fundamentals and sharply rebounding financial markets during the early pandemic.
Portfolio Management
April 2020
It’s Always Darkest Before The Dawn
GMO
Research
6 Pages
GMO explores how bear markets unfold and why deeply discounted assets may offer opportunity even during extreme volatility.
Portfolio Management
March 2020
Dare To Be Different
GMO
Research
7 Pages
GMO argues traditional portfolios are unlikely to meet investor return expectations, pushing the case for contrarian investing and global diversification.
Portfolio Management
October 2019
Appraising Home-Bias Exposure
FTSE Russell
Research
54 Pages
Russell Investments examines how home bias shapes portfolio outcomes, focusing on the tendency for investors to overweight domestic equities despite global diversification benefits.
Portfolio Management
September 2019
What To Do When Nothing Looks Attractive?
Rocaton
Research
7 Pages
Rocaton explores how investors should respond when traditional asset classes all appear unattractive, emphasizing that discomfort is often a feature of markets rather than a signal to disengage.
Portfolio Management
August 2019
Equity Outlook – It’s Too Late to Get Bearish
Invesco
Research
68 Pages
Invesco examines equity positioning in a late-cycle environment shaped by slowing growth, policy uncertainty, and elevated valuations.
Portfolio Management
July 2019
The Norway Model
Research
17 Pages
The authors examine Norway’s Government Pension Fund Global as a transparent, low cost alternative to the Yale model.
Portfolio Management
June 2019
Junk or Jewel? Assessing The Role of High-Yield Bonds in a Diversified Portfolio
Vanguard
Research
17 Pages
Vanguard examines whether high-yield bonds deserve a place in diversified portfolios, framing them as a hybrid between equities and traditional fixed income.
Portfolio Management
May 2019
The Best of Strategies for the Worst of Times: Can Portfolios be Crisis Proofed?
Man Group
Research
26 Pages
Man Group examines whether portfolios can be structured to withstand major crises by analyzing historical drawdowns and common hedging strategies.
Portfolio Management
February 2019
Positively Negative: Stock-Bond Correlation and Its Implications for Investors
D.E. Shaw & Co.
Research
16 Pages
D. E. Shaw examines how the shift to negative stock-bond correlation reshaped portfolio construction and bond pricing.
Portfolio Management
February 2019
Geographic Diversification Can Be a Lifesaver
Bridgewater
Research
10 Pages
Bridgewater Associates explores how geographic diversification shapes portfolio resilience, emphasizing that concentrating in a single country can expose investors to prolonged drawdowns and uneven recoveries across global markets.
Portfolio Management
January 2019
Is Volatility a Friend or Foe?
Intech
Research
10 Pages
Intech explores whether market volatility should be avoided or harnessed, arguing that while large drawdowns can damage compounding, disciplined rebalancing can turn volatility into a potential return driver.
Portfolio Management
January 2018
GMO Quarterly Letter
GMO
Research
15 Pages
GMO explores how “price insensitive” buyers like central banks, pensions, and passive vehicles may be distorting asset prices across markets.
Portfolio Management
November 2017
Betting on Unpredictability
Verdad
Research
6 Pages
Verdad Advisors argues that investors systematically overestimate their ability to predict the future, creating opportunities in volatile, deeply unpopular companies.
Portfolio Management
October 2017
Volatility and the Alchemy of Risk
Artemis Capital Management
Research
19 Pages
Artemis Capital Management explores how ultra low volatility, central bank stimulus, and systematic trading strategies may be creating hidden fragility across financial markets.
Portfolio Management
August 2017
Asset Allocation in a Low Yield Environment
AQR
Research
20 Pages
AQR examines whether historically low bond yields justify major asset allocation changes or reinforce diversification across return streams.
Portfolio Management
August 2017
The S&P 500: Just Say No
GMO
Research
12 Pages
GMO argues investors chasing recent U.S. equity dominance may be extrapolating unusually strong S&P 500 performance into the future.
Portfolio Management
August 2017
GMO Quarterly Letter
GMO
Research
15 Pages
GMO examines why emerging market value stocks remained unusually attractive even after an 18% rally in emerging equities during 2017.
Portfolio Management
July 2017
Improving U.S. stock return forecasts: A “fair-value” CAPE approach
Vanguard
Research
15 Pages
Vanguard examines whether adjusting the CAPE ratio for interest rates improves long term U.S. equity return forecasts.
Portfolio Management
July 2017
A Benchmark for Efficient Asset Allocation
Northern Trust
Research
4 Pages
Northern Trust examines whether the global market portfolio offers a benchmark for efficient asset allocation.
Portfolio Management
May 2017
Two Decades of Winning by Not Losing
FPA
Research
20 Pages
First Pacific Advisors explores how long term investment success often comes more from avoiding catastrophic losses than chasing market leaders.
Portfolio Management
May 2017
Global Asset Allocation: Investment and Business Themes for 2017 and Beyond
Northern Trust
Research
21 Pages
Northern Trust examines how global asset allocation may evolve amid rising rates, expensive equities, and shifting political regimes entering 2017.
Portfolio Management
May 2017
America Is Great. Home Country Bias Ain’t.
GMO
Research
4 Pages
GMO examines how home country bias may push investors toward expensive U.S. equities despite stronger opportunities abroad.
Portfolio Management
April 2017
For Whom the Bond Tolls: Low Rate Beneficiaries in a Rising Rate Environment
GMO
Research
8 Pages
GMO examines how years of ultra low interest rates inflated valuations across bond proxies, leveraged firms, and growth stocks.
Portfolio Management
March 2017
Understanding The High Returns in a Low Return Environment
Bridgewater
Research
4 Pages
Bridgewater Associates examines how elevated global wealth relative to income constrains future investment returns, arguing that financial assets ultimately represent claims on future income.
Portfolio Management
November 2016
GMO Quarterly Letter 3Q 2016
GMO
Research
26 Pages
GMO’s quarterly letter explores whether today’s elevated asset prices reflect temporary distortions or a lasting decline in global discount rates.
Portfolio Management
October 2016
Take the 5% Challenge!
Research Affiliates
Research
9 Pages
Research Affiliates argues that investors are dramatically underestimating how difficult earning a 5% real return may be over the next decade.
Portfolio Management
July 2016
The Global Case for Strategic Asset Allocation and An Examination of Home Bias
Vanguard
Research
20 Pages
Vanguard examines how strategic asset allocation, active management, and home country bias shape portfolio outcomes across major global markets.
Portfolio Management
July 2016
The Trinity Portfolio: A Long-Term Investing Framework Engineered for Simplicity, Safety, and Outperformance
Cambria Investments
Research
24 Pages
Cambria presents a long term portfolio framework that combines global diversification, value, momentum, and trend following into one investing approach.
Portfolio Management
December 2015
Portfolio Rebalancing Part 1 of 2: Strategic Asset Allocation
AQR
Research
16 Pages
AQR examines how strategic portfolio rebalancing shapes diversification, risk, and long term returns across multiple asset classes.
Portfolio Management
December 2015
Putting Parity Performance Into Perspective
AQR
Research
7 Pages
Cliff Asness examines why risk parity strategies have struggled versus traditional 60/40 portfolios during the post 2008 equity rally.
Portfolio Management
October 2015
Global Risk Parity
Resolve Asset Management
Research
16 Pages
ReSolve explains how risk parity portfolios aim to balance risk exposure across asset classes rather than capital allocation alone.
Portfolio Management
September 2015
Our Thoughts about Risk Parity and All Weather
Bridgewater
Research
13 Pages
This paper explains the logic behind Bridgewater’s risk parity and All Weather approach, arguing that balancing risk rather than capital can improve diversification.
Wealth Management
August 2015
Who Ate Joe’s Retirement Money?
GMO
Research
11 Pages
GMO examines sequence risk during retirement saving and how return timing can shape outcomes despite identical long term returns.
Portfolio Management
July 2015
Adaptive Asset Allocation: A Primer
Resolve Asset Management
Research
32 Pages
ReSolve Asset Management explores adaptive asset allocation and why traditional portfolio optimization often breaks under changing market conditions.
Portfolio Management
January 2015
Capital Allocation Outside the U.S.
Credit Suisse
Research
83 Pages
Credit Suisse examines how companies outside the U.S. allocate capital and why management decisions often matter more than growth itself.
Portfolio Management
December 2014
Efficient Frontier “Theory” for the Long Run
AQR
Research
12 Pages
AQR revisits modern portfolio theory by examining how stocks, bonds, and commodities behaved across rolling five year periods versus a 45 year horizon.
Portfolio Management
November 2013
The All Weather Strategy
Bridgewater
Article
Video
1 Pages
Bridgewater explains the thinking behind the All Weather strategy and how balancing risk across different economic environments shaped its portfolio design.
Portfolio Management
July 2013
Risk Parity in a Rising Rates Regime
Salient Capital Advisors
Research
15 Pages
Salient examines how risk parity strategies have historically performed during sharply rising interest rate environments and whether today's lower starting yields change the outcome.
Portfolio Management
May 2013
Assessing the Nuances in an “Out of Sample” World
Cornerstone Macro
Research
14 Pages
Cornerstone Macro examines why traditional market relationships became less reliable after the financial crisis, arguing investors were operating in an unprecedented macroeconomic environment.
Portfolio Management
April 2013
More Scary Headlines, New Market Highs: Are investors finally embracing this market?
Janiczek & Company
Research
5 Pages
Janiczek & Company explains why strong equity performance in early 2013 can coexist with persistent economic fears, arguing that improving fundamentals outweigh alarming headlines.
Portfolio Management
September 2012
Improving on Risk Parity: Hedging forecast uncertainty
J.P. Morgan Asset Management
Research
8 Pages
J.P. Morgan Asset Management argues that Risk Parity succeeds because it avoids unreliable return forecasts, not because equal risk allocation is inherently superior.
Portfolio Management
August 2012
Global Value: Building Trading Models with the 10 Year CAPE
Cambria Investments
Research
15 Pages
Cambria explores how the 10 year CAPE ratio can identify attractively valued global equity markets and build systematic country allocation models.
Portfolio Management
May 2012
The 5% Solution
AQR
Article
1 Pages
AQR examines why the traditional 60 40 portfolio may struggle to deliver a 5% real return in today’s environment and explores broader portfolio construction alternatives.
Portfolio Management
March 2012
Global Equity Allocation
MSCI
Research
102 Pages
MSCI examines how large institutional investors approach global equity allocation, focusing on geographic diversification, home bias, and long-term portfolio construction.
Portfolio Management
January 2012
The All Weather Story
Bridgewater
Article
1 Pages
Bridgewater explains how the All Weather strategy was developed to build a portfolio designed for changing economic environments rather than specific forecasts.
Asset Allocation
May 2010
I Want to Break Free
GMO
Article
1 Pages
James Montier argues that policy portfolios, risk parity, and glide-path funds mismeasure risk and overlook valuation.
Portfolio Management
February 2007
A Quantitative Approach to Tactical Asset Allocation
Cambria Investments
Research
70 Pages
Cambria Investment Management explains how a simple quantitative trend following strategy can improve risk adjusted returns by combining global diversification with tactical market timing.
Portfolio Management
May 2005
Fundamental Indexation
Research
17 Pages
The authors examine whether weighting stock indexes by company fundamentals offers advantages over weighting by market value.
Portfolio Management
August 2004
The Biggest Mistake in Investing
Bridgewater
Article
1 Pages
Bridgewater Associates argues that portfolios often look diversified by dollars but remain heavily concentrated in equity risk
Portfolio Management
January 1996
Why Not 100% Equities
AQR
Research
7 Pages
AQR examines whether investors seeking higher long term returns should allocate 100% to equities or instead pursue greater risk through broader diversification.