Diversification

Asset Allocation
December 2025

Decoding Markets: The accidental death of diversification

Schroders

Dan Suzuki

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.

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Portfolio Management
November 2025

Diversifying Alternatives and the Rearview Mirror

AQR

Antti Ilmanen, Thomas Maloney

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. 

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Diversification
November 2025

The Agony and Ecstasy • EMEA Edition

J.P. Morgan Asset Management

Research

24 Pages

Michael Cembalest first published the ‘Agony & Ecstasy’ analysis in 2004, and the EMEA team released an updated version based on June 2025 data.

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AI
November 2025

Why we are not in a bubble… yet

Goldman Sachs

Peter Oppenheimer

Research

29 Pages

Peter Oppenheimer explains why he believes the markets show froth but aren’t quite yet in bubble territory.

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Asset Allocation
November 2025

A New Era of Higher Inflation Risks

Bridgewater

Ziad Hindo, James Riseley

Research

17 Pages

Bridgewater says most portfolios remain poorly equipped to manage structurally higher inflation risks than pre-COVID.

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Portfolio Management
April 2025

What Should You Do When You Don’t Know What to Do?

Man Group

Peter Weidner, Harry Moore, Tarek Abou Zeid, Yash Panjabi

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.

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Portfolio Management
January 2025

Can Private Markets Be the Alternative to Lofty Public Market Valuations?

Apollo

Alexander Wright

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.

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Portfolio Management
December 2024

The Red Thread: The Diversification Edition

UBS

Research

45 Pages

UBS’ latest edition of The Red Thread delves into the complexities of diversification, emphasizing that while diversification remains a foundational investment principle, its practical application is increasingly nuanced in today's market environment.

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Portfolio Management
December 2024

Choosing the Right Diversifying Strategies for your Portfolio

NEPC

Kadmiel Onodje, Kyan Nafissi

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.

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Portfolio Management
October 2024

Against Apathy

Man Group

Henry Neville

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.

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Markets
October 2024

Diversify to Amplify

Goldman Sachs

Peter Oppenheimer

Research

19 Pages

Peter Oppenheimer’s team says economic growth alongside lower policy rates creates a more favorable environment for equities, though high valuations and rising long-term rates may limit index-level gains, making alpha generation and diversification key drivers of future returns.

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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.

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Portfolio Management
July 2024

The Art of Patient Investing

Meketa

Frank Benham, Lauren Giordano

Research

15 Pages

Meketa makes the long-term case for a diversified portfolio and explores various areas where investors may want to remain patient in the current market.

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Portfolio Management
March 2024

2024 Diversification Landscape

Morningstar

Amy Arnott, Christine Benz, Karen Zaya

Research

52 Pages

Morningstar offers a deep dive into the diversification potential of several major asset classes.

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Portfolio Management
February 2024

Where Can Investors Find Geographic Diversification Today?

Bridgewater

Karen Karniol-Tambour, Alexa Rozario

Research

9 Pages

Bridgewater investigates which countries outside the U.S. are most beneficial from a diversification standpoint. They highlight China, Japan, Brazil & India as four countries that can be valuable diversifiers to a US-centric portfolio.

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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.

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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.

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