Executive Summary Alternative investments have moved from the sidelines to the mainstream of portfolio construction—and for good reason. Recent policy developments, including the White House Executive Order expanding access to alternatives in retirement plans, reflect...
Asset allocation has always been about balance—finding the right mix of investments to deliver returns, manage risk, and meet client goals. But as markets grow more complex and volatile, the old playbook is no longer enough. Today’s investors expect not just growth...
Through the lens of football, we can frame the evolution of asset allocation across three approaches: The Old-Fashioned Approach: Only Offense and Defense For decades, portfolios were built with just two squads on the field: Offense was stocks—driving growth and...
Today’s markets demand more than a 60/40 or 50/30/20 playbook. Advisors need portfolios that can go beyond stocks and bonds with a few alts tacked on, to respond to market shocks and inflation spikes, navigate geopolitical uncertainty, capture private market...
Offense is about growth. Offense is about moving the ball downfield—driving growth, building wealth, and capturing appreciation over time. In portfolios, offensive strategies target capital gains, whether through public equities, private markets, or emerging...
Defense starts with income. Defense in football isn’t passive—it’s about controlling the opponent, protecting your field position, and setting up the next opportunity. In portfolios, defensive strategies start with income, then seek to preserve capital and provide...
Special teams have the potential to change outcomes. In football, special teams don’t play every down—but when they take the field, they can change the game. A well-executed kickoff pins the opponent deep. A clutch field goal leads to an overtime victory. A blocked...
Football coaches don’t call the same play every down, but start with a well-designed plan and the flexibility to adjust. They read the defense, assess field position, consider the clock, and adjust their strategy dynamically. They move players on and off the field...
Since early 2022, U.S. equities have experienced negative monthly returns in 17 separate months. Bonds declined in all but three of them. This pattern has led many investors and advisors to question whether the traditional 60/40 portfolio is still capable of...
Institutional investors have spoken: Global Macro remains at the top of the hedge fund allocation list for 20251 A recent Sociétè Generale survey of institutional allocators confirms that 40%+ of institutions plan to increase their exposure to global macro strategies...
