Peter is 32 years old and has put together a portfolio comprised mostly of exchange traded funds (ETFs) and other passive funds in order to minimise costs. In the interests of not missing out on the expertise of active managers, he has included a few actively managed funds, particularly in areas where he thinks it's difficult to have an edge with a passive portfolio. He has a pretty negative view of fixed income as an asset class on a medium-term time horizon. Therefore, although he has some fixed income holdings, he has aimed for a lower allocation than perhaps he should otherwise have.
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