Christmas Features 2018 

Asset allocation: favouring durability and defensiveness

Asset allocation: favouring durability and defensiveness

Reviewing the performance of our tactical asset allocation (TAA) portfolios from last year, was very much like opening a disappointing Christmas present. Or since I picked them, more like sheepishly watching someone else open the rubbish present you got them. Total returns of both the general and multi-factor portfolios were flat net of fees. In real terms, they are slightly down over the year.

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