Tuesday, July 7, 2009

Efficient Portfolio Management: A Dynamic Investment Framework

RATIONALE FOR A STRATEGIC ASSET ALLOCATION

A Strategic Asset Allocation (SAA) refers to an ex-ante optimal weighting of asset classes in an investor’s portfolio that aims to achieve the long-term investment objectives as set forth in the investor’s policy statement. It is based on long-term return, risk and correlation expectations for the asset classes considered for the policy portfolio. The fundamental principle of Strategic Asset Allocation is to capture the advantages that come from getting exposure to a variety of asset classes with dissimilar return patterns, effectively diversifying risks across assets without sacrificing return expectations. Diversifying across multiple asset classes can help achieve a portfolio weighted average of volatility that is less than the volatility of each of the individual portfolio components, resulting in a higher portfolio risk-adjusted return.

The goal of a Strategic Asset Allocation is therefore to maximize the risk-adjusted total return of an investor’s strategic portfolio, based on an investor’s guidelines on tracking error risk at both the asset class level and at the overall portfolio level.



I/ THE DERIVATION OF ASSET CLASS ASSUMPTIONS
Deriving Robust Long-Term Asset Class Expectations

II/ FINANCIAL DECISION MAKING PROCESS

1/ Strategic Asset Allocation
2/ Risk Budgeting
3/ Tactical Asset Allocation

III/ PORTFOLIO IMPLEMENTATION

Monitoring and Rebalancing

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