“Diversification is the only free lunch in investing”*

- Harry Markowitz, Nobel Laurette in Economic Sciences

Investing for Global Diversification

• Asset allocation policy is by far the most important investment decision.** We work with you to develop a suitable asset allocation using a broadly diversified set of asset classes.

• A sound investment strategy starts with an asset allocation befitting the portfolio’s objective. The allocation should be built upon reasonable expectations for risk and returns and use diversified investments to avoid exposure to unnecessary risks.

• We seek to blend a wide array of global asset classes including international and emerging market stocks, bonds, and commodities.

• Dynamically adjust portfolios over time to favor assets with the most promising reward-for-risk taken.

* Harry Markowitz with Rodney Sullivan and Antti Ilmanen, “Markowitz on Portfolio Theory and Practice.” AQR Words from the Wise. Jan. 29, 2016.
**Ibbotson, Roger and Paul Kaplan, “Does Asset Allocation Policy Explain 40, 90 or 100 Percent of Performance?” Financial Analysts Journal 2000 56,1.