strategic asset allocation
6 statements across 4 episodes · 2 bullish · 1 bearish · 4 people on the record · first statement Sep 9, 2019 by Matt Whineray · across every show →
Everything said about strategic asset allocation, oldest first
Sep 9, 2019 positive
Reference portfolios create clearer decision accountability than SAA models
“You're able to much better attribute accountability for decisions because in an SAA world, you can never actually be at five percent infrastructure. So why are you not there? Are you not there because management has chosen not to be there because they don't re…”
Sep 9, 2019 negative
Strategic asset allocation forces allocations regardless of market attractiveness
“The SAA says you're going to have five percent infrastructure whether you think it's attractive or not. You're going to have five percent timber whether you think it's attractive at the time or not. We wanted that to be a little bit more dynamic and a little b…”
May 15, 2025 neutral
Clarke: Manager selection is a third-derivative decision for institutional asset allocators
“When people are doing this strategic asset allocation, you're about the third derivative from choice. Their first thing is, what's our funding ratio? What's our actual rate of return? What should the portfolio look like? How should we populate it? And then who…”
Jan 12, 2026 neutral
Monk: Adopting Total Portfolio Approach requires completely changing fund organizational structure
“If you're going to go from a strategic asset allocation to a total portfolio approach, that's a shift in asset allocation. Can't do that in a vacuum. You're going to have to completely change your organization and how you're implementing it, and that's the par…”
Feb 9, 2026 neutral
Gilmore: CalPERS' legacy SAA permitted ~450 bps of active risk
“What we did was to look at how much that variation would aggregate up to in terms of the leeway management had been delegated. We estimated that that amounted to around about 450 basis points of active risk using all the policy ranges.”
Feb 9, 2026 positive
Gilmore: Total portfolio approach captures hybrid investments that SAA buckets miss
“If you're sitting there with a strategic asset allocation, and you've got all these asset classes, it could be that you've got a hybrid, where does it sit? Or there could be something that's new, and you don't have a bucket for it. It's hard to do. With the to…”