Asset Allocation

Portfolio allocation splitted into strategic and tactical asset allocation


In asset allocation, strategy means elaborating a discreet world view founded on macroeconomic data, social trends, and political developments (fundamental macroanalysis) – with a time horizon spanning several years. The resulting view then informs a high-level plan designed to guide decisions regarding which asset classes serve which long-term investment objectives.

Strategy involves filtering relevant information from independent research, academic understanding, and common sense


In asset allocation, tactics means reacting to short-term developments and attempting to exploit opportunities and diversification effects among asset classes.

Quantitative models (quantitative and technical analysis) are the foundation of tactical asset allocation. They serve as a complementary tool not only to predict developments unaccounted for in our long-term world view, but also to gain perspective grounded in fact-based thinking. At this level, we anticipate mid-term developments predicated on our world view