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The Asset Allocation Advisor provides
information and analysis of global capital markets
including historical return and risk information,
current market valuations and comparisons based on
current and projected valuation factors, and projected
risks and performance correlations. Portfolio
performance is modeled using advanced optimization
techniques that identify the most efficient portfolio
allocations for various risk level.
Featured Articles Available On-Line
Commodities as an Asset Class:
The right kind of investment in commodities can be a
valuable contributor to endowment performance. This
article from the Q1 2007 issue explores the nature of
investing in commodities, the characteristics of
historical returns on commodities, and alternatives for
investing in commodities.
View
article.
Quantifying Risk Tolerance, Part I:
How do organizations determine their endowment risk
tolerance? This article from the Q1 2007 issue was the
first in a series of articles on risk measurement and
management. It addresses how to quantify an
organization’s risk tolerance.
View article.
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A PUBLICATION
FOR
ENDOWMENT
MANAGERS AND TRUSTEES
The Asset Allocation Advisor is a quarterly journal
dedicated to informing and educating readers about the
art and science of asset allocation and how to put that
art and science to work in maximizing endowment returns
while minimizing risk.
The Asset Allocation Advisor is intended to meet the
need of non-profit organizations for sophisticated
guidance in deciding how to diversify their endowments.
Written for both finance professionals and
non-professionals with fiduciary responsibility for
endowment or trust supervision, the Advisor provides
information, analysis, and portfolio modeling to use in
formulating allocation strategies.
The Advisor is also dedicated to informing and educating
readers about the science of asset allocation and
opportunities in the capital markets for
diversification. Significant challenges and refinements
have been made to Markowitz’s Nobel prize-winning work
on portfolio optimization at the same time as the
development and integration of global capital markets
have made new asset classes available to investors.
Informed trustees and managers need to understand both
the challenges and the advances to the established
science and new opportunities in the capital markets in
order to fulfill their fiduciary duty in endowment or
trust oversight.
SEPTEMBER'S ARTICLE |
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What's the outlook for commodities and real estate? In
this article, our editor provides updated return
outlooks for alternative investments in commodities and
U. S. real estate.
View
article (pdf)
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AUGUST'S ARTICLE |
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With the U.S. economy slowing, what sort of returns can
investors expect from the U.S. stock market? In this
article, our editor makes the case that stock market
returns for the near to mid-term will be below average.
View
article (pdf)
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JULY'S ARTICLE |
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In this article, our editor reports on the returns of
the Ten Percent Portfolios. See how they have managed to
meet their 10% annual return target even in the first
half of 2008.
View
article (pdf)
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JUNE'S ARTICLE |
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In this third article in a series on measuring and
managing risk in non-profit organizations, our editor
describes how to calibrate an organization's risk and
how to use this risk calibration to manage endowment
portfolio risk within acceptable risk tolerances.
View article (pdf)
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MAY'S ARTICLE |
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In this feature, our
editor explains how the "no free lunch" principle
is the fundamental reason behind the link between
return variability and risk. Why is risk so often
measured by the standard deviation of returns?
This straightforward article explains why and how
the variability of an asset's returns is the basis
of investment risk.
View article (pdf)
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APRIL'S ARTICLE |
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We continue to feature the article on how
investors should cope with the recession. In this
feature, our editor examines how various asset
classes have performed in past recessions and
looks at whether assets allocations should be
adjusted in the face of a recession.
View
article (pdf) |
REGULAR FEATURES
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The View from the
Land of Steady Habits
Commentary on
a variety of subjects affecting endowment management |
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Capital Market
Outlooks
Information and analysis regarding valuations of
various asset classes and the
impact of current conditions on expectations for future
returns |
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Efficient Frontiers
and Optimally Risky Portfolios
Reports on how asset classes can be combined to yield
efficient portfolios, that is, portfolios with the
maximum expected return for a given level of risk or,
conversely, the minimum expected risk for a given level
of return – utilizing advanced optimization techniques
that go beyond simple mean-variance optimization |
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The 10% Portfolio
Reports on how changing market
conditions and expectations affect the composition of a
portfolio with a target 10% return |
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The Art and Science
of Asset Allocation
Articles
exploring the discipline of asset allocation
optimization from both a practical and a technical
perspective |
ADDITIONAL FEATURES
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Risk analysis
Articles exploring the nature of investment risk,
how to manage it, and how to measure an
organization’s investment risk tolerance |
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Investing in the
market
Articles on specific asset classes and how to
invest in different asset classes |
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