Pensions & Investments, March 22nd, 1999
Is asset allocation dead? Or is it more important than ever? Should sponsors operate on autopilot once they've set a policy because their decisions risk subtracting value?
The answers to these questions are important to pension executives, but the answer to the final question might be the most valuable. The questions are being raised again because new studies re-examine what has become accepted wisdom in pension fund management: that asset allocation explains 90% of performance.
The new studies suggest, in fact, that asset allocation can sometimes explain more than 100% of performance.
Th...
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