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Multi-Asset Investing: A practical guide to modern portfolio management by Yoram Lustig

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6. Investment constraints

The two sides of investment objectives (return and risk) do not capture all investors’ requirements and desires. Investment constraints are the other considerations that should be factored into the investment policy alongside return and risk. Each investor has a range of needs and wishes that have to be taken into account when formulating an investment strategy and when managing a portfolio. Investment constraints cover those need and wish factors.

Investment constraints restrict the range of investment choices. Typically, constraints may adversely affect the ability of skilled portfolio managers to generate returns. However, they are required to reflect investors’ needs and desires or to intentionally constrain portfolio ...

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