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

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22. Investment Management Process

The multi-asset investment management process combines the three pillars of multi-asset investing: SAA, TAA and investment selection, as well as portfolio construction. The challenge is combining long-term asset allocation, short-term adjustments to asset allocation and alpha from security selection across different asset classes.

Not only does each activity have a different investment horizon, but also each activity has different techniques and styles for alpha generation across different asset classes. The ways to add alpha in equities, fixed income, property and alternatives are different. There are numerous choices and some can have a material impact on results. A wrong call on an asset allocation or investment ...

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