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Primary Article

Strategic versus Tactical Asset Allocation

Mark J.P Anson
The Journal of Portfolio Management Winter 2004, 30 (2) 8-22; DOI: https://doi.org/10.3905/jpm.2004.319926
Mark J.P Anson
Chief investment officer at CalPERS in Sacramento, CA.
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Abstract

The author divides the asset allocation decision into two asset classes: beta drivers and alpha drivers. Beta drivers, which provide broad economic exposure to the financial markets, are established by the strategic asset allocation decision. Alpha drivers are designed to provide added return beyond the return offered through passive exposure to the financial markets. Alpha drivers, chosen as part of the tactical asset allocation decision, are designed to facilitate the long-term funding goals of an organization by seeking added value. Examples of how beta and alpha drivers may be used in strategic versus tactical asset allocation are provided.

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The Journal of Portfolio Management
Vol. 30, Issue 2
Winter 2004
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Strategic versus Tactical Asset Allocation
Mark J.P Anson
The Journal of Portfolio Management Jan 2004, 30 (2) 8-22; DOI: 10.3905/jpm.2004.319926

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Strategic versus Tactical Asset Allocation
Mark J.P Anson
The Journal of Portfolio Management Jan 2004, 30 (2) 8-22; DOI: 10.3905/jpm.2004.319926
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