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Article

The Determinants of the Importance of Asset
Allocation

Brian Jacobsen and Thomas Biwer
The Journal of Portfolio Management Spring 2011, 37 (3) 37-43; DOI: https://doi.org/10.3905/jpm.2011.37.3.037
Brian Jacobsen
is the chief portfolio strategist at Wells Fargo Funds Management, LLC, in Menomonee Falls, WI.
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  • For correspondence: brian.jacobsen@wellsfargo.com
Thomas Biwer
is the manager of Asset Allocation Investments at Wells Fargo Funds Management, LLC, in Menomonee Falls, WI.
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  • For correspondence: tom.biwer@wellsfargo.com
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Abstract

Jacobsen and Biwer provide a framework to help evaluate the cross-sectional importance of asset allocation. They propose a closed-form solution of the models posited by previous authors, for example, the well-known Ibbotson and Kaplan model.Not only can the framework be used to evaluate, on an ex post basis, the importance of asset allocation, but it can also be used to establish the “right” number of managers to use per asset class.

  • Copyright © 2011 Wells Fargo Funds Management, LLC. All rights reserved. Not to be reproduced or redistributed without permission.
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The Journal of Portfolio Management: 37 (3)
The Journal of Portfolio Management
Vol. 37, Issue 3
Spring 2011
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The Determinants of the Importance of Asset
Allocation
Brian Jacobsen, Thomas Biwer
The Journal of Portfolio Management Apr 2011, 37 (3) 37-43; DOI: 10.3905/jpm.2011.37.3.037

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The Determinants of the Importance of Asset
Allocation
Brian Jacobsen, Thomas Biwer
The Journal of Portfolio Management Apr 2011, 37 (3) 37-43; DOI: 10.3905/jpm.2011.37.3.037
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