RT Journal Article SR Electronic T1 Dual-Horizon Strategic Asset Allocation JF The Journal of Portfolio Management FD Institutional Investor Journals SP jpm.2022.1.331 DO 10.3905/jpm.2022.1.331 A1 Alexander Rudin A1 Daniel Farley YR 2022 UL https://pm-research.com/content/early/2022/01/12/jpm.2022.1.331.abstract AB In this article, the authors propose a new dual-horizon asset allocation framework that balances desire for long-term portfolio optimality with the requirement for short-term risk control. The framework leverages evidence that for many core asset classes, price patterns can be effectively decomposed into a long-term, persistent component and a transient, cyclical one. This decomposition is particularly helpful when applied to private and public sister-asset classes (e.g., private and public equity or debt) because it allows harmonization of private and public risk-adjusted returns without resorting to artificial adjustments.