It was not that long ago, about a year at its peak frequency, that you couldn’t go far without coming across another report extolling the death of the plain vanilla 60/40 portfolio allocation. ‘Time to rethink portfolio construction’ was the prevalent theme of the reports, often encouraging increased use of everything from commodities, market neutrals, CTAs, real assets, etc. The messaging resonated with investors, given their experiences of 2022 – a year in which that type of portfolio construction didn’t perform particularly well. But much like everything in the investment world, some strategies do better in some market environments while struggling in others.

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