RT Journal Article
SR Electronic
T1 Buying Returns—Not Managers
JF The Journal of Investing
FD Institutional Investor Journals
SP 34
OP 37
DO 10.3905/joi.2015.24.4.034
VO 24
IS 4
A1 Mark Wills
YR 2015
UL https://pm-research.com/content/24/4/34.abstract
AB Most investment professionals now widely accept the tenet that asset allocation is the main driver of portfolio returns. Yet, even though asset owners agree with this statement, many have not built their teams or culture around this premise, instead preferring to focus mainly on manager selection. The author proposes a new structure and mission for asset owners, one that is built around buying the best returns rather than the best managers.TOPICS: Portfolio construction, portfolio theory