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Best Asset Allocation Paper 2016

Savvy Investor Awards 2016 Asset Allocation banner

WINNER: JP Morgan Asset Management

Quarterly Guide to the Markets
The JP Morgan quarterly "Guide to the Markets" is a bumper 80-page report, packed with charts and tables, illustrating global economic trends, and examining the key drivers of equity and fixed income markets for the period ahead. The accompanying "quarterly perspectives" report is a "guide to the guide". 


Global Macro Trends: Five Key Investment Themes by KKR
Rising geopolitical and macroeconomic tensions are creating both risks and opportunities for global investors across international capital markets. This paper by KKR examines five key global investment themes: (i) assets with yield and growth; (ii) exposure to China; (iii) revaluation in the securities of large domestically-oriented economies; (iv) the dismantling of the traditional financial services industry; (v) increasing exposure to complex stories, including restructuring, earnings misses, and/or corporate repositionings.

Understanding and measuring the illiquidity risk premium by Willis Towers Watson
Illiquidity risk is a potentially appealing means of generating additional yields in a low-return world. The authors of this 10-page document discuss three different dimensions of illiquidity risk premium that investors should demand for a given asset.

Equity/Bond Correlation: Historical Reflections and Future Prospects by BlackRock
The correlation between equity and bond markets is of vital importance to asset allocators; for risk control and portfolio construction, for assessing the market outlook, and for building models of how markets work (equity market valuation models, for example). In this 6-page paper, Nuno Luis and David Caplan of BlackRock examine the history of the equity/bond correlation and discuss the likely future path.

The Investment Implications of an Aging World by PGIM
This paper examines aging populations, now a worldwide phenomenon, and seeks to identify investment strategy ideas that can be implemented by institutional investors. By 2040, the number of those aged 65+ will double from what it is today to reach 1.3 billion. And it's not just a Developed World problem - two-thirds of the world's seniors live in Emerging Markets. The current aging trends will have profound implications for individuals, business and governments.

A framework for institutional portfolio construction by Vanguard
Typically, institutional investors around the world pursue one of four investment goals: absolute return, liability-driven investment, total return or principal protection. Generally, they choose from four different investment approaches: static tilts, traditional active management, market-capitalization exposures and alternative investments. Given the aforementioned potential goals and approaches, this paper considers which are the best for investors building their portfolio.


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