Asset allocation: The game is changing

Embracing risk in a changing macroeconomic regime

Markets are changing fast. Economies are being reshaped. Geopolitical spheres of influence are shifting. In this environment, it makes sense that asset allocation must be dynamic and nimble. Explore the insights below to develop your edge in this space.

Asset Allocation: Battles on Multiple Fronts (Candriam)

The world economy is undergoing severe changes. Meanwhile, markets are evolving. How will the asset allocation game evolve?

Total Portfolio Approach and the Future of Asset Owners (Capital Allocators)

Dr. Ashby Monk is the Executive and Research Director of the Stanford Research Initiative on Long-Term Investing. In this video, he explores TPA.

Global Asset Allocation Insights - January 2026 (Fidelity International)

For compliance reasons, this paper is only accessible in certain geographies

Explore Fidelity International's Multi Asset team's views on which asset classes and markets are presenting the greatest opportunities and risks.

Subjective Views and Portfolio Allocation (The OSU)

Investors’ risk and return expectations are fundamental determinants of portfolio allocations and, ultimately, of asset prices.

Integrating Private Assets into Multi-Asset Allocations (Amundi)

For compliance reasons, this paper is NOT accessible in the United States

This study highlights the importance of advanced modelling techniques in addressing valuation biases and accurately capturing the risk-return profile of private assets.

TPA: A Framework to Building More Resilient Portfolios (PICTON Investments)

For decades, strategic asset allocation (SAA) has been symbolized by the 60/40 portfolio. Now TPA is changing SAA. Here is how it is happening.

Strategic Sector Selector Unmoved by Uncertainty (Invesco)

Drawing conclusions and finding patterns in the market has been clouded by the “AI narrative” in the last three years.

The BEAT: Global Markets and Asset Allocation Guide Jan 2026 (Morgan Stanley IM)

The soft patch in data that began in 2025 will likely spill over into the first quarter of 2026, before improving sometime in the second quarter.

Market Signals and Shifts: What to Watch in 2026 (State Street)

This report offers in-depth details on the core themes that will likely shape asset allocation in 2026 (and beyond).

Asset Allocation Through the Eyes of a Bottom-Up Investor (Dodge & Cox)

A handful of mega-cap technology and communications companies have driven U.S. equity market returns since the end of 2023.

2025 Recap, AI, and Global Diversification (Fidelity Investments)

For compliance reasons, this paper is only accessible in the United States

Diversification is becoming increasingly important for U.S. investors. Looking beyond the national borders for investment might become necessary.

Shifting Markets: The Reemergence of International Investing (CFA Institute)

Since the global financial crisis, U.S. equities have been the centerpiece of global portfolios. This may change as allocators look elsewhere for alpha.

The Total Portfolio Approach (Alex Beath & Associates)

Total portfolio approach has grown in popularity over the last 18 months. What does this really mean in practice?