This book covers each step in the asset allocation process, addressing as many of the relevant questions as possible along the way. How can we formulate expectations about long-term returns? How relevant are valuations? What are the challenges to optimizing the portfolio? Can factor investing add value and, if so, how can it be implemented? Which are the key performance drivers for each asset class, and what determines how they are correlated? How can we apply insights about the business cycle to tactical asset allocation? The book is aimed at finance professionals and others looking for a coherent framework for decision-making in asset allocation, both at the strategic and tactical level. It stresses analysis rather than pre-conceived ideas about investments, and it draws on both empirical research and practical experience to give the reader as strong a background as possible.

Autorentext
Henrik Lumholdt is a seasoned finance professional with more than 30 years of capital markets experience. He is the founding partner of Inside Economics, a consultancy, which advises international investors and multinational corporations. Henrik was until recently the Chief Investment Strategist for Spain's largest asset management company, BBVA AM. Previous positions include Chief Economist for Bank of America, Spain, Head of Fixed Income Research at FG/Merrill Lynch, and Senior Economist at Nordea Bank. A member of the work group for international economics at Spain's think tank, El Real Instituto Elcano, he spends a considerable part of his professional time focused on international economies and markets. Henrik has been an adjunct professor of finance and economics at IE Business School since 2001 and has won numerous prizes for outstanding teaching

Inhalt
PrefacePart I: Foundations1.Introduction to Asset Allocation2.Performance Evaluation3.Strategic versus Tactical Asset AllocationPart II: Strategic Asset Allocation4.Long-Term Return Expectations5.Optimizing the SAA6.Factor Investing I7.Factor Investing IIPart III: Tactical AA8.Tactical Macro-Drivers9.The Four Phases Framework10.Appendix