Learning about asset allocation
Hey yall,
Im interested in learning of asset allocation and its role in funds.
What are some books/ online resources yall recommend?
Thanks,
Betseat
Hey yall,
Im interested in learning of asset allocation and its role in funds.
What are some books/ online resources yall recommend?
Thanks,
Betseat
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Hi Betseat-Getachew, the silence is deafening, sorry about that.... Any of the threads below helpful?
Calling relevant professionals! caenwee westwood Going Concern
Fingers crossed that one of those helps you.
If I understand it correctly - how to allocate positions (assets) within a portfolio? If it’s allocations between sectors my comments below can work. Asset allocation is a fairly broad concept.
If it’s related to positions within a portfolio:
Unfortunately the answer is anything but straightforward since allocation decisions will depending heavily on the portfolio / fund and it’s investment process, universe and potentially benchmark.
More of an art then a science for most managers I suspect, where you need to balance conviction against liquidity concerns.
There are books out there about portfolio management. Try the local library. I found “Managing Equity Portfolios” by Ervolini an interesting read. It is more about performance and process but has some commentary on allocation decisions. Albeit slim.
Yes allocation within a portfolio. Im looking for resources that provide a novice a firm grasp of the various methodologies
This is something that has come across my desk before but I’ve never had time to read it. The Theory and Practice of Investment Management: Asset Allocation, Valuation, Portfolio Construction, and Strategies It might be available at a library or business library if you are a student. Could be a little too detailed for what you are looking for.
Pioneering Portfolio Management by David Swenson is the DEFINITIVE BIBLE within the allocator/LP space. This is really a must read for whatever you end up doing in finance.
whats so great about Swenson's book
He has generated strong risk adjusted returns for 20+ years. The pioneering element of the title reflects his beliefs on asset allocation, which include (among many other things) an equity bias and significant exposure to alternatives. Many endowments, foundations, family offices, advisors, etc. have successfully or unsuccessfully attempted to follow his approach. If a fund manager is lucky enough to get a commitment from Yale, they'll have zero trouble raising their fund.
I've attached a sample of books below but, IMHO, the 3 heavy hitters in the space are: 1) Bridgewater (Ray Dalio) 2) AQR (Cliff Asness) 3) Blackrock (Andrew Ang)
Bridgewater's website Ang, Andrew Asset Management Lussier, Jacques Successful Investing Is A Process Swensen, David Pioneering Portfolio Management Eckett, Stephen The Harriman House Book of Investing Rules Ilmanen, Antti Expected Returns
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