$EQUITIES - Equities have delivered strong returns and hit return targets, though high valuations create concerns about future decade returns. Historical context suggests continued allocation despite valuation concerns.
$PORTABLEALPHA - Portable alpha solutions are experiencing a resurgence as investors seek diversifying return sources to address high equity valuations and macro volatility, with growing adoption in both institutional and wealth channels.
$LONGSHORTEQ - Long-short equity strategies provide diversification to stocks and bonds, with equity market neutral being the most popular choice for portable alpha implementations due to consistent beta-zero characteristics and familiar stock selection approach.
$MANAGEDFUTURES - Managed futures trend following provides crisis alpha and protective properties with evidence of strong long-term performance, delivering returns in line with 60/40 portfolios while performing in major drawdowns.
$MULTISTRAT - Capital efficient multi-strategy hedge funds provide diversified exposure across equity market neutral, macro, trend following, and corporate arbitrage with capital efficiency benefits from single trading vehicle structure.
Bearish:
$LONGONLYACTIVE - Long-only active management has been disappointing, particularly in US large cap equities where efficiency and constraints make outperformance difficult, driving investors toward unconstrained alternatives.