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BUILD:  Our building block approach adapts to fit  different goals: total return , current income , growth income,  capital appreciation. and preservation of capital.

It relies on  a diversified, cost -effective core allocation and add degrees of portfolio complexity when it makes sense, all in an easy and scalable way.

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Five key straightforward  implementation principles::

• A long-term investment horizon;

• Diversification, to reduce volatility of returns and to protect against capital loss;

• Limited use of tactical deviations from long-term asset allocation targets, primarily informed by extreme valuations;

• Use of passive managers where we believe  they will add long-term value, after fees and expenses; and

• A focus on risk-adjusted returns and active oversight of portfolio risk factors.. 

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