Asset Allocation:

• Overview
• Asset Classes We Use

Asset Allocation

Where do Investment Returns come from?

This pie chart explains the percentage breakdown of our investment returns :

• Asset Allocation - 91.5%
• Stock Selection 4.6%
• Market Timing 1.8%
• Other 2.1%

Source: "Determinants of Portfolio Performance II :
An Update", Financial Analysts' Journal May/June 1991.

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