返回有人呼吁旧投资学校，针对返回程度而不是基准的资金对投资者越来越有吸引力。根据20世纪70年代和80年代，根据苏格兰爱丁堡的标准寿命的Multiadset和宏观投资的Multern，“资产管理行业的崇拜者队”的宏观主义者“造成了相对价值的崇拜，”这集中在击败基准。投资者被告知他们应该投资资产课程“然后花很多时间和精力和金钱试图找到可以击败该资产类别的基准的经理，”他继续。
经过contrast, one asset class that allows managers a charter of maximum flexibility to achieve target returns is global multiasset funds. Such fund managers can invest in any asset around the world and engage in any trades and strategies that can help the fund deliver its targeted return — but only if such approaches have relatively low risk. Such targeted performance is a common approach among global unconstrained multiasset funds.
“我们想要做的是创造一个结果，”斯特恩说，他管理标准生活622亿美元的全球绝对返回策略（GARS）组合，是最大的全球无限制的多档资金之一。在他的情况下，结果是现金返回加5％，以一种最大限度地减少风险和波动性的方式实现。
GARS is part of a class of global multiasset funds that includes balanced funds and tactical asset funds, under Marietta, Georgia–based data firm eVestment’s classification system. The class received net inflows of roughly $28.9 billion in the first nine months of 2014, according to eVestment — the market segment with the highest level of net inflows among 29 broad, aggregated investment fund classes tracked by eVestment. GARS had a net outflow of $295.1 million in the third quarter, according to eVestment, although for most prior quarters in the past year, GARS has been seeing large net inflows. Stern estimates these at about $1.6 billion to $1.7 billion per quarter. Another of the larger funds in this category, the GMO Benchmark-Free Allocation Fund had a net inflow of $2.37 billion in the third quarter of 2014 alone, representing a 9.7 percent gain in assets, which takes a wide view on what’s happening in the market.
Ben Inker，Ben Inker在波士顿的GMO中资产分配联席声明，GMO基准分配基金的广泛任务允许其基金经理迅速移动，以利用更改的机会景观 - 或者在其他人时采取非水位职位可能想要避免它们。去年，该基金采取了一项战略，它从未尝试过 - 合并套利 - 然后将曝光从零增加到10％，然后拉回7％。现在转基因转基因在新兴市场股票和债务中致力于购买更多资产。价值是新兴市场债券和股票的吸引力，在股票的情况下，如果价值在那里，GMO愿意服用国家暴露。“这是我们喜欢便宜的强烈偏见，”墨水师说。他解释说，这可能意味着在俄罗斯购买更多股票而不是巴西。
GMO对新兴市场债务有不同的视角。“我们希望捕获广泛的折扣债券，”Inker解释道。在GMO的观点中，新兴市场债券的许多参与者都是“非常侧重于试图从国家转移到国家，因为各国转变的前景，这意味着他们需要运行流动组合，”Inker说。不是如此转基因。Inker和他的团队更喜欢去收益率并愿意坚持较少的液体债券。“While it would be great to know who was defaulting, one of the things that’s pretty clear is that if you own bonds that have higher yields and lower prices, if the country doesn’t default, you win, because you’ll have a higher-yielding portfolio,” Inker says. “And if the country does default, you’ll lose less because you got it at a lower price.”
在大量投资者中，特别密切关注不受约束的多档集资金retirement plans。界定的福利计划“正在寻找降低风险的方法，同时不降低返回太多，”Inker说。对于定义的捐款计划，GMO基金一直是“动态杠杆的东西，您可以分配的地方，以便整个投资组合随着机会设置变化而围绕其分配移动。”在GAR的情况下，加利福尼亚州公共雇员的退休系统与作为外部经理的标准生活合作。
并非所有全球多叠集资金去年都繁荣昌盛。根据积累，有些人在2014年第三季度看到了显着的流出。最大的是15.8亿美元的净流出太平洋投资管理有限公司133亿新元全球多资产战略基金，代表资产下降10.6％。440亿美元的PIMCO所有资产基金在第三季度的7.15亿美元的净流出，管理层资产下降1.6％。
事实上,全球multiasset基金benchmark-free and instead offer a targeted return appears to be at the heart of the investment approach, according to Inker. “I think it has struck a chord with some investors who are looking much more seriously at what is referred to as outcome-oriented investing — investing with the idea of earning a return — rather than tracking a benchmark,” says Inker.