由于投资者越来越关注结果，投资组合管理人员受到制定管理组合的战略，以管理这些成果，优先考虑多个目标，并将一系列限制和多个时间挑战纳入计划。
该过程通常始于对投资组合的当前暴露的审查，以及评估客户的具体目标。“这是我们开始建立最合适的解决方案的基础，以获得最佳实现指标，衡量客户试图最大化的措施，”邀请投资解决方案研究负责人Nick Savoulides表示。
Allocations should ideally incorporate a comprehensive set of goals across the entire portfolio and for each allocation’s role within the broader portfolio context. For instance, in today’s low yield environment, a fixed income manager may be challenged to beat cash and consider potential adjustments to its investment approach. However, that fixed income allocation must still consider the entire portfolio’s strategic context and exposures, and any adjustments must seek to ensure the “localized” view does not conflict at the aggregate, holistic level.
Similarly, cross correlations within the portfolio must be identified to avoid unintended overlaps that may amplify or cancel out desired exposures; for example, within equity portfolios, a growth orientation in one component of the portfolio may neutralize the value tilt of another.
In addition to addressing the complex interactions among assets within the portfolio, the grand plan must sometimes address seemingly incompatible aims, such as hedging while generating growth. The plan’s architects become jugglers, balancing an array of goals, constraints, approaches, and investment solutions all at once, seeking to align all the elements to achieve desired outcomes.
目标和目标
该计划的核心是投资者的主要优先事项。投资方法可能包括：
- 匹配负债
- 基准
- 资金比率波动
- 流动性
- 对冲
- Target dates
传统上，不同的基准已经测量了投资组合如何对各种市场段进行表演，并试图擅长给定投资标准的经理。最近，负债有变得the benchmark: “We’re changing our reference standard from an absolute framework to one that is relative to the liabilities,” explains Neil Blundell, Head of Global Client Solutions at Invesco.
这种方法将投资策略的目标和限制裁定到客户的具体背景，基于其需求评估的适当风险和投资策略。对于一个客户来说，讨论可能会强调对冲策略，以对准资金的长期利率敏感性，而另一个客户参与可能会集中在适当的资产混合中，以解决其不足的身份。
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负债驱动投资(LDI)是一个浓缩的中部ept for matching the interest rate sensitivities required to fund future liabilities. A similar approach, cash flow driven investing (CDI), maps cash flows to the liabilities to more precisely match capital to the liability stream. These approaches may also be blended, with CDI at the front end to manage near-term capital flows and LDI farther out to manage long-term liabilities. These complex, multi-phase investment challenges require thoughtful planning around long-term strategy. “You need to make sure that you’ve got capital on hand, managing both a hedging portfolio, and putting in some growth assets to make sure you can meet payments in any given year of a plan and there aren’t any shortfalls,” says Blundell. He describes the juggling act: “We’ve got cash on hand, we’re managing to the benchmark, we’re optimizing the portfolio, and we’re making sure there’s no shortfall.”
Another type of outcome-oriented investing focuses on individual goals, including saving for college or retirement. The planning begins with the target date and amount needed, and then examines any funding shortfall and a glide path constructed to reduce risks over time. “We created a 529 plan,” says Savoulides. “You need X-amount of dollars for when your child is ready for college. What’s the inflation rate and how do you measure that? What do you need to save during that time period, and what is the ideal portfolio mix over that time frame? How do you make sure you don’t have a funding shortfall, to ensure your child has adequate savings through college? What does the glide path look like? We’ll run target date and target risk analysis, and we can determine a mix of equities and other asset classes, including alternatives, over the course of the investment.”
一个复杂的过程
议程彻底了解对投资组合和客户的需求，以及对风险的分析。目前的投资组合是什么？战略资产配置后面的理由是什么？选择经理的标准是什么？投资组合是否更多的基准或责任驱动？
接下来遵循与客户端非常迭代的对话，以开发持续的视图交换。有第二组眼睛可以提供有用的角度。这些讨论的结论旨在实施流线型结果。对于任何特定客户端，没有单尺寸适合的全部，甚至一个完美的解决方案。“通常，我们建立共同的框架，以帮助我们以最具系统的方式解决问题，”松尔斯说。
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That means looking at the fundamental drivers through a diagnostics platform and running stress scenarios. Through these analyses, the client can see clearly the downside, the upside, the stresses, and the range of outcomes any modifications may cause. Thinking through those scenarios sparks constructive debates and tests the comfort level at both localized and aggregate levels. Even when the problem is partitioned into subcomponents, the ultimate allocations must still work holistically.
邀请团队为在投资组合中建立不同的资产课程以及它们的互动方式来赋予其专业知识。不可避免的是，复杂性随着多种目标以及附加数据输入而增加。例如，可能存在具有潜在更快的移动，更复杂或更替代的投资组合的元素，这些组合中的一个部分在投资组合中的一部分中的细微差异可能导致其另一部分中的间接影响。因此，虽然层保持成长，复杂性最终会退缩，导致更优化的平衡。Blundell增加了“具有更多构建块和更多信息，我们可以在更好的位置来定制和优化客户的特定解决方案。”
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Invesco提供的所有内容仅供参考，并非购买或出售任何金融工具的要约。
The opinions expressed are those of the authors, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.
Invesco Advisers Inc.是一名投资顾问;它为个人和机构客户提供投资咨询服务，并没有出售证券。
Asset allocation, diversification and low or negative correlation do not guarantee a profit or eliminate the risk of loss.
替代产品通常持有非传统投资，并可能采用复杂的交易策略。考虑替代方案的投资者应该了解他们使用的策略的独特特征和额外风险。