Entering multi-asset’s era

The rules of the multi-asset investing have changed. For years, post-GFC, accommodative monetary policy—supported by quantitative easing—meant a relatively static multi-asset strategy could deliver great returns. Most asset classes benefited, and asset allocation felt almost secondary. That era is over. Today's backdrop of macroeconomic upheaval and shifting correlations demands a fundamental change in outlook. As Keith Balmer, Portfolio Manager at Columbia Threadneedle Investments, says: "If you set your asset allocation back in 2010... it didn't really make too much difference [where...