March 2023 Asset Allocation Update For Risk-Managed Portfolios

March 2023 Asset Allocation Update for Risk-Managed Portfolios

Adjustments can vary across strategies depending on each strategy's objectives. What's illustrated above most closely reflects allocation adjustments for the Growth Strategy.

U.S. Equities

Exposure will increase. The intermediate-term timeframe remains in an uptrend, while the long-term timeframe is in a downtrend. The additional exposure will come from taking on the allocation vacated by real estate securities.

International Equities

Overall exposure will not change, but the mix will shift more toward foreign developed equities, which continue to experience uptrends across both timeframes. The intermediate-term trend in emerging market equities has reversed into a downtrend, re-joining the long-term downtrend.

Real Estate

Exposure will decrease, as the intermediate-term timeframe reverts to a downtrend, joining the negative long-term trend. The vacated exposure will be handed off to U.S. equities.

U.S. & International Treasuries

Exposure will decrease to its minimum levels, as U.S. Treasuries join their international counterparts in reverting to downtrends across both timeframes.

Inflation-Protected Bonds

Exposure will not change and is at its minimum allocation due to downtrends across both timeframes.


Exposure will not change. The baseline allocation for gold is also our highest limit, so we are already at the maximum allocation as the asset class continues to experience uptrends in both timeframes.

Short-Term Fixed Income

Exposure will increase, receiving allocations from weakening U.S. and international Treasuries.

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