September 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.

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U.S. Equities

Exposure will increase. The intermediate- and long-term timeframes remain in uptrends, and equities will receive a portion of exposure from weakening international equities and real estate. Within the asset class, exposure will remain skewed toward growth and large caps, which are stronger than value, small caps, and mid caps.

International Equities

Exposure will decrease. Both foreign developed and emerging market equities are now experiencing intermediate-term downtrends. The long-term trends for both remain positive.

Real Estate

Exposure will decrease to its minimum allocation as the asset class returns to downtrends across both timeframes.

U.S. & International Treasuries

Exposure will decrease back to its minimum allocation. International bonds returned to downtrends across both timeframes after a brief intermediate-term uptrend.

Inflation-Protected Bonds

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

Alternatives

Exposure will decrease, as gold re-enters an intermediate-term downtrend. The long-term trend remains positive.

Short-Term Fixed Income

Exposure will increase, as it receives allocations from weaker assets, specifically international Treasuries.

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