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Multi-Asset Strategies

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multi-asset strategies

This is an authoritative, accessible, and concise book on both concepts and practices in multi-asset investing. The contributors are among the best and brightest minds in this business. Some of them are well-known quants, and they have collaborated to produce this book in plain English with few formulas. As such, all investment decision makers—no matter the size of their portfolios or their level of familiarity with calculus and linear algebra—should find this book relevant to their fields. Readers should be able to finish each chapter in 10-20 minutes as well.

Part I of the book focuses on the concepts of risk factor allocation and dynamic asset allocation. Jason Hsu of Research Affiliates and Rayliant Global Advisors and Brian Singer, CFA, of William Blair & Company address these topics, respectively. It also includes a chapter on risk parity by Gregory Allen of Callan as well as a chapter on the Morningstar Style Box by Jeffrey Ptak, CFA. Part II of the book includes a few case studies illustrating how institutional investors manage multi-asset strategies. Veteran portfolio managers Dennis Stattman, CFA, and Ben Inker, CFA, through extensive interviews with us, share their unique processes and histories in managing multi-asset strategies. The GIC team also shares their experience in this area.

About the Author

Larry Cao
Larry Cao CFA

Larry Cao, CFA, is senior director of industry research at CFA Institute. He conducts original research with a focus on investment industry trends and investment expertise. Mr. Cao’s current research interests include multi-asset strategies and fintech. He frequently speaks at industry conferences on these topics and has more than 20 years of experience in the investment industry. Mr. Cao started his career at the People’s Bank of China as a US dollar fixed-income portfolio manager. He has worked at HSBC as senior manager for the Asia-Pacific region; Munder Capital Management, managing US and international equity portfolios; and Morningstar/Ibbotson Associates, managing multi-asset investment programs for a global financial institution clientele. Mr. Cao has been interviewed by a wide range of business media, including Bloomberg, CNN, the Financial Times, South China Morning Post, and the Wall Street Journal. He pursued graduate studies at Harvard University and was a visiting scholar at MIT.

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