{"id":2361,"date":"2011-11-26T02:05:43","date_gmt":"2011-11-26T07:05:43","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=2361"},"modified":"2011-11-26T02:05:43","modified_gmt":"2011-11-26T07:05:43","slug":"the-dna-of-a-diversified-portfolio-managed-funds-futures-magazine","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/the-dna-of-a-diversified-portfolio-managed-funds-futures-magazine\/","title":{"rendered":"The DNA of a diversified portfolio – Managed Funds – Futures Magazine"},"content":{"rendered":"

Before starting, we must define an end goal. Commonly, the initial, singular objective is to maximize performance. This answer is legitimate but raises additional questions.<\/p>\n

The first question involves consistency of performance. Certain strategies such as trend-following have desirable risk properties but are intermittent in their returns, while strategies such as option selling may tend to produce consistent returns over most periods but occasionally experience large, sudden draw-downs. Optimizing for performance typically implies that you are optimizing for the average performance over the sample period, but this metric doesn\u2019t account for the year-to-year variability around the average. The importance of consistency depends largely on the time horizons of both the portfolio designer and the investors. Shorter time horizons demand greater consistency of returns.<\/p>\n

Another question is that of style, or desired correlation to a benchmark. Alternatively, you may wish to minimize correlation specifically to a particular benchmark. Many portfolio designers seek to replicate the style of trend-followers, yet also improve on the risk-adjusted performance, i.e., they seek “alpha” as well as “beta” (see “Manager lingo,” below). Other portfolios have become popular. For example, an index comprising short-term traders has been developed to reflect a uncorrelated return stream to standard trend-following benchmarks.<\/p>\n

Additional and often overlooked objectives include optimizing for various return statistics, including skewness, kurtosis and draw-down measures. Such objectives can be difficult to incorporate into the optimization process accurately. For instance, even though many believe that draw-downs can be bounded a priori and that risk-management methodologies can be separated from the trading program itself, two primary determinants of draw-down magnitude are program style and time. Longer-lived programs generally will have experienced larger peak-to-valley draw-downs, reinforcing the adage: “Your worst draw-down is always ahead of you.” Hence, optimizing for maximum draw-down is an exercise in futility….<\/p>\n

via The DNA of a diversified portfolio – Managed Funds – Futures Magazine<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Before starting, we must define an end goal. Commonly, the initial, singular objective is to maximize performance. This answer is legitimate but raises additional questions. The first question involves consistency of performance. Certain strategies such as trend-following have desirable risk properties but are intermittent in their returns, while strategies such as option selling may tend … <\/p>\n

Continue reading “The DNA of a diversified portfolio – Managed Funds – Futures Magazine”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[173,416,422,837,1136,2042,2353,2641,2719,2970,3141,3463],"class_list":["post-2361","post","type-post","status-publish","format-standard","hentry","category-trading","tag-alpha","tag-benchmark","tag-beta","tag-correlation","tag-draw-downs","tag-kurtosis","tag-money-management","tag-performance","tag-portfolio-risk","tag-risk-management","tag-skewness","tag-trading-objective"],"yoast_head":"\nThe DNA of a diversified portfolio - Managed Funds - Futures Magazine - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The DNA of a diversified portfolio - Managed Funds - Futures Magazine - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Before starting, we must define an end goal. Commonly, the initial, singular objective is to maximize performance. This answer is legitimate but raises additional questions. The first question involves consistency of performance. 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For a refresher on the indicators in our risk framework, see Managing Risk. Risk Ratio The model combines our nine risk indicators into a single Risk Ratio. The Risk Ratio is\u2026","rel":"","context":"In "Active Investing"","block_context":{"text":"Active Investing","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investing\/active-investing\/"},"img":{"alt_text":"S&P 500 and Risk Ratio","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-06-28-risk-spx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-06-28-risk-spx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-06-28-risk-spx.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-06-28-risk-spx.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":55314,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/07\/05\/risk-management-versus-buy-and-hold\/","url_meta":{"origin":2361,"position":1},"title":"Risk Management versus Buy-and-Hold","author":"Colin Twiggs","date":"July 5, 2024","format":false,"excerpt":"Further charts to illustrate the effectiveness of managing market risk. The first chart compares performance since 1990 of a buy-and-hold strategy of $100,000 invested in three different assets. The S&P 500 total return (green) end value of $3,085,193 far outstrips Gold (yellow) at $585,226 and BoA AA-rated Corporate Bonds total\u2026","rel":"","context":"In "Active Investing"","block_context":{"text":"Active Investing","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investing\/active-investing\/"},"img":{"alt_text":"S&P 500 Total Return, Gold, and AA-rated Corporate Bonds Total Return","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-07-05-spxtr-gold-aa-2.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-07-05-spxtr-gold-aa-2.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-07-05-spxtr-gold-aa-2.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-07-05-spxtr-gold-aa-2.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":8739,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/11\/16\/whats-new-twiggs-momentum-research-results\/","url_meta":{"origin":2361,"position":2},"title":"What’s New: Twiggs Momentum research results","author":"ColinTwiggs","date":"November 16, 2013","format":false,"excerpt":"Further to my recent part-acquisition of Porter Capital Management, I would like to share with you our progress in developing new investment strategies. Quarterly Performance Firstly, Porter Capital's ASX200 Prime Momentum strategy achieved a 38.43% gain for the 12 months ended 31st October 2013, out-stripping the total-return index by 12.95%\u2026","rel":"","context":"In "Active Investing"","block_context":{"text":"Active Investing","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investing\/active-investing\/"},"img":{"alt_text":"S&P 500 TMO Equity Curve: click to enlarge","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2013\/spx-tmo-equity.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2013\/spx-tmo-equity.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2013\/spx-tmo-equity.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":19622,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/01\/15\/australian-growth-performance-at-31-december-2019\/","url_meta":{"origin":2361,"position":3},"title":"Australian Growth: Performance at 31 December 2019","author":"Andy","date":"January 15, 2020","format":false,"excerpt":"Australian Growth portfolio performance since inception on 1 July 2018 is set out below. This is too short a period to give a real indication as to how the portfolio will perform in the long-term: we expect to hold most growth stocks for 5 to 10 years. Performance of Individual\u2026","rel":"","context":"In "Australian Growth Performance"","block_context":{"text":"Australian Growth Performance","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/australian-growth-performance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2020\/01\/australian-performance-bystock-20191231.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2020\/01\/australian-performance-bystock-20191231.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2020\/01\/australian-performance-bystock-20191231.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2020\/01\/australian-performance-bystock-20191231.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2020\/01\/australian-performance-bystock-20191231.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2020\/01\/australian-performance-bystock-20191231.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":51184,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/04\/16\/international-growth-performance-mar-2024\/","url_meta":{"origin":2361,"position":4},"title":"International Growth: Performance Mar-2024","author":"Andy","date":"April 16, 2024","format":false,"excerpt":"International Growth portfolio performance since inception on July 1, 2018 is set out below. We expect to hold most growth stocks for 5 to 10 years. And in Australian Dollars: Performance of Individual Stocks Past Performance Hypothetical $1 million invested in the International Growth portfolio on July 1, 2018, calculated\u2026","rel":"","context":"In "International Growth Performance"","block_context":{"text":"International Growth Performance","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/international-growth-performance\/"},"img":{"alt_text":"International Growth Past Allocations","src":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2024\/04\/allocations-2024-03-int-history.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2024\/04\/allocations-2024-03-int-history.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2024\/04\/allocations-2024-03-int-history.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2024\/04\/allocations-2024-03-int-history.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2024\/04\/allocations-2024-03-int-history.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2024\/04\/allocations-2024-03-int-history.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":7864,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/06\/03\/smart-and-stupid-arguments-for-active-management-the-reformed-broker\/","url_meta":{"origin":2361,"position":5},"title":"Smart and Stupid Arguments for Active Management | The Reformed Broker","author":"ColinTwiggs","date":"June 3, 2013","format":false,"excerpt":"Are active or passive investment strategies best? Josh Brown at The Reformed Broker writes there are both smart and stupid arguments to be made for active management: Marketocracy's Ken Kam, who has spent a career studying and vetting active managers, touches on one of each type in an interview with\u2026","rel":"","context":"In "Active Investing"","block_context":{"text":"Active Investing","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investing\/active-investing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/2361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=2361"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/2361\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=2361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=2361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=2361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}