DETERMINANTS OF PORTFOLIO PERFORMANCE BRINSON PDF

Over 90 percent of investment returns are determined by how investors allocate their assets versus security selection, market timing and other factors. What is your age? A 35 years or under B 2. What do you expect to be your next major expenditure? When do you expect to use most of the money you are now accumulating in your investments? A At any time now

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Over 90 percent of investment returns are determined by how investors allocate their assets versus security selection, market timing and other factors. What is your age? A 35 years or under B 2. What do you expect to be your next major expenditure? When do you expect to use most of the money you are now accumulating in your investments? A At any time now Over the next several years, you expect your annual income to: A Stay about the same B Grow moderately D Decrease moderately E Decrease substantially 5.

What do you do? A Sell the investment so you will not have to worry if it continues to decline B Hold on to it and wait for it to climb back up C Buy more of the same investment Which of these investing plans would you choose for your investment dollars?

Assuming you are investing in a stock mutual fund, which one do you choose? Assuming you are investing in only one bond, which bond do you choose? A A high-yield junk bond that pays a higher interest rate than the other two bonds, but also gives you the least sense of security with regard to a possible default B The bond of a well-established company that pays a rate of interest somewhere between the other two bonds C A tax-free bond, since minimizing taxes is your primary investment objective 9.

Your only financial assets are long-term bonds. Which do you choose? It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties.

The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy.

Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.

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Posted In: Portfolio Management For asset managers, a new year generally means a fresh look at asset allocation, and recently released survey results from Reuters show that, on balance, investors are beginning with a more defensive posture. Amid a backdrop of global economic uncertainty, managers have reduced their equity exposure and pushed allocations to bonds to their highest level in more than a year. Most investment professionals practicing today have heard the oft-repeated adage about the singular significance asset allocation has on portfolio performance, but it may be a minority that is aware of the empirical history and controversy underlying this topic. Evidence shows that the groundbreaking research on the importance of asset allocation has been poorly understood and widely misquoted. Practitioners of all stripes might benefit from a visit to the archives to better understand the evolution of asset allocation theory.

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Vanguard papers by Wallick et al. Investment outcomes are largely determined by asset allocation Source: Vanguard illustration, based on data from Determinants of Portfolio Performance by Brinson, Hood and Beebower. A portfolio composed of broadly diversified ETFs can help ensure that performance and risk exposure are based primarily on your asset allocation decisions. In fact, holding even a small number of broad-market ETFs can provide a convenient and low-cost way to diversify across asset classes for long-term investors Figure 2.

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