Risk- versus Trend-Driven Global Tactical Asset Allocation

摘要

The 2008 financial crisis has been challenging for buy-and-hold investors. Since then, a number of innovations have been proposed as ways to achieve regular performance in the face of extreme financial turbulence. In this article, we focus on two of these approaches: risk-driven investment frameworks, enforcing an active control of a strategy's risk over time; and trajectory-driven systems, cutting exposure to downwardly drifting assets.