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Not that there aren’t enough acronyms flying around the investment world already, but today I will reference a lesser known one – only to debunk it.
TANSTAAFL: “there ain’t no such thing as a free lunch”.
The etymology is uncertain, but the principle is intuitive; there aren’t many things in life that come for free without some form of cost, be it direct or indirect, explicit or implicit.
However, there is one (and only one) in finance – diversification. Most famously highlighted by Harry Markowitz, Nobel Laureate and pioneer of investment theory, this has underpinned several decades of progress towards building more sophisticated, more resilient approaches to portfolio management.
The equity market analysis documents below present the views of award winning discretionary fund managers Momentum Harmony & TAM Asset Management.
Each of the pdf files provide insight to the fundamentals that each manager considers when constructing client portfolios.
You will discover that the depth and breadth of research each of the fund managers undertake in aligning portfolio risk to that of the fund mandates is extremely extensive and just one of the reasons why such portfolios should be considered as a clients core holding.