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See the whole portfolio. Test the next decision.
An investment can look attractive on its own and still be a poor fit for the portfolio. Explore how objectives, liquidity and decision-making change the picture.
- i.
Understand the choices
Why objectives, decision rights and competing uses of capital matter as much as the allocation itself.
- ii.
Change the assumptions
Move the investment size, the capital call and the market scenario, and watch the portfolio respond.
- iii.
Inspect the reasoning
Every number traces to a published formula and assumption table. Nothing is hidden or forecast.
Featured case
A commitment, a cash pile and a call that may come at the wrong time.
A fictional €100m fund can put up to €10m of cash into a new illiquid project today. An uncalled commitment to an existing private fund may then be called. Does the new investment still fit if markets fall first?
Work through the case| Listed equities | 45.00 |
|---|---|
| Bonds | 25.00 |
| Cash | 12.00 |
| Existing private assets | 18.00 |
| Opening NAV | 100.00 |
| Memo: uncalled commitment (not in NAV) | 8.00 |
TPA and SAA, briefly
A strategic asset allocation (SAA) sets target weights for asset classes and rebalances towards them. It is transparent, easy to govern and remains suitable for many funds — and it can already incorporate liabilities, liquidity buffers and tactical ranges.
A total portfolio approach (TPA) judges each decision by its contribution to the fund's overall objectives, with investments competing for the same capital across asset-class lines. It is as much about governance, accountability and culture as about any chart [CFA Institute, 2026]. Neither approach guarantees better results.