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Strategic Asset Allocation
We found that tactical funds generally struggled to deliver competitive risk-adjusted returns when compared with a traditional balanced fund. With a few exceptions, they gained less, were more volatile, or were subject to just as much downside risk as a 60 percent-40 percent mix of U.S. stocks and bonds.
Source: Morningstar Research of Tactical Asset Allocation Funds, 2012
Total Global ETF assets (in $bn)
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