The Impact of Rebalanced Dates on Asset Management

The impact doesn't really show up in risk metrics like volatility. It shows up in this idea of potential returns or almost a dispersion of returns you could have achieved depending upon the rebalanced date. So for example, if research affiliates had run their process and happened to rebalance their portfolio every March, they would have looked like heroes in 2009. And that's a very, very big difference,. But unless you actually go through the process of constructing the alternatives, you're not really necessarily aware that the alternatives are out there.