The Role of Treasuries in Portfolio Construction

Timothy Stanley: Is duration still a durable source of diversification? Do you think going forward? That's why people fundamentally are questioning the 6040 asset mix as the basic model. It's really about the 40, the bonds, and ultimately the role of treasuries in portfolio construction. When rates are at zero and shocks are driven by uncertainty around rates and inflation more than growth per se, then they don't play the same role in the portfolio. But what we do in our risk managed equities strategy is, yes, we buy some protection, but we also add a managed volatility overlay to mitigate tail risk. So it's a diversified approach to managing downside risk.

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