Capital Allocators – Inside the Institutional Investment Industry Ashby Monk – Total Portfolio Approach and the Future of Asset Owners (EP.480)
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Jan 12, 2026 
Dr. Ashby Monk, Executive and Research Director of the Stanford Research Initiative on Long-Term Investing, shares insights on the Total Portfolio Approach (TPA) for asset owners. He discusses the evolution of governance to integrate technology and data in investment strategies. Ashby highlights how AI can tailor investment advice to individual goals and improve decision-making. He also explores innovative practices at Saudi Arabia's Public Investment Fund and New Mexico State Investment Council, emphasizing the synergy between performance and developmental impact.
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TPA Is An Investor Identity Project
- Total Portfolio Approach (TPA) reframes asset allocation as an investor identity project tied to goals and capabilities.
- Implementing TPA requires real-time portfolio visibility, valuation ability, and organizational redesign beyond product buckets.
Align Analytics And Incentives To The Whole Fund
- Build analytics that view opportunities apples-to-apples across strategies before choosing between managers or ETFs.
- Align incentives and compensation with total-fund outcomes rather than individual product performance.
Think In Terms Of Portfolio GPS And Maps
- A portfolio positioning system (GPS) plus a map of opportunities lets investors pivot tactically and be counter-cyclical.
- Real-time data and forecasting convert TPA from theory into actionable asset allocation moves.
