Richard Bernstein Advisors employs a macro-driven, top-down style to construct a suite of global dynamic asset allocation portfolios. The investment team uses quantitative indicators and the firm’s macro-economic analysis to invest in global equity and fixed income asset classes and several sub-asset classes and sectors using only US listed ETFs. Typical broad macro-economic factors and indicators include: global valuations; global yield curves; asset class, regional, and country correlations; profit cycle analyses, style and sector rotation; earnings analysis; investor sentiment and other factors.
RBA offers several asset allocation ETF-driven separately managed account portfolios through select broker-dealers and RIA platforms.
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Asset allocation and implementation decisions are made by the investment committee led by Richard Bernstein. Exposures among asset classes will be based on the team’s assessment of proprietary and non-proprietary quantitative indicators, and the firm’s macro-economic analysis. After assessing numerous models and indicators, the final allocation decisions* are made by the team.
Structural asset correlations are an integral part of RBA’s diversification strategy. These tend to be longer term in nature, and thus less affected by short-term market volatility and fluctuations. RBA also seeks to balance portfolio risk with investment themes and opportunities not yet fully recognized by the market.
Shorter-term tactical strategies, 12 - 18 months, are formulated within the framework of the firm’s core concepts of long-term asset allocation. The team makes tactical allocations based on market mis-pricings relative to changes in the global economy, geopolitics and corporate profits. The strategic allocation is based on a each strategy's long-term neutral policy.
These strategies have the ability to invest in any global asset class - essentially “go anywhere” strategies and can invest in any sector, market cap, duration, credit, style or country/region. Individual ETF selection to implement the asset allocation decisions will be based on quantitative screening, risk-analysis and qualitative review.
Annual turnover is typically expected to be 50% or less, except in cases of unusual economic or market volatility, which could increase turnover.