ETF Managed Portfolios

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.

Strategies include: 

RBA Global ETF Portfolios Brochure

For more information please contact us at 212-692-4088 or email us at  

Allocation Guidelines

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.

Portfolio Selection

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.

The Results

  • Typically 5-25 ETFs
  • Maximize contribution from top-down macro-economic views
  • Minimize portfolio risk through asset class portfolio risk measurement
  • Minimize stock specific riskthrough usage of ETFs
  • Unique Approach to ETF Investing that looks at overall portfolio risk by x-raying ETFs