January 01, 2020

The LJE Asset Allocation Process strives to accomplish these objectives. First, it summarizes in a logical and consistent way the investment choices recommended by our assessment of the coming economic environment. Second, we strive to provide in straightforward, plain English an explanation of our views and the rationale for the tilts to the portfolio. Our outlook for the major economic drivers guides the LJE asset allocation process. Parsimony in the presentation mandates that we focus on a few of the major asset classes, which in many ways does not do justice to the flexibility of the framework. The modularity of the approach is a direct result of the fact that our additive, that is, the sum of the parts adds up to the whole. The LJE approach strives to make our forecasts logically consistent with each other and by construction, a weighted average of the forecasts’ individual forecasts adds up to the forecast of the next level index. We use this approach in the LJE Industry Selector as well as in the LJE Country Allocation Process, illustrating the modular nature of the process.

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