Читать книгу Asset Allocation - William Kinlaw, Mark P. Kritzman - Страница 54

In Chapter 1, we introduced seven characteristics that define an asset class:⁵

1 The composition of an asset class should be stable.

2 The components of an asset class should be directly investable.

3 The components of an asset class should be similar to each other.

4 An asset class should be dissimilar from other asset classes in the portfolio as well as combinations of the other asset classes.

5 The addition of an asset class to a portfolio should raise its expected utility.

6 An asset class should not require selection skill to identify managers within the asset class.

7 An asset class should have capacity to absorb a meaningful fraction of a portfolio cost-effectively.

For illustrative purposes we begin by considering the following seven asset classes in our asset allocation analysis: domestic equities, foreign developed market equities, emerging market equities, Treasury bonds, US corporate bonds, commodities, and cash equivalents.⁶