Adding, Not Replacing: Broad Commodities In The Age Of Efficient Capital

2026-04-23 09:10:00 ET

By Christopher Gannatti, CFA

For decades, portfolio construction has revolved around a simple constraint: you have 100 percent of a total allocation, and every new addition requires taking a portion from somewhere else. That constraint has shaped everything, as seen in the dominance of 60/40 portfolios and the difficulty of incorporating alternatives without sacrificing expected return....

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