![]() We like to think that maximum drawdown and tactical investing are in concert with each other but have different deliverability-the maximum drawdown is what we look at from a risk-evaluation perspective, while tactical investing is how we actually do it. Still, it’s important to note that tactical investing is not intended to perfectly time the market bottoms or tops (that would be magical if it was). Any initial adviser charge in respect of phased drawdown should be taken as an ad hoc charge and a separate product portfolio change of adviser charging form (LF40054) will be needed. With tactical investing, the objective is to position your assets for growth during bull markets and help protect them in bear markets. conditions for a portfolio optimization problem with drawdown in the form of the Capital Asset Pricing Model (CAPM), which is used to derive a notion of drawdown beta. We facilitate initial adviser charge on single drawdown only. We can invest anywhere and, in any combination, (i.e., stocks, bonds, cash, commodities, alternatives) at any time as guided by our composite of investment indicators. While there are different approaches to tactical portfolio management, from our point of view, we subscribe to the unconstrained tactical philosophy. Unlike a buy and hold strategy, tactical investing is intended to actively adjust the portfolio allocation based on a changing market environment.
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