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breadcrumbs--slash breadcrumbs--independent"> <li class=""> <a href="/">Research and Policy Center</a> </li> <li class="current-page"> Portfolio Construction and Investment </li> </ol> </nav> </div> </section> <article > <section class="coh-container ssa-component coh-component ssa-component-instance-705a3a41-0e63-4953-af62-6af97ff23b4d coh-component-instance-705a3a41-0e63-4953-af62-6af97ff23b4d grid__item--bleed spotlight-hero" > <picture class="spotlight-hero__image media__ratio--square media__ratio--triple@md media__ratio--quad@lg media__ratio--quad-bleed@xl "> <source srcset="https://cfainstitute.widen.net/content/006764dd-b140-4ef0-a8c3-ee2e93046d0b/web/portfolio-construction-hero.jpg?w=2048&itok=LOVHLNu1" media="(min-width: 900px)" type="image/jpeg"> <source srcset="https://cfainstitute.widen.net/content/006764dd-b140-4ef0-a8c3-ee2e93046d0b/web/portfolio-construction-hero.jpg?w=900&itok=VW-HTSbn" media="(min-width: 600px) and (max-width: 899px)" type="image/jpeg"> <source srcset="https://cfainstitute.widen.net/content/006764dd-b140-4ef0-a8c3-ee2e93046d0b/web/portfolio-construction-hero.jpg?w=768&itok=YoJLF7US" media="(max-width: 599px)" type="image/jpeg"> <img class="coh-image ssa-component coh-component coh-image-responsive-xl coh-image-responsive-sm coh-image-responsive-ps media__fit--none " loading="eager" src="https://cfainstitute.widen.net/content/006764dd-b140-4ef0-a8c3-ee2e93046d0b/web/portfolio-construction-hero.jpg?w=768&itok=YoJLF7US" alt="portfolio construction" /> </picture> <div class="coh-container spotlight-hero__container" > <div class="coh-container spotlight-hero__text" > <h1 class="coh-heading spotlight-hero__title" > Portfolio Construction and Investment </h1> </div> </div> </section> <div class="coh-container content-grid stack-reset coh-ce-a586471a" id="contentarea" > <div class="coh-container article-grid" > <div class="coh-container ssa-component coh-component ssa-component-instance-3876f9c3-dba7-460d-9a9f-fc616babbc9f coh-component-instance-3876f9c3-dba7-460d-9a9f-fc616babbc9f grid__item--full-width grid__item--inset grid__item--initial coh-ce-cpt_general_section_w_top_margin-a586471a" > <div class="coh-container ssa-component coh-component ssa-component-instance-b310c586-1801-436f-bd42-410bdeb14a5e coh-component-instance-b310c586-1801-436f-bd42-410bdeb14a5e flex__container flex__container--large-column-gap brand-card__container flex__container--1-up flex__container--row-normal brand-card--horizontal@md flex__container--row-normal flex__container--row-normal grid__item--full-width coh-ce-cpt_brand_cards_group-c212a4f9" > <div class="coh-container ssa-component coh-component ssa-component-instance-f8d36ad8-2a6b-460a-938e-3c09468e3f5e coh-component-instance-f8d36ad8-2a6b-460a-938e-3c09468e3f5e flex__item brand-card media__fit--cover media__fit--cover media__fit--cover media__fit--cover coh-ce-cpt_brand_card-32767096" > <picture class="brand-card__media media__ratio--wide "> <source srcset="https://cfainstitute.widen.net/content/9b0c45e5-a237-4d0f-b108-2aaf2ed7f1bf/web/whats-your-clients-optimal-equity-allocation.jpg?w=1152&itok=6u4a0809" media="(min-width: 900px)" type="image/jpeg"> <source srcset="https://cfainstitute.widen.net/content/9b0c45e5-a237-4d0f-b108-2aaf2ed7f1bf/web/whats-your-clients-optimal-equity-allocation.jpg?w=768&itok=r_HyqGF5" media="(min-width: 600px) and (max-width: 899px)" type="image/jpeg"> <source srcset="https://cfainstitute.widen.net/content/9b0c45e5-a237-4d0f-b108-2aaf2ed7f1bf/web/whats-your-clients-optimal-equity-allocation.jpg?w=568&itok=rJKHOrop" media="(max-width: 599px)" type="image/jpeg"> <img class="coh-image ssa-component coh-component coh-image-responsive-xl coh-image-responsive-sm coh-image-responsive-ps media__ratio--wide media__fit--cover brand-card__media " loading="lazy" src="https://cfainstitute.widen.net/content/9b0c45e5-a237-4d0f-b108-2aaf2ed7f1bf/web/whats-your-clients-optimal-equity-allocation.jpg?w=568&itok=rJKHOrop" alt="whats-your-clients-optimal-equity-allocation" /> </picture> <div class="coh-container brand-card__content coh-ce-cpt_brand_card-4577181d" > <div class="coh-inline-element brand-card__content-description coh-ce-cpt_brand_card-10bd6a6c"> <div class="coh-wysiwyg" > <div class="tex2jax_process"><p>Portfolio construction is a critical component of the investment management process. The theory and practice of constructing portfolios has evolved considerably since the 1950s when Harry Markowitz introduced Modern Portfolio Theory. On this page, we explore the latest trends in portfolio construction encompassing both fundamental and systematic investment strategies. Asset allocation, diversification, benchmarking, investment risk, and new tools and asset classes are among the core subjects.</p> </div> </div> </div> </div> </div> </div> <div class="coh-container ssa-component coh-component ssa-component-instance-3b5e3840-193a-4b7a-8666-538e86b5dc40 coh-component-instance-3b5e3840-193a-4b7a-8666-538e86b5dc40 flex__container flex__container--large-column-gap brand-card__container flex__container--1-up flex__container--row-normal flex__container--4-up@lg flex__container--row-normal flex__container--row-normal grid__item--full-width coh-ce-cpt_brand_cards_group-c212a4f9" > <a href="/research/financial-analysts-journal/2025/safe-equities-alternative-allocation-to-bonds" class="coh-container ssa-component coh-component ssa-component-instance-14ba6f8a-9076-4a9e-9517-70ddc50bb895 coh-component-instance-14ba6f8a-9076-4a9e-9517-70ddc50bb895 flex__item brand-card media__fit--cover media__fit--cover media__fit--cover media__fit--cover coh-ce-cpt_brand_card-32767096" target="_self" > <picture class="brand-card__media media__ratio--wide "> <source srcset="https://cfainstitute.widen.net/content/c0dfe087-cd64-42db-ab3d-c5b96884f64e/web/private-equity-1396581615.jpg?w=1152&itok=CkeyrJuY" media="(min-width: 900px)" type="image/jpeg"> <source srcset="https://cfainstitute.widen.net/content/c0dfe087-cd64-42db-ab3d-c5b96884f64e/web/private-equity-1396581615.jpg?w=768&itok=W_WW0EWt" media="(min-width: 600px) and (max-width: 899px)" type="image/jpeg"> <source srcset="https://cfainstitute.widen.net/content/c0dfe087-cd64-42db-ab3d-c5b96884f64e/web/private-equity-1396581615.jpg?w=568&itok=vJtcbZgZ" media="(max-width: 599px)" type="image/jpeg"> <img class="coh-image ssa-component coh-component coh-image-responsive-xl coh-image-responsive-sm coh-image-responsive-ps media__ratio--wide media__fit--cover brand-card__media " loading="lazy" src="https://cfainstitute.widen.net/content/c0dfe087-cd64-42db-ab3d-c5b96884f64e/web/private-equity-1396581615.jpg?w=568&itok=vJtcbZgZ" alt="analyzing finance data" /> </picture> <div class="coh-container brand-card__content coh-ce-cpt_brand_card-4577181d" > <span class="coh-inline-element brand-card__content-category coh-ce-cpt_brand_card-a586471a">Financial Analyst Journal</span> <h3 class="coh-heading brand-card__content-title coh-ce-cpt_brand_card-a586471a" > Safe Equities: An Alternative Allocation to Bonds </h3> <div class="coh-inline-element brand-card__content-description"> <div class="coh-wysiwyg" > <div class="tex2jax_process"><p>By Stephen Penman, and Julie Zhu</p> </div> </div> </div> </div> </a> <a href="/blogpage?q=bebc779ea735637a35e27d05763948f352cc7fe674e36b72367905a881dd" class="coh-container ssa-component coh-component ssa-component-instance-7c7ff0be-091f-4879-a575-9f230091be2a coh-component-instance-7c7ff0be-091f-4879-a575-9f230091be2a flex__item brand-card media__fit--cover media__fit--cover media__fit--cover media__fit--cover coh-ce-cpt_brand_card-32767096" target="_self" > <picture class="brand-card__media media__ratio--wide "> <source srcset="https://cfainstitute.widen.net/content/a8eb8d2c-5b93-42fd-9e1d-392f5cc94c4d/web/endowment%20syndrome.jpg?w=1152&itok=BplYwrrU" media="(min-width: 900px)" type="image/jpeg"> <source srcset="https://cfainstitute.widen.net/content/a8eb8d2c-5b93-42fd-9e1d-392f5cc94c4d/web/endowment%20syndrome.jpg?w=768&itok=Gur6zmlB" media="(min-width: 600px) and (max-width: 899px)" type="image/jpeg"> <source srcset="https://cfainstitute.widen.net/content/a8eb8d2c-5b93-42fd-9e1d-392f5cc94c4d/web/endowment%20syndrome.jpg?w=568&itok=_T8HWO8p" media="(max-width: 599px)" type="image/jpeg"> <img class="coh-image ssa-component coh-component coh-image-responsive-xl coh-image-responsive-sm coh-image-responsive-ps media__ratio--wide media__fit--cover brand-card__media " loading="lazy" src="https://cfainstitute.widen.net/content/a8eb8d2c-5b93-42fd-9e1d-392f5cc94c4d/web/endowment%20syndrome.jpg?w=568&itok=_T8HWO8p" alt="The Endowment Syndrome: Why Elite Funds Are Falling Behind" /> </picture> <div class="coh-container brand-card__content coh-ce-cpt_brand_card-4577181d" > <span class="coh-inline-element brand-card__content-category coh-ce-cpt_brand_card-a586471a">Enterprising Investor</span> <h3 class="coh-heading brand-card__content-title coh-ce-cpt_brand_card-a586471a" > The Endowment Syndrome: Why Elite Funds Are Falling Behind </h3> <div class="coh-inline-element brand-card__content-description"> <div class="coh-wysiwyg" > <div class="tex2jax_process"><p>By Richard M. 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