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ClassicGrowth risk

All Asset No Authority Portfolio

William Bernstein

In brief

Eight equal sleeves span U.S. styles, foreign markets, real estate, and short Treasuries.

Profile sources: Optimized Portfolio

Published
Last reviewed

At a glance

8 asset sleeves

Review annually and rebalance when allocations drift materially.

Growth assets

38%

Bonds & reserves

13%

Other diversifiers

50%

Target allocation

What the portfolio holds

U.S. large blend

VOO

12.5%

U.S. small blend

VB

12.5%

U.S. micro cap

IWC

12.5%

European stocks

VGK

12.5%

Pacific stocks

VPL

12.5%

Emerging markets

VWO

12.5%

REITs

VNQ

12.5%

Short-term Treasuries

SHY

12.5%

Tickers are liquid U.S.-listed examples, not recommendations or exact historical fund selections.

Allocation sources: Optimized Portfolio

Decision context

Potential advantages and trade-offs

These observations follow from the displayed allocation and implementation. They are not a recommendation or a prediction of future performance.

Potential advantages

  • Spreads its target allocation across 8 distinct sleeves rather than relying on a single holding.
  • Combines growth assets with bonds or reserves instead of depending on one broad asset class.
  • Includes non-U.S. exposure, reducing exclusive dependence on one national market.
  • Includes a diversifying sleeve outside conventional broad stocks and nominal bonds.

Important trade-offs

  • Approximately 88% of the displayed allocation is equity-like, leaving limited conventional bond ballast.
  • 8 sleeves increase implementation, monitoring, and rebalancing complexity.
  • Alternative sleeves can behave differently from familiar stock-and-bond benchmarks and may add fund cost or tracking differences.
  • Representative ETF results can differ from the originator's indexes, funds, taxes, fees, and execution.

Portfolio Visualizer

Compare historical performance

Backtest this allocation beside two familiar U.S. equity benchmarks. The comparison starts with $10,000, reinvests dividends, and rebalances annually.

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Growth of $10,000

Monthly total returns · maximum available history

PortfolioSPYQQQ
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8 holdings

Portfolio 1

All Asset No Authority Portfolio

Target allocation from this profile

100%

Portfolio 2

S&P 500

SPY benchmark

100%

Portfolio 3

Nasdaq-100

QQQ benchmark

Portfolio Visualizer opens in a new tab because its site does not support embedded frames. Results begin at the latest common inception date for the selected funds.

Sources and context

Target allocations are educational examples, not personalized advice. Fund availability, taxes, trading costs, account type, time horizon, and capacity for loss can all change the appropriate implementation. Historical diversification does not guarantee future results.

Sources document the strategy, underlying methodology, or the representative funds used here. ETF tickers are illustrative U.S.-listed implementations and may differ from an originator’s original funds or current model.