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Primary Article

The Defensive Asset Class

A New Paradigm in Plan Diversification

Wayne E. Daniel and Herbert D. Blank
The Journal of Investing Summer 2002, 11 (2) 66-75; DOI: https://doi.org/10.3905/joi.2002.319508
Wayne E. Daniel
A senior consultant.
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Herbert D. Blank
President of QED International Associates, Inc. in New York.
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  • For correspondence: stochastic@comcast.net hblank@qedinternational.com
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Abstract

In the United States, pension plan sponsors generally allocate assets according to category, to include “alternative investments” as a separate asset class. The authors suggest that alternative investments represent a miscellaneous categorization rather than an asset class. Rather, six types of alternative investments, aggregated, form a unique asset class called the defensive asset class. These assets show a pronounced tendency to rise when the equity markets are in periods of inordinate stress-and when diversification is most needed. The authors recommend an allocation of 20% of assets to the defensive asset class to ensure true diversification in all environments.

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The Journal of Investing
Vol. 11, Issue 2
Summer 2002
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The Defensive Asset Class
Wayne E. Daniel, Herbert D. Blank
The Journal of Investing May 2002, 11 (2) 66-75; DOI: 10.3905/joi.2002.319508

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The Defensive Asset Class
Wayne E. Daniel, Herbert D. Blank
The Journal of Investing May 2002, 11 (2) 66-75; DOI: 10.3905/joi.2002.319508
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