PT  - JOURNAL ARTICLE
AU  - Mark Wills
TI  - Buying Returns—Not Managers
AID  - 10.3905/joi.2015.24.4.034
DP  - 2015 Nov 30
TA  - The Journal of Investing
PG  - 34--37
VI  - 24
IP  - 4
4099  - https://pm-research.com/content/24/4/34.short
4100  - https://pm-research.com/content/24/4/34.full
AB  - Most investment professionals now widely accept the tenet that asset allocation is the main driver of portfolio returns. Yet, even though asset owners agree with this statement, many have not built their teams or culture around this premise, instead preferring to focus mainly on manager selection. The author proposes a new structure and mission for asset owners, one that is built around buying the best returns rather than the best managers.TOPICS: Portfolio construction, portfolio theory