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For decades, investors used the 60/40 portfolio as the default market proxy. The expectation was the 60% allocated to global equities would provide the growth, the 40% allocated to fixed income would generate sufficient income, and the relatively low correlation between the two provide diversification. Unfortunately, capital market assumptions are projecting a substantial reduction in global equity returns over the next 10 to 20 years, fixed income yields are near generationally low levels, and correlations among most traditional investments have been rising. In other words, the maths just doesn’t add up. Practitioners need to continuously upgrade their toolbox to achieve portfolio goals. We need to identify alternative sources of returns and income to help investors achieve their goals and objectives, and investments that can help buffer the inherent volatility of the global markets. Asset allocation and portfolio construction needs to consider an expanded set of solutions including hedge funds and private markets (private equity, private credit & real assets) so that portfolios are truly the ends to the means.