"Time is the only critic without ambition."
John Steinbeck
Tactical Asset Allocation
The tactical asset allocation, which is reviewed and adapted on an regular basis, takes into consideration multiple factors, including currencies, asset classes, markets, sectors and economic indicators. The resulting portfolio allocation focuses predominantly on passively managed index investments such as index funds and ETFs. Such investments basically mirror the underlying market (asset class), are fully transparent and broadly diversified with the advantage of low cost and high liquidity.