Strategic Asset Allocation
Build and defend long-term allocations with forward-looking assumptions, scenario analysis, and an independent macro framework.
The Total Portfolio Approach: From Whiteboard To Execution
Everyone is talking about the Total Portfolio Approach. Few are explaining how to do it. A new series from BCA’s Portfolio Construction team takes TPA from whiteboard to execution. The first three rep…
NBA To TPA: Three Principles To Run The Team
The Total Portfolio Approach stumbles really on one thing: the team. Everyone says it, but nobody has prescribed the fix. We provide three logistical principles that close the gap. And they work for S…
Will US Treasurys Hedge You In The Next Recession? Lessons From High-Debt Countries
History suggests central bank policy determines how bonds behave in recessions, even for high-debt countries. The Fed should be able to cut into a slowdown, making Treasurys an effective equity hedge……
The Great Glow Up: Betting On The Beauty Economy
The rise of remote work, online dating, and other demographic changes are increasing the demand for aesthetics. GLP-1s provide an effective and inexpensive cure for obesity, and their secondary effect…
What's Actually New About The Total Portfolio Approach
High-profile adoptions of the Total Portfolio Approach (TPA) and the often-cited outperformance of TPA funds have generated FOMO among funds following an SAA framework. Buzzwords and vague rulesets fr…
2026 Public Market Capital Market Assumptions: Rising Yields Lift All Boats
We estimate that a US 60/40 portfolio will return 6.9% over the next 10-to-15 years. In this update, we include hedging costs projections and revamp our scenario analysis to incorporate hypothetical o…
