CAIA Association engages investment industry luminaries to define and explore “The Portfolio of the Future™”


As we enter a new era of investment management, trustees will need to work smarter and more creatively to deliver results for investors; a new CAIA report provides the roadmap

AMHERST, Mass., March 24, 2022–(BUSINESS WIRE)–The Chartered Alternative Investment Analyst (CAIA) Association, the trade body for the global alternative investment industry, today unveiled its latest research and thought leadership initiative: Wallet for the Future™.

“We are at the twilight of a four-decade economic super wave driven by unprecedented accommodative monetary policy by global central banks and we are entering a new era that will have profound implications for investors, fiduciaries and other stakeholders working or impacted by the asset management profession,” said John Bowman, Senior Vice President of the CAIA Association. “With all of this in mind, the industry needs to be reoriented toward a northern star of the sophisticated portfolio construction that prioritizes client and beneficiary outcomes and works tirelessly to achieve them in a sustainable, long-term manner.”

As the CAIA team points out, global investable assets have now reached $153 trillion, of which approximately $18 trillion is made up of alternatives. But returns are stable or negative around the world, inflation has come back to life after a 40-year hibernation; and return expectations for a 60/40 portfolio are only 3-4% per year for the next decade. At the same time, the future needs of pensions, endowments, families and individuals can only be met at 3-4% per year, so what should the industry be prepared to do?

To answer this crucial question, CAIA called on five of the world’s most respected asset management leaders to weigh in on the five distinct brands that will define the “Portfolio for the Future™ including:

  1. Widely diversified: Commonfund CEO and CIO Mark Anson, CAIA, says that after years of complacency from market participants and the proliferation of index-based approaches, trustees need to take a hard look at the risks of “beta creep” and become more creative to expand their set of opportunities. .

  2. Less liquid: Andrea Auerbach, global head of private investments at Cambridge Associates, explains why investment professionals need to look to differentiated sources of return, especially private capital, as the 60/40 portfolio appears unlikely to deliver historic returns.

  3. Rooted in a fiduciary mindset: Roger Urwin, Global Head of Content at Thinking Ahead Institute, articulates how and why asset managers need to develop a fiduciary mindset, guided by an existential understanding of purpose, alignment and client service. .

  4. Actively engaged: Anne Simpson, former Managing Director of Governance and Sustainability on the Board of CalPER, discusses how the era of universal ownership has arrived, with clients demanding both positive financial and social outcomes from their capital allocation and of their underlying holdings, which means the Portfolio for the Future™ will be much more insistent and proactive in ensuring that it contributes to a more inclusive and sustainable future.

  5. Based on operational alpha: Ashby Monk, executive director of the Stanford Research Initiative on Long Term Investing, proclaims that the Portfolio for the Future™ will be driven by companies that innovate and leverage new organizational and operational models to reduce costs, reduce risk and launch new investment ideas.

The five attributes above provide the industry with an actionable roadmap as the Portfolio for the Future™ quickly becomes the portfolio of today.

“The opportunity for alpha has not gone away, but the fruits at hand have long since been reaped, and the path to higher absolute returns has become much more nuanced. To that end, we are very excited to share our findings around Wallet for the Future™, and call on the industry to begin making real, lasting and substantial changes in the way it runs its own operations and engages with end investor,” added William J. Kelly, President and CEO of the CAIA Association. “The future is an exciting place, but it cannot be properly navigated using the approaches of the past.”

To access the full Portfolio for the Future™, please visit:

About the CAIA Association

The CAIA Association is a global professional body dedicated to creating greater alignment, transparency and knowledge for all investors, with a particular focus on alternative investments. A member-driven organization representing more than 12,000 professionals in more than 100 countries, the CAIA Association upholds the highest ethical standards. The organization provides unbiased information on a wide range of investment strategies and industry issues, chief among them efforts to bring greater diversification to portfolio construction decisions in order to achieve better results at long term for investors. To learn more about the CAIA Association and how to be part of the organization’s mission, please visit

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Media Contact:
Chris Sullivan
MacMillan Communications
[email protected]
(212) 473-4442


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