worthwhile to combine risk factors in a dynamic manner, in a process that we call Dynamic Risk Allocation (DRA). Building a DRA … process.Our main finding is that risk factor allocation largely replaces traditional global equity and bond market premiums as …According to recent research, diversification across risk factors (or investment styles) proves to be more efficient …

). Therefore, investors, in particular those with long-term bond-like liabilities, should take greater duration risk when the …

). Therefore, investors, in particular those with long-term bond-like liabilities, should take greater duration risk when the …