一场深刻的演变正在主权财富基金和公共养老金这个沉稳的世界中悄然发生，一种被称为"整体投资组合方法"的投资哲学正在崛起，并可能改写 数万亿美元资产的管理规则。这一新方法摒弃了传统的资产类别壁垒，鼓励在整个投资组合的层面进行优化配置，而非在孤立的资产类别中做决 策。 | | SAA | TPA | | --- | --- | --- | | Performance | Benchmarks | Fund goals | | assessment | | | | Success measurement | Relative value added | Total fund return | | Opportunities defined | Asset classes | Contribution to total portfolio | | | | outcome | | Diversification | Asset classes /sub-asset classes Risk factors | | | Asset allocation | Board-centric | CIO-centric | | p ...