Alternative Investments | Part Two: How Can They Mitigate Risk in Your Portfolio?

Alternative Investments are not just "cool" or intriguing products to own. In truth, they have the potential to help you endure tumultuous markets. In this episode, we are joined once again by Philip McDonald, CFA, CAIA, Managing Director of Research Investments & Portfolio Manager, to discuss how Alternative Investments can mitigate risk in your portfolio.

If you have any questions or would like more information, reach out to us at https://symmetrypartners.com/contact-us/

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Symmetry Partners, LLC, is an investment advisory firm registered with the Securities and Exchange Commission. The firm only transacts business in states where it is properly registered, excluded or exempted from registration requirements. Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. No one should assume that future performance of any specific investment, investment strategy, product or non-investment related content made reference to directly or indirectly in this material will be profitable. As with any investment strategy, there is the possibility of profitability as well as loss.

Due to various factors, including changing market conditions and/or applicable laws, the content may not be reflective of current opinions or positions.

 

Please note the material is provided for educational and background use only. Moreover, you should not assume that any discussion or information contained in this material serves as the receipt of, or as a substitute for, personalized investment advice.

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Hello, this is Tom Romano with Unfiltered Finance.

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Welcome back to part two on our discussion of alternative investments here with

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us as Phil McDonald,

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portfolio Manager and managing Director of Investments at Symmetry Partners.

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Phil, welcome back.

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Thanks for having me back. Tom,

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I think we're getting a lot of questions from investors and and advisors because

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of the fact that you look at the performance of some of these alternative asset

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classes in a year like 2022. However,

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I think we would caution our listeners to, to not chase returns,

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and it's more of a strategic allocation that you wanna hold in your portfolio

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for a long duration.

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I would totally agree with that. And, and you have other considerations here,

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like broadly speaking, the expectation of the 60 40 portfolio,

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the return on the so-called 60 port,

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40 portfolio is likely going to be below average for in, in the near future.

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So you start to think about like, okay,

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my traditional portfolio isn't gonna return, you know, the 40 year average,

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what we saw decades ago. So where else might I be,

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might be able to go for returns and diversification? So you,

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you have that inflation surprises, you have increased correlation of,

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of traditional asset classes in the recent past. You know,

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of all these things kind of pointing to the benefit of having a diversified

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alternative strategy. And I would agree with you,

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I think you were alluding to the strength of 2022. It was,

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it was a very good year for certain alternative strategies.

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I would encourage people to think of that as an outlier year like that.

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That's not a year that can necessarily happen again unless all the bad things

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that happen in the equity and fixed income markets and with inflation kind of

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recur. So I, I would encourage people to almost think in terms of sharp ratio,

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right? So an excess return for a given volatility,

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a sharp ratio above 0.5, getting to maybe a 0.8, is,

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is the type of realm I think you should think of for,

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for a diversified alternative strategy. And,

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and to kind of put specifics on that,

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so something that has is managed to a 10% volatility or standard deviation that

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would be a five to 8% excess return on the risk-free rate. So,

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so you know, you're talking single digit excess returns for, uh,

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a strategy that's scaled to a 10% volatility. So, you know,

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to take people out of this expectation of,

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of a home run year kind of happening again, it's less likely to happen again.

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Gotcha.

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Um, just to clarify some of that, because I think that's some,

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some very important advice there. When we talk sharp ratio,

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the way I look at that is bang for your buck. Are you,

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are you getting the return for the risk that you are taking?

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And the higher the sharp ratio,

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the greater the return is for the risk that you're taking.

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And so when we're talking about, you know, years like 2022, which is an outlier,

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which I would agree, you know,

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investors could have alternatives in their portfolio for years with a trade off

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being,

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you might be getting single digit returns while the markets may be producing

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double digit returns. We don't know when the next 20, 22, 2 is gonna happen.

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But having an allocation of those alts will certainly help weather that storm.

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Uh, uh, totally agree. Yes.

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So I think a misconception here, and this is just from my conversations with,

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with advisors, investors alike, they think alternative strategies,

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they think returns. Mm-hmm.

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They think even tactical shifts into and hour. Exactly. Yeah.

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But what I'm hearing you say that this is more of a risk mitigating strategy

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than a return reaching strategy.

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I think it's, it's strongly risk mitigating from a diversification standpoint,

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but I'm not quite sure how

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Much you have to give up in returns. Okay. I mean, it,

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I I wouldn't necessarily say it, it's gonna hurt you over the long term.

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I think you need to think about the right portfolio you, you want to be in. And,

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you know, I dunno if you had a question here, but, uh, you know, there,

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there are some very specific use cases that I think make sense and that would be

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managing just the life cycle,

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how financial plans and asset allocations change as a person ages. Again,

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we, we have a finite kinda life here where we're earning and spending and maybe

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bequeathing and then preferences. So theoretically, as someone ages,

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they're the, the risk of their portfolio should, should come down over time.

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They're converting their human capital,

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their potential for earning during their career into financial capital.

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They're investing that hopefully they're being thoughtful about the

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diversification of, of, of those kind of two buckets and say,

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equity beta should come down as you age.

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Where do you go with that allocation in your portfolio?

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Historically and traditionally, someone would say, oh, fixed, fixed income,

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of course. But we've been seeing for a decade, you and I right,

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we're we're both nodding and smiling.

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There have been times when people were strongly opposed to increasing the fixed

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income allocation in their portfolio. So if it's just, you know, gas and break,

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you know, what do you do? You, you know,

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we've seen investors and advisors kind of freeze and, and say, oh,

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there's no solution here. But this third or fourth, right,

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with cash in the consideration bucket of allocation really opens things up.

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You can take down beta risk, uh, equity beta,

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and you can allocate and diversify not only into fixed income.

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Gotcha.

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And you, you know, we, I joke around saying it depends, right? We,

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we say that a lot here, um, because I also think it's a perfect portfolio.

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You know, we, we look at portfolios as being a series of trade offs.

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And so I immediately think, well gosh, you know,

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if you don't really give up any of the return,

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but you can definitely mitigate some of the risks through sharp ratio,

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as you said, like looking at that particular statistic, who,

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what are the trade-offs of, of investing in alternatives? And,

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and immediately I think, well, well, you're still, there's still cost,

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even though you can get lower cost alternative exposures,

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there's still a cost element to that. Um, and also, you know,

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we talk a lot about tracking error on the behavioral side, right?

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If you're gonna add an alternative asset class to your portfolio,

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but you're honed in on the s and p 500, you're,

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you're not gonna be tracking that index.

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Right?

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Is that, is that a correct way of thinking about it?

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Absolutely.

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And I'm glad you brought that up because not only are alternatives difficult to

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benchmark, there are some indices that I think, um, are,

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are relevant to a diversified, you know, conservative strategy. We, we,

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you know, we run an alternative strategy, uh,

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in different forms that is not seeking to, to be very volatile, right?

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So sub under that 10% volatility that I gave as,

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as the example to conceptualize a sharp ratio. So we, we,

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we don't even believe in a, uh,

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that high level of volatility in an alternative strategy. Um,

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but you raise a very good point.

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So not only are alternatives difficult to benchmark,

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but if you have alternatives in your portfolio,

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the appropriate benchmark for your portfolio should reflect

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the allocation you have. If it's 50% diversified equity,

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40% diversified fixed income, and 10% alts,

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you should probably benchmark yourself to a blended benchmark of a

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50, 40 10 mix of relevant indices.

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Not just look to the s and p 500, because again,

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you probably have a 0.5 beta in that portfolio.

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You don't want to compare yourself to something that is a 1.0 beta.

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Sure, sure. Absolutely. And you know, we, we talk a lot about, on this podcast,

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a lot of folks look at benchmarks to look at the performance, their portfolio,

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and I think that makes a lot of sense. But the true one,

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true benchmark is are you hitting your goals from a financial planning

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standpoint? Right? And so I think that's a better way to, to,

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to look at it versus just making sure that you may or may not be

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outperforming the s and p,

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which is a very visible benchmark out in the world today.

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And we can think the media outlets for that certainly. Right.

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So let's talk a little about, uh, allocation to alts, right?

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Let's say you have an investor, let's say it's 60% stock, 40% bond,

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maybe a small cash position in there. How should that investor consider adding,

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uh, alternatives to the portfolio? Is there a maximum amount you would put in?

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Is there a minimum amount? Would you take it from the stock side?

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Would you take it from the bond side? How does that work? And how should our,

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our listeners be conceptualizing adding that asset

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Class? So we, we have some opinions here, but I think in the end, it's,

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it's gonna be what is acceptable to the investor and what their financial

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advisors would recommend start the starting point matters.

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So if you're exceptionally conservative to start, say you're,

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you know, 10% equity in 90% fixed income,

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I think taking it ha having a a higher allocation alt might

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make more sense than if you were starting from the other end. So, uh,

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in terms of the distribution of returns and, and you know,

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the level of volatility of a diversified AL strategy,

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it's a little bit more similar to fixed income. It's, it's,

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I like to say those returns are fueled by different things. You know, it's not,

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you know, duration and credit risk and illiquidity type of stuff.

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It's other drivers that, that give you returns and alternatives.

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But our rules of thumb, which, you know, are for people to take or leave,

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would be maybe up to about 25% if you're starting from a very conservative, uh,

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portfolio. And if you're starting from a very aggressive portfolio,

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just say someone's a hundred percent equity invested in says, ah,

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I want to add malts to this portfolio, but I don't like fixed income. Um,

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I know a few of those, maybe,

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Maybe something more in the realm of 15%,

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I think lower than 10% allocation of anything to the portfolio is gonna have a,

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a, a limited effect on, on the outcome, right?

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So 10 percent's probably our general starting point to add something and, and,

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and see, uh, beneficial effect to the portfolio and,

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and where we've landed on where to fund it from.

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So I didn't forget that part of your question,

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where believers in prorata from the,

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the asset allocation,

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so if you're a 60 40 investor and you put say,

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20% alternatives,

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60% of that should be probably funded from a reduction in inequity

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and 40% from a reduction in fixed. And they go, again,

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these are starting rules of thumbs. I I am very familiar with people who,

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because that returns distribution to alts, you know, the volatility and the,

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and kind of the average return to the distribution to alts is a little

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more similar to fixed income than it is to equity.

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I know folks who want to take 100% on a fixed income, that is an approach,

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but if you think about that, you've done nothing to reduce your equity risk.

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So if someone is, again, aging life cycle is a consideration here,

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diversifying both systematic, traditional,

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systematic exposures of equity and fixed,

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we think taking from both makes a lot of sense to fund that ALT's position.

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There are exceptions, you know, there, there are, you know,

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there are people who have different savings or different, you know,

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sources of income, maybe people with three pensions, you know, like who, uh,

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who look a little different from an average investor. So again,

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individual specifics need to come into play, but those,

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those are my starting rules of thumb in a vacuum.

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Well, that makes a lot of sense,

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especially if you're looking at alternatives as a third leg to the stool, right.

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Stocks and bonds.

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And if the third category is going to be alternative asset classes or

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alternative strategies, it should come out prorata.

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It's not that the ALS are taking the place of equities or fixed income,

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it's something completely, completely different in the portfolio.

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Yep.

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Fantastic. So, um, Phil, I wanna thank you so much for your time. This is, uh,

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uh, super enlightening and just to kind of recap what we discussed, uh,

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for our listeners, um,

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alternative investments are a great way to diversify a portfolio beyond stocks,

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bonds, and cash.

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There are ways to get exposures to liquid alternative strategies through

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ETFs and mutual funds. With that should,

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you should expect a level of transparency to make sure you are getting those

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diversification benefits and, uh, certainly, uh, liquidity being a,

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uh, a factor there as well. And you know, whether or not alternatives are,

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are suitable for you, as we always say and unfiltered finance. You know,

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the best advice we can give is to always work with a financial advisor or

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financial professional that can take a look at your own personal situation,

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assess that situation, and, uh, make sure that they recommend, uh,

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an asset allocation, uh, that's suitable for you.

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Thank you listeners for joining us today. Uh, Phil, once again,

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it's always fun having you on the show. We'll certainly have you back. Great.

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Thanks for having me.

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For those of you who are looking for additional information,

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you can always visit our [email protected]. Feel free to,

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uh, listen to this podcast, uh,

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again or access any of our previous podcasts to the, uh,

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venue in which you get your podcasts.

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So thanks for listening and we'll catch you next time.

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Symmetry Partners, llc,

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an investment advisor firm registered with the Securities and Exchange

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Commission.

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The firm only transacts business in states where it is properly registered or

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excluded or exempted from registration requirements.

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Registration of an investment advisor does not imply any specific level of skill

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or training,

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and does not constitute an endorsement of the firm by the commission.

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No one should assume that future performance of any specific investment,

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investment strategy, product,

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or non-investment related content made reference to directly or indirectly in

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this material will be profitable. As with any investment strategy,

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there is the possibility of profitability as well as loss due to various

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factors including changing market conditions and or applicable laws.

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The content may not be reflective of current opinions or positions.

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Please note the material is provided for educational and background use only.

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Moreover,

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you should not assume that any discussion or information contained in this

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material serves as the receipt of or as a substitute for

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personalized investment advice.