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Global tactical asset allocation
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Global tactical asset allocation : ウィキペディア英語版
Global tactical asset allocation
Global Tactical Asset Allocation, or GTAA, is a top-down investment strategy that attempts to exploit short-term mis-pricings among a global set of assets. The strategy focuses on general movements in the market rather than on performance of individual securities.〔(What is Global tactical asset allocation? ), by Ralph Frank, Mercer (12 April 2007)〕

==Hedge funds and asset allocation==
GTAA is believed to be derived from, and share some characteristics of, global macro hedge funds and tactical asset allocation (TAA). Global macro hedge funds, like GTAA, seek to profit from taking positions in major world equity, bond or currency markets. However, the two differ in the fact that global macro has been characterized by large, undiversified bets, while modern GTAA strategies are generally well-diversified and operate with risk controls. TAA decisions undertaken by managers of multi-asset funds, like GTAA decisions, are intended to enhance investment outcomes by overweighting and underweighting asset classes based on their expected performance over relatively short time periods (usually 3 to 6 months). While TAA, within multi-asset funds, is restricted to the asset classes contained in the fund's strategic asset allocation, GTAA strategies enjoys the privilege of accessing a broader opportunity set.

抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)
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