Meb Faber Portfolios: Backed By Solid Research

January 25, 2019 Leave a Comment

This is the article detailing the investment portfolios of Meb Faber and that of his investment firm Cambria Investments. Here you will find asset allocation as well as performance for the many portfolios Meb Faber has constructed.

Meb Faber Portfolios: Backed By Solid Research

Who is Meb Faber?

Meb Faber (Mebane Faber) is a quant and productivity-meister galore who regularly backtests portfolios. In his fantastic book Global Asset Allocation: A Survey of the World’s Top Asset Allocation Strategies, he has collected a host of different portfolios playing on the same theme – well-diversified portfolios from some of the top money managers.

His paper on tactical asset allocation A Quantitative Approach to Tactical Asset Allocation has revived trend-following and is a fantastic primer on how to implement trend following into your portfolio. Trend following is not designed to deliver market-beating returns but instead to mitigate risk while delivering market like returns.

His book The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets shows how you can mirror the portfolios of the top-endowment funds like Yale and Harvard. You can check out our post Meb Faber’s Ivy 10 Portfolio: Expand And Conquer Yale And Harvard.

We love Meb Faber around here. This is because he is a numbers guy who doesn’t seem to fret about the small stuff in investing. He keeps his horizon long and his feet very close to reality. He is not afraid to call people out on bullshit or dubious claims. He just seems relaxed about investing, surfs (yay!), and really enjoys talking about asset classes, investing and all that jive.

We have gotten a lot of good ideas from Meb Faber’s writings.

Meb Faber is also a fan of trend following which he calls his “desert island” strategy. We here at Portfolioeinstein.com are also fans of trend following as a diversifier and a mitigator of risk. We have an article lined up about just that.

Much of Meb Faber’s work is all about figuring out how others have done well. His books, articles, and podcast reflect this. His book Invest With The House: Hacking The Top Hedge Funds looked at hedge fund strategies and proposed ways to mirror them.

What is special about Meb Faber’s portfolios?

Meb Faber uses two strategies in his portfolios. They are either market timing strategies (trend following) or globally diversified portfolios which span many asset classes. We do not currently track his excellent trend following strategies.

Meb Faber has also a definite bias towards value and momentum asset classes. Both of those have done great historically.

Meb Faber’s Ivy 20, for example, make use of 20 asset classes!

Be sure to visit Meb Faber’s site.

His Ivy league portfolios featured in The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets are examples of his intent on broad diversification while keeping it simple. It is also a fantastic read by the way.

Market Timing Meb

In his paper, A Quantitative Approach to Tactical Asset Allocation. Meb Faber lays forward his tactical asset allocation. It may sound scary but it is easily explained. It means that instead of having a buy-and-hold strategy like almost all of the portfolios on portfolioeinstein.com, the tactical portfolio changes its portfolio. In Meb Faber’s tactical asset allocation portfolio the changes are determined by a 10-month average.

Example: If the price of S&P500 is above its 10-month average you should buy an S&P500 ETF. If it is below the 10-month average you should sell.

Mebane Faber uses more than one asset class in his tactical portfolio however and I suggest you read his paper. It is very easy to understand without the usual academic lingo so it should be accessible for most people.

One thing to remember about trend following is needed to underscore, which Meb Faber also stresses: Trend following is primarily meant to decrease risk not increase returns.

Meb has included market timing in his most recent ETF – the Trinity portfolio ETF (TRTY). Read Meb Faber’s paper on that here.

Performance of Meb Faber’s portfolios

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
Meb Faber Ivy 5 Portfolio	5	-8.07%	6.01%	7.05%	4 - high risk	0.79	$77,175.93
Meb Faber Ivy 10 Portfolio	9	-8.56%	6.25%	7.75%	4 - high risk	0.73	$93,889.37
Meb Faber Risk Parity Portfolio	7	-2.83%	5.28%	6.80%	1 - very low risk	0.6	$71,945.61
Meb Faber GTAA Conservative	11	-6.03%	6.10%	8.10%	3 - medium risk	0.73	$103,537.79
Meb Faber GTAA Moderate	11	-8.06%	6.57%	8.35%	4 - high risk	0.74	$110,802.81
Meb Faber GAA	10	-4.71%	6.80%	7.56%	2 - low risk	0.84	$88,903.62
Meb Faber IVY 20 portfolio	16	-9.53%	6.73%	8.05%	5 - very high risk	0.76	$102,050.67

Asset Allocation of Meb Faber’s portfolios

Meb Faber’s Global Asset Allocation Portfolio (GAA)

18.00% US Large Cap (VV)
4.50% REITs (VNQ)
13.50% International Developed Blend (VEA)
4.50% Emerging Markets (VWO)
13.50% Long Term Treasuries (TLT)
19.80% Corporate Bonds (LQD)
5.00% Commodities (DBC / GSG)
5.00% Gold (IAU)
1.80% TIPS (VTIP)
14.40% Non-US Bonds (BNDX)

Meb Faber’s Global Tactical Asset Allocation (GTAA) Conservative

3.75% US Large Cap Value (VTV)
3.75% US Small Cap Value (VIOV)
15.00% REITs (VNQ)
7.50% International Developed Blend (VEA)
7.50% Emerging Markets (VWO)
10.00% Long Term Treasuries (TLT)
10.00% Intermediate-Term Treasuries (VGIT)
10.00% Corporate Bonds (LQD)
15.00% Commodities (DBC / GSG)
10.00% Non-US Bonds (BNDX)
7.50% Momentum Factor (MTUM)

Meb Faber’s Global Tactical Asset Allocation (GTAA) Moderate

5.00% US Large Cap Value (VTV)
5.00% US Small Cap Value (VIOV)
20.00% REITs (VNQ)
10.00% International Developed Blend (VEA)
10.00% Emerging Markets (VWO)
5.00% Long Term Treasuries (TLT)
5.00% Intermediate-Term Treasuries (VGIT)
5.00% Corporate Bonds (LQD)
20.00% Commodities (DBC / GSG)
5.00% Non-US Bonds (BNDX)
10.00% Momentum Factor (MTUM)

Meb Faber’s Ivy 5 Portfolio

20.00% US Total Stock Market (VTI)
20.00% REITs (VNQ)
20.00% International Developed Blend (VEA)
20.00% Total US Bond Market (BND)
20.00% Commodities (DBC / GSG)

Meb Faber’s Ivy 10 Portfolio

10.00% US Large Cap (VV)
10.00% US Small Cap (VIOO)
10.00% REITs (VNQ)
10.00% International Developed Blend (VEA)
10.00% Emerging Markets (VWO)
10.00% Total US Bond Market (BND)
20.00% Commodities (DBC / GSG)
10.00% TIPS (VTIP)
10.00% International REITs (VNQI)

Meb Faber Ivy 20 portfolio

5.00% US Large Cap (VV)
5.00% US Mid Cap (IJH)
5.00% US Small Cap (VIOO)
5.00% US Micro Cap (IWC)
5.00% REITs (Real Estate) (VNQ)
5.00% Int. Developed Blend (VEA)
5.00% Emerging Markets (VWO)
5.00% Intl Sm Cap Blend (VSS)
5.00% Total US Bond Market (BND)
5.00% Timber (TREE)
5.00% Infrastructure
5.00% Commodities (DBC / GSG)
5.00% Commodities (DBC / GSG)
5.00% Commodities (DBC / GSG)
5.00% Commodities (DBC / GSG)
5.00% TIPS (VTIP)
5.00% Non-US Bonds (BNDX)
5.00% Emerging Markets Small Cap (EWX)
5.00% Emerging Market Bonds (VWOB)
5.00% International REITs (Real Estate) (VNQI)

Meb Faber’s Risk Parity Portfolio

7.50% US Total Stock Market (VTI)
5.00% REITs (VNQ)
7.50% International All-World ex-US (VEU)
35.00% Intermediate-Term Treasuries (VGIT)
35.00% Corporate Bonds (LQD)
5.00% Commodities (DBC / GSG)
5.00% Gold (IAU)

Meb Faber portfolio resources

Be sure to visit Meb Faber website where he often posts.

His podcast is often of very good quality. The first 3 is like a mini-course on investing!

Meb Faber has written some very good books. One of their chief qualities is they are without any fluff or padding you normally see in these books.

Meb Faber is the CEO and CIO of Cambria Investments.

Conclusion

Which portfolio do you use?

After having read up on Meb Faber’s portfolios I encourage you to find other great portfolios right here on portfolioeinstein.com.

If you have suggestions to new portfolios be sure to add them in comments or reach out to me.

I would love to hear from you!

Morningstar Portfolios: A Laser Beam On Your Returns

January 20, 2019 Leave a Comment

This article displays all of the Morningstar portfolios. They display a pure mastery of asset allocation and it shows in their high returns. There are a lot of portfolios! Here you will find asset allocation as well as performance for the many portfolios Morningstar has created.

The article covers the Lifetime Allocation Indexes (target date funds) and it covers the Morningstar savings portfolios.

Morningstar Portfolios: A Laser Beam On Your Returns

What is Morningstar?

Morningstar is an investment research company offering mutual fund, ETF, and stock analysis, ratings, and data, and portfolio tools.

Morningstar offers a fantastic set of tools to examine a fund or ETF called the X-ray. It shows many metrics about a fund or ETF. For example, it shows which stocks are in the ETF. It also shows the value or growth tilt of a fund or ETF.

I use it almost every day!

I did a mini-tutorial on this tool. To see it in action read the article What Is The Best ETF And Mutual Fund?

What is special about Morningstar portfolios?

There are 2 sets of portfolios in this article:

The Lifetime Allocation Indexes (target date funds)
The Morningstar savings portfolios.

The Lifetime Allocation Indexes (target date funds)

The Morningstar®Lifetime Allocation Indexes are Morningstar target-date retirement portfolios. There are A LOT of them as Morningstar has an aggressive, moderate and conservative fund for each target-date. This means for example that for their 2030 target date they have 3 portfolios (aggressive, moderate and conservative). For their 2040 target date fund, they have 3 portfolio allocation (aggressive, moderate and conservative).

No one other target date fund provider offers this and it does seem overly complex and confusing. I think it negates much of the simplicity normally associated with target-date retirement funds. In addition, the portfolios have a lot of asset classes. In fact, they have the most number of asset classes of all the target date portfolios on portfolioeinstein.com. The Goldman Sachs target date portfolios come close. The Morningstar Lifetime Allocation Indexes even have exposure to commodities.

However, with that said – they do very well as can be seen in our comparison of target date funds here: What Is The Best Target Date Fund?

The Morningstar savings portfolios

These portfolios have been constructed by Christine Benz who is a director of personal finance at Morningstar. She has put together the portfolios to help you save for retirement. In addition, she has also built portfolios for a 3-bucket approach when you already are in retirement. Those portfolios are not suited here but you can find them here. Christine Benz is the author of two wonderful books that come highly recommended. The first is Morningstar 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances and the second is Morningstar Guide to Mutual Funds: Five-Star Strategies for Success.

Morningstar's 30-Minute Money Solutions A Step-by-Step Guide to Managing Your Finances

Get it on Amazon

Performance of the Morningstar portfolios

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
Morningstar Conservative Retirement Saver Portfolio	7	-4.51%	7.65%	7.91%	2 - low risk	0.95	$98,077.76
Morningstar Moderate Retirement Saver Portfolio	5	-7.13%	9.67%	8.49%	4 - high risk	0.97	$115,229.73
Morningstar Aggressive Retirement Saver Portfolio	5	-8.97%	10.36%	8.39%	5 - very high risk	0.96	$112,197.13
Morningstar Lifetime Allocation Index Aggressive, 2060	18	-9.92%	9.90%	8.69%	5 - very high risk	0.91	$121,837.52
Morningstar Lifetime Allocation Index Aggressive, 2050	18	-9.68%	10.07%	8.74%	5 - very high risk	0.92	$123,631.03
Morningstar Lifetime Allocation Index Aggressive, 2040	18	-9.34%	10.17%	8.79%	5 - very high risk	0.93	$125,053.25
Morningstar Lifetime Allocation Index Aggressive, 2030	18	-8.05%	9.58%	8.64%	4 - high risk	0.94	$120,145.92
Morningstar Lifetime Allocation Index Aggressive, Income	18	-4.27%	6.95%	7.62%	2 - low risk	0.91	$90,425.62
Morningstar Lifetime Allocation Index Moderate, 2060	18	-9.43%	9.70%	8.67%	5 - very high risk	0.92	$121,094.82
Morningstar Lifetime Allocation Index Moderate, 2050	18	-9.16%	9.82%	8.70%	5 - very high risk	0.93	$122,307.82
Morningstar Lifetime Allocation Index Moderate, 2040	18	-8.40%	9.59%	8.65%	5 - very high risk	0.94	$120,477.91
Morningstar Lifetime Allocation Index Moderate, 2030	18	-6.38%	8.34%	8.24%	3 - medium risk	0.94	$107,427.03
Morningstar Lifetime Allocation Index Moderate, Income	18	-3.29%	5.96%	7.16%	2 - low risk	0.85	$79,623.70
Morningstar Lifetime Allocation Index Conservative, 2060	18	-8.48%	9.37%	8.60%	4 - high risk	0.92	$118,850.00
Morningstar Lifetime Allocation Index Conservative, 2050	18	-8.01%	9.27%	8.57%	4 - high risk	0.93	$117,838.75
Morningstar Lifetime Allocation Index Conservative, 2040	18	-6.43%	8.35%	8.25%	3 - medium risk	0.94	$107,858.87
Morningstar Lifetime Allocation Index Conservative, 2030	18	-4.26%	6.78%	7.59%	2 - low risk	0.91	$89,725.31
Morningstar Lifetime Allocation Index Conservative, Income	18	-2.21%	4.85%	6.60%	1 - very low risk	0.68	$68,098.57

Asset Allocation of the Morningstar portfolios

Morningstar Aggressive Retirement Saver Portfolio

50.00% US Total Stock Market (VTI)
10.00% US Small Cap Value (VIOV)
30.00% International Developed Blend (VEA)
5.00% Emerging Markets (VWO)
5.00% Total US Bond Market (BND)

Morningstar Moderate Retirement Saver Portfolio

47.00% US Total Stock Market (VTI)
8.00% US Small Cap Value (VIOV)
20.00% International Developed Blend (VEA)
5.00% Emerging Markets (VWO)
20.00% Total US Bond Market (BND)

Morningstar Conservative Retirement Saver Portfolio

33.00% US Total Stock Market (VTI)
5.00% US Small Cap Value (VIOV)
10.00% International Developed Blend (VEA)
4.00% Emerging Markets (VWO)
30.00% Total US Bond Market (BND)
7.00% Short-Term Investment Grade (VCSH)
11.00% TIPS (VTIP)

Morningstar Lifetime Allocation Index Aggressive, 2030

11.52% US Large Cap Value (VTV)
10.00% US Large Cap (VV)
8.79% US Large Cap Growth (VUG)
4.94% US Mid Cap Value (JKI)
4.29% US Mid Cap (IJH)
3.77% US Mid Cap Growth (IJK)
3.10% US Small Cap Value (VIOV)
2.69% US Small Cap (VIOO)
2.37% US Small Cap Growth (IJT)
2.68% REITs (VNQ)
21.27% International Developed Blend (VEA)
7.24% Emerging Markets (VWO)
10.03% Total US Bond Market (BND)
0.45% Cash (money market fund) (BIL)
2.45% Commodities (DBC / GSG)
2.12% TIPS (VTIP)

Morningstar Lifetime Allocation Index Aggressive, 2040

12.13% US Large Cap Value (VTV)
10.54% US Large Cap (VV)
9.26% US Large Cap Growth (VUG)
5.20% US Mid Cap Value (JKI)
4.52% US Mid Cap (IJH)
3.97% US Mid Cap Growth (IJK)
3.81% US Small Cap Value (VIOV)
3.31% US Small Cap (VIOO)
2.91% US Small Cap Growth (IJT)
2.93% REITs (VNQ)
25.26% International Developed Blend (VEA)
9.54% Emerging Markets (VWO)
3.00% Total US Bond Market (BND)
0.05% Cash (money market fund) (BIL)
2.62% Commodities (DBC / GSG)
0.25% TIPS (VTIP)

Morningstar Lifetime Allocation Index Aggressive, 2050

11.34% US Large Cap Value (VTV)
9.85% US Large Cap (VV)
8.66% US Large Cap Growth (VUG)
4.86% US Mid Cap Value (JKI)
4.22% US Mid Cap (IJH)
3.71% US Mid Cap Growth (IJK)
4.10% US Small Cap Value (VIOV)
3.56% US Small Cap (VIOO)
3.13% US Small Cap Growth (IJT)
3.18% REITs (VNQ)
26.55% International Developed Blend (VEA)
11.06% Emerging Markets (VWO)
2.40% Total US Bond Market (BND)
2.78% Commodities (DBC / GSG)

Morningstar Lifetime Allocation Index Aggressive, 2060

10.45% US Large Cap Value (VTV)
9.08% US Large Cap (VV)
7.98% US Large Cap Growth (VUG)
4.48% US Mid Cap Value (JKI)
3.89% US Mid Cap (IJH)
3.42% US Mid Cap Growth (IJK)
4.30% US Small Cap Value (VIOV)
3.73% US Small Cap (VIOO)
3.28% US Small Cap Growth (IJT)
3.43% REITs (VNQ)
27.45% International Developed Blend (VEA)
12.56% Emerging Markets (VWO)
2.35% Total US Bond Market (BND)
2.95% Commodities (DBC / GSG)

Morningstar Lifetime Allocation Index Aggressive, Income

7.45% US Large Cap Value (VTV)
6.47% US Large Cap (VV)
5.68% US Large Cap Growth (VUG)
3.19% US Mid Cap Value (JKI)
2.77% US Mid Cap (IJH)
2.44% US Mid Cap Growth (IJK)
1.18% US Small Cap Value (VIOV)
1.03% US Small Cap (VIOO)
0.90% US Small Cap Growth (IJT)
2.00% REITs (VNQ)
9.68% International Developed Blend (VEA)
2.42% Emerging Markets (VWO)
23.27% Total US Bond Market (BND)
4.28% Cash (money market fund) (BIL)
2.00% Commodities (DBC / GSG)
19.96% TIPS (VTIP)

Morningstar Lifetime Allocation Index Conservative, 2030

6.13% US Large Cap Value (VTV)
5.32% US Large Cap (VV)
4.68% US Large Cap Growth (VUG)
2.63% US Mid Cap Value (JKI)
2.28% US Mid Cap (IJH)
2.00% US Mid Cap Growth (IJK)
1.65% US Small Cap Value (VIOV)
1.43% US Small Cap (VIOO)
1.26% US Small Cap Growth (IJT)
2.18% REITs (VNQ)
10.87% International Developed Blend (VEA)
3.70% Emerging Markets (VWO)
36.52% Total US Bond Market (BND)
1.64% Cash (money market fund) (BIL)
2.00% Commodities (DBC / GSG)
7.71% TIPS (VTIP)

Morningstar Lifetime Allocation Index Conservative, 2040

8.66% US Large Cap Value (VTV)
7.52% US Large Cap (VV)
6.61% US Large Cap Growth (VUG)
3.71% US Mid Cap Value (JKI)
3.22% US Mid Cap (IJH)
2.83% US Mid Cap Growth (IJK)
2.72% US Small Cap Value (VIOV)
2.36% US Small Cap (VIOO)
2.07% US Small Cap Growth (IJT)
2.43% REITs (VNQ)
17.11% International Developed Blend (VEA)
6.46% Emerging Markets (VWO)
24.39% Total US Bond Market (BND)
0.41% Cash (money market fund) (BIL)
2.00% Commodities (DBC / GSG)
2.00% TIPS (VTIP)

Morningstar Lifetime Allocation Index Conservative, 2050

9.89% US Large Cap Value (VTV)
8.59% US Large Cap (VV)
7.55% US Large Cap Growth (VUG)
4.24% US Mid Cap Value (JKI)
3.68% US Mid Cap (IJH)
3.24% US Mid Cap Growth (IJK)
3.57% US Small Cap Value (VIOV)
3.10% US Small Cap (VIOO)
2.73% US Small Cap Growth (IJT)
2.68% REITs (VNQ)
21.71% International Developed Blend (VEA)
9.04% Emerging Markets (VWO)
14.53% Total US Bond Market (BND)
0.00% Cash (money market fund) (BIL)
2.00% Commodities (DBC / GSG)

Morningstar Lifetime Allocation Index Conservative, 2060

9.54% US Large Cap Value (VTV)
8.28% US Large Cap (VV)
7.28% US Large Cap Growth (VUG)
4.09% US Mid Cap Value (JKI)
3.55% US Mid Cap (IJH)
3.12% US Mid Cap Growth (IJK)
3.92% US Small Cap Value (VIOV)
3.41% US Small Cap (VIOO)
2.99% US Small Cap Growth (IJT)
2.93% REITs (VNQ)
23.17% International Developed Blend (VEA)
10.61% Emerging Markets (VWO)
11.89% Total US Bond Market (BND)
2.00% Commodities (DBC / GSG)

Morningstar Lifetime Allocation Index Conservative, Income

3.29% US Large Cap Value (VTV)
2.86% US Large Cap (VV)
2.51% US Large Cap Growth (VUG)
1.41% US Mid Cap Value (JKI)
1.23% US Mid Cap (IJH)
1.08% US Mid Cap Growth (IJK)
0.52% US Small Cap Value (VIOV)
0.45% US Small Cap (VIOO)
0.40% US Small Cap Growth (IJT)
1.50% REITs (VNQ)
4.28% International Developed Blend (VEA)
1.07% Emerging Markets (VWO)
34.50% Total US Bond Market (BND)
6.35% Cash (money market fund) (BIL)
2.00% Commodities (DBC / GSG)
29.58% TIPS (VTIP)

Morningstar Lifetime Allocation Index Moderate, 2030

9.10% US Large Cap Value (VTV)
7.90% US Large Cap (VV)
6.94% US Large Cap Growth (VUG)
3.90% US Mid Cap Value (JKI)
3.39% US Mid Cap (IJH)
2.97% US Mid Cap Growth (IJK)
2.45% US Small Cap Value (VIOV)
2.13% US Small Cap (VIOO)
1.87% US Small Cap Growth (IJT)
2.68% REITs (VNQ)
16.47% International Developed Blend (VEA)
5.61% Emerging Markets (VWO)
22.03% Total US Bond Market (BND)
0.98% Cash (money market fund) (BIL)
2.45% Commodities (DBC / GSG)
4.65% TIPS (VTIP)

Morningstar Lifetime Allocation Index Moderate, 2040

11.03% US Large Cap Value (VTV)
9.58% US Large Cap (VV)
8.42% US Large Cap Growth (VUG)
4.73% US Mid Cap Value (JKI)
4.10% US Mid Cap (IJH)
3.61% US Mid Cap Growth (IJK)
3.46% US Small Cap Value (VIOV)
3.01% US Small Cap (VIOO)
2.64% US Small Cap Growth (IJT)
2.93% REITs (VNQ)
22.38% International Developed Blend (VEA)
8.45% Emerging Markets (VWO)
10.00% Total US Bond Market (BND)
0.16% Cash (money market fund) (BIL)
2.62% Commodities (DBC / GSG)
0.82% TIPS (VTIP)

Morningstar Lifetime Allocation Index Moderate, 2050

10.92% US Large Cap Value (VTV)
9.49% US Large Cap (VV)
8.34% US Large Cap Growth (VUG)
4.68% US Mid Cap Value (JKI)
4.07% US Mid Cap (IJH)
3.57% US Mid Cap Growth (IJK)
3.95% US Small Cap Value (VIOV)
3.43% US Small Cap (VIOO)
3.01% US Small Cap Growth (IJT)
3.18% REITs (VNQ)
24.76% International Developed Blend (VEA)
10.31% Emerging Markets (VWO)
6.18% Total US Bond Market (BND)
0.00% Cash (money market fund) (BIL)
2.78% Commodities (DBC / GSG)

Morningstar Lifetime Allocation Index Moderate, 2060

10.16% US Large Cap Value (VTV)
8.83% US Large Cap (VV)
7.76% US Large Cap Growth (VUG)
4.36% US Mid Cap Value (JKI)
3.78% US Mid Cap (IJH)
3.32% US Mid Cap Growth (IJK)
4.18% US Small Cap Value (VIOV)
3.63% US Small Cap (VIOO)
3.19% US Small Cap Growth (IJT)
3.43% REITs (VNQ)
25.67% International Developed Blend (VEA)
11.75% Emerging Markets (VWO)
5.62% Total US Bond Market (BND)
0.00% Cash (money market fund) (BIL)
2.95% Commodities (DBC / GSG)

Morningstar Lifetime Allocation Index Moderate, Income

5.44% US Large Cap Value (VTV)
4.72% US Large Cap (VV)
4.15% US Large Cap Growth (VUG)
2.33% US Mid Cap Value (JKI)
2.02% US Mid Cap (IJH)
1.78% US Mid Cap Growth (IJK)
0.86% US Small Cap Value (VIOV)
0.75% US Small Cap (VIOO)
0.66% US Small Cap Growth (IJT)
2.00% REITs (VNQ)
7.07% International Developed Blend (VEA)
1.77% Emerging Markets (VWO)
28.74% Total US Bond Market (BND)
5.28% Cash (money market fund) (BIL)
2.00% Commodities (DBC / GSG)
24.63% TIPS (VTIP)

Find the best ETFs and mutual funds in our updated article What Is The Best ETF And Mutual Fund?

Morningstar resources

The Morningstar website

The https://www.morningstar.com/articles/archive/467/us-videos.htmlMorninstar video archive – great for keeping up with investment news!

Morningstar also has a youtube channel.

Morningstar has a podcast, and you can find it on all podcast outlets

Now its your turn!

Which portfolio do you use?

After having read up on the Morningstar portfolios what do you think are good about them?

I encourage you to find other great portfolios right here on portfolioeinstein.com.

If you have suggestions to new portfolios be sure to add them in comments or reach out to me.

I would love to hear from you!

Larry Swedroe Portfolio: Nemesis of Low Returns

January 18, 2019 Leave a Comment

This article displays the Larry Swedroe portfolios. They are low volatility and high returning portfolios. In other words: They are awesome.

Larry Swedroe Portfolio: Nemesis of Low Returns

Who is Larry Swedroe?

Larry Swedroe is a prolific author and director of research at wealth management firm Buckingham Strategic Wealth. He often visits the Bogleheads Forum where he shares insights, knowledge and answers questions. He is easily one of our favorite authors on investing. He is also a clear runner up for one of the good guys in investing.

He has written many articles all over the web as well. Examples include articles on ETF.com, Forbes, finance.yahoo.com and of course on the Bam Alliance website. The BAM alliance is a “community of independent advisors” that put the client first, i.e. they hold their fiduciary responsibility to a very high standard.

Larry Swedroe favors a data-driven approach to investing. This means that in all his books he has plenty of evidence why he suggests a certain portfolio. In that regard, he is very much like Paul Merriman who is also an evidence-based investor.

Larry Swedroe is a prolific writer. The really good books include The Only Guide to a Winning Investment Strategy You’ll Ever Need (co-written), and Your Complete Guide to Factor-Based Investing: The Way Smart Money Invests Today. You may not think that you need to do any factor-based investing (smart beta) but the first 30 pages in this book are like a 500$ course on investing! It teaches you everything about what asset classes are and how to think about them. It teaches you what “the market” really is. And it teaches you that not all asset classes are really asset classes!

Awesome introduction to asset classes, “the market” and why small-caps have outperformed.

What is special about the Larry Swedroe portfolios?

Larry Swedroe has designed some very interesting portfolios that look like no-one else’s. The one theme that runs through all of his portfolios is to keep the portfolios low on volatility. Larry Swedroe favors safety over high-risk returns. This doesn’t mean that Larry Swedroe’s portfolios are lackluster portfolios! On the contrary.

Larry Swedrowe’s portfolios are designed in such a way that their first component is to be heavy (or very heavy) on low volatility asset classes like bonds. The second component of Larry Swedroe’s portfolios is to add high performing, high-risk asset classes like small caps to make the portfolio offer great returns.

The results of this portfolio jiu-jitsu are portfolios that have very low volatility and high returns in comparison to other portfolios with the same amount of bond allocation.

This makes the portfolios suited for normal savings situations or for clients that simply cannot stomach the high volatility of a 100% stock portfolio.

If you want to get inside of Larry Swedroe’s head to see how he thinks I recommend his book The Only Guide to a Winning Investment Strategy You’ll Ever Need.

Performance of the Larry Swedroe portfolios

Portfolio Name	1 year return 2018	10 year return	Return since 1989	Std	Dollar Value
S&P 500 (Benchmark)	-4.52%	12.97%	9.84%	17.46%	$167,045.76
Larry Swedroe Simple Portfolio	-7.03%	8.09%	8.27%	11.11%	$108,435.35
Larry Swedroe, "The Larry" Portfolio 1	-4.33%	5.83%	7.25%	6.90%	$81,645.53
Larry Swedroe, "The Larry" Portfolio 2	-3.70%	4.93%	7.40%	5.60%	$85,141.52
Larry Swedroe, Eliminate Fat Tails Portfolio (value tilt)	-3.51%	4.87%	6.76%	8.24%	$71,215.30
Larry Swedroes Big Rocks Portfolio	-5.71%	7.35%	7.77%	10.04%	$94,284.50

Asset Allocation of the Larry Swedroe portfolios

Larry Swedroe Simple Portfolio

15.00% US Large Cap Value (VTV)
15.00% US Small Cap Value (VIOV)
13.00% US Small Cap (VIOO)
4.00% Emerging Markets (VWO)
13.00% International Large Cap Value (EFV)
40.00% TIPS (VTIP)

Larry Swedroe, “The Larry” Portfolio 1

5.00% US Large Cap Value (VTV)
5.00% US Large Cap (VV)
5.00% US Small Cap Value (VIOV)
5.00% US Small Cap (VIOO)
10.00% International Large Cap Value (EFV)
10.00% International Small Cap Blend (VSS)
60.00% Intermediate-Term Treasuries (VGIT)

Larry Swedroe, “The Larry” Portfolio 2

12.50% US Small Cap Value (VIOV)
75.00% Intermediate-Term Treasuries (VGIT)
12.50% International Small Cap Value (DLS)

Larry Swedroe, Eliminate Fat Tails Portfolio

15.00% US Small Cap (VIOO)
15.00% Emerging Markets (VWO)
35.00% Cash (money market fund) (BIL)
35.00% TIPS (VTIP)

Larry Swedroe’s Big Rocks Portfolio

9.00% US Large Cap Value (VTV)
9.00% US Large Cap (VV)
9.00% US Small Cap Value (VIOV)
9.00% US Small Cap (VIOO)
6.00% REITs (VNQ)
3.00% Emerging Markets (VWO)
3.00% International All-World ex-US (VEU)
6.00% International Large Cap Value (EFV)
3.00% International Small Cap Blend (VSS)
40.00% Short Term Treasuries (VGSH)
3.00% International Small Cap Value (DLS)

Find the best ETFs and mutual funds in our updated article What Is The Best ETF And Mutual Fund?

Larry Swedroe resources

Larry Swedroe is a prolific writer – here is an overview of all of his books an Amazon.

You can find his articles on ETF.com where he is a frequent contributor.

Larry Swedroe is director of research at Buckingham Wealth Advisors.

Larry Swedroe is also found on the Bogleheads forum where he helps out answering questions and cutting through the F.U.D.

Let’s continue the conversation!

Which portfolio do you use?

After having read up on Larry Swedroe’s portfolios I encourage you to find other great portfolios right here on portfolioeinstein.com.

If you have suggestions to new portfolios be sure to add them in comments or reach out to me.

I would love to hear from you!

William Bernstein Portfolios: The Portfolio Giant

January 17, 2019 Leave a Comment

This is the article detailing the William Bernstein portfolios. William Bernstein is one of the 3 good guys in investing. He is truly one of the giants in investing. In this article, you will find 32 of his portfolios along with asset allocation and performance.

William Bernstein Portfolios: The Portfolio Giant

Who is William Bernstein?

William Bernstein, a former doctor, investment consultant and an all around good guy in the investing world has presented a host of portfolios through his career. His book, The Four Pillars of Investing: Lessons for Building a Winning Portfolio is required reading on investing. His investing philosophy is broad diversification, common sense and with a realistic expectation of future returns. Other books that come highly recommended are Rational Expectations: Asset Allocation for Investing Adults and The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk.

William Bernstein is one of the first names you encounter when entering the investing world, especially personal investing world. But his investing principles are applicable to institutional investing as well.

His book William Bernstein: The Four Pillars of Investing: Lessons for Building a Winning Portfolio is one of the best books on investing you can read. It is on our very short list of the very best investing book ever written.

William Bernstein is also one of the very few good guys in investing. He has gone above and beyond in helping the everyday investor to get better returns through a solid investing framework.

william-bernstein-four-pillars-of-investing

Get this on Amazon – The audiobook is especially recommended as the narrator is phenomenal.

What is special about the William Bernstein portfolios?

The one thing that William Bernstein focus on in his portfolios is diversification through many asset classes. He is a self-proclaimed asset class junkie.

Therefore his portfolios display very broad diversification.

In addition to this William Bernstein is a 360-degree investor so he takes into account a lot of factors. For example:

Asset location (to minimize taxes)
Specific asset class to minimize taxes like muni bonds
Your age
Your appetite for risk
Your employer’s fund offerings if you are investing through a 401K.

All this makes Bernstein shine as a very helpful guide in all of your investment endeavors.

Finally, he is adamant about facing reality and being very aware of what you can actually expect in returns of your portfolios.

William Bernstein’s most famous portfolios are the lazy portfolios. The two are the No-brainer portfolio and the Cowards’ portfolio. You can read more about those specific portfolios in our posts on lazy portfolios Lazy Portfolios and 5 Reasons Why A Lazy Portfolio Is Right For You.

If you are interested in learning way more about William Bernstein and his investing philosophy pick up one or two of his books. Apart from his book Four Pillars I very much recommend the following two:

Get it on Amazon – The audiobook has GREAT narration.

Performance of the William Bernstein portfolios

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Std	Sharpe	Drawdown	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	17.46%	0.48	-37.71%	5 - very high risk	0.99	$167,045.76
60/40 Portfolio	2	-3.20%	9.35%	8.64%	11.00%	0.57	-20.20%	2 - low risk	0.98	$120,261.40
Three Fund Portfolio (50-30-20)	3	-6.99%	9.30%	7.82%	13.95%	0.41	-30.74%	4 - high risk	0.96	$95,687.88
4 Fund Portfolio	4	-4.91%	8.14%	7.80%	10.27%	0.51	-21.47%	3 - medium risk	0.96	$95,122.94
7Twelve Portfolio	12	-5.94%	6.61%	7.57%	10.32%	0.49	-23.19%	3 - medium risk	0.79	$89,255.65
David Swensen's Portfolio	6	-5.77%	8.86%	8.55%	11.47%	0.53	-26.20%	3 - medium risk	0.89	$117,264.69
The Permanent Portfolio	4	-1.69%	5.75%	6.60%	5.66%	0.63	-3.23%	1 - very low risk	0.57	$68,075.83
Tony Robbins / Ray Dalio Portfolio	5	-3.36%	6.23%	8.00%	7.25%	0.75	-3.69%	1 - very low risk	0.6	$100,531.42
Merrimans Ultimate Portfolio	10	-12.38%	10.33%	8.75%	18.10%	0.4	-41.53%	5 - very high risk	0.83	$123,701.16
Meb Faber Ivy 5 Portfolio	5	-8.07%	6.01%	7.05%	11.71%	0.41	-31.56%	4 - high risk	0.79	$77,175.93
Meb Faber Ivy 10 Portfolio	9	-8.56%	6.25%	7.75%	13.14%	0.43	-33.41%	4 - high risk	0.73	$93,889.37
Bill Schultheis Coffeehouse Portfolio	7	-5.29%	8.48%	8.29%	10.07%	0.56	-20.21%	2 - low risk	0.9	$108,918.59
Warren Buffett Portfolio	2	-3.94%	11.83%	9.46%	15.72%	0.49	-32.65%	4 - high risk	0.99	$150,709.29
Index Fund Advisors, Portfolio 100	12	-11.16%	11.68%	10.08%	18.12%	0.47	-39.64%	5 - very high risk	0.87	$178,425.61
Index Fund Advisors, Portfolio 80	16	-8.62%	9.81%	9.27%	14.49%	0.49	-30.64%	4 - high risk	0.87	$143,039.05
Index Fund Advisors, Portfolio 60	16	-6.09%	7.85%	8.31%	10.92%	0.53	-21.64%	3 - medium risk	0.87	$109,713.66
Index Fund Advisors, Portfolio 50	16	-4.82%	6.85%	7.78%	9.18%	0.56	-17.14%	2 - low risk	0.87	$94,581.82
The Andrew Tobias Portfolio	3	-7.04%	7.95%	7.24%	12.14%	0.4	-28.09%	4 - high risk	0.92	$81,473.03
The Talmud Portfolio	3	-3.84%	9.68%	9.04%	10.79%	0.6	-24.14%	3 - medium risk	0.85	$133,974.38
Muhammad El-Erian Portfolio	8	-8.64%	6.66%	7.93%	13.20%	0.44	-31.28%	4 - high risk	0.79	$98,575.79
The Marc Faber Portfolio	6	-4.25%	7.56%	7.59%	9.22%	0.51	-16.87%	2 - low risk	0.64	$89,821.58
Ted Aronson Family Taxable Portfolio	11	-7.66%	9.14%	8.36%	13.09%	0.46	-26.53%	3 - medium risk	0.89	$111,316.36
Allan Roth Second Grader High Risk Portfolio	3	-7.50%	10.23%	8.10%	15.60%	0.4	-34.95%	5 - very high risk	0.97	$103,558.43
Allan Roth Second Grader Medium Risk Portfolio	3	-5.04%	8.06%	7.66%	10.66%	0.49	-21.61%	3 - medium risk	0.97	$91,494.37
Allan Roth Second Grader Low Portfolio	3	-2.58%	5.76%	6.90%	6.37%	0.67	-8.28%	1 - very low risk	0.87	$74,079.11
Allan Roth Second Grader Five-Fund High Risk Portfolio	5	-7.51%	10.12%	8.27%	15.12%	0.42	-35.31%	5 - very high risk	0.95	$108,524.20
Allan Roth Second Grader Five-Fund Medium Risk Portfolio	4	-5.08%	8.03%	7.68%	10.39%	0.5	-21.61%	3 - medium risk	0.96	$92,172.04
Allan Roth Second Grader Five-Fund Low Risk Portfolio	4	-2.60%	5.74%	6.91%	6.26%	0.68	-8.28%	1 - very low risk	0.86	$74,207.04
Allan Roth Second Grader High Risk with CDs Portfolio	3	-7.31%	9.93%	7.80%	15.56%	0.38	-35.24%	5 - very high risk	0.97	$95,291.75
Allan Roth Second Grader Medium Risk with CDs Portfolio	3	-4.27%	6.86%	6.48%	10.43%	0.38	-22.79%	3 - medium risk	0.97	$65,706.27
Allan Roth Second Grader Low Risk with CDs Portfolio	3	-1.24%	3.66%	4.85%	5.49%	0.38	-10.34%	1 - very low risk	0.94	$41,458.74
Frank Armstrong Ideal Index Portfolio	7	-6.86%	7.48%	7.19%	11.40%	0.41	-25.74%	3 - medium risk	0.9	$80,199.22
Scott Adams Dilbert Portfolio	2	-9.98%	10.62%	10.39%	22.70%	0.43	-44.93%	5 - very high risk	0.8	$194,183.00
Scott Burns Couch Potato	2	-3.37%	8.48%	8.29%	9.70%	0.6	-19.94%	2 - low risk	0.94	$109,009.84
Scott Burns Margaritaville	3	-7.04%	7.95%	7.24%	12.14%	0.4	-28.09%	4 - high risk	0.92	$81,473.03
Scott Burns Four Square	4	-4.57%	6.95%	6.99%	9.32%	0.46	-19.60%	2 - low risk	0.91	$75,832.27
Scott Burns Five Fold	5	-4.88%	8.00%	7.72%	9.94%	0.51	-23.09%	3 - medium risk	0.86	$93,030.88
Scott Burns Six Ways from Sunday	6	-6.92%	7.44%	8.26%	11.06%	0.53	-26.39%	3 - medium risk	0.81	$108,065.61
Scott Burns Seven Value Portfolio	7	-6.72%	8.09%	8.49%	11.57%	0.53	-27.78%	4 - high risk	0.86	$115,111.95
Scott Burns Seven Value 2 Portfolio	8	-7.43%	8.66%	8.80%	12.12%	0.53	-28.29%	4 - high risk	0.86	$125,505.84
Scott Burns Nine Emerging Portfolio	9	-8.24%	8.65%	9.15%	13.60%	0.52	-31.02%	4 - high risk	0.83	$138,106.14
Scott Burns 10 Speed Portfolio	10	-8.90%	8.34%	8.76%	13.97%	0.48	-32.31%	4 - high risk	0.84	$124,155.75
Larry Swedroe Simple Portfolio	6	-7.03%	8.09%	8.27%	11.11%	0.52	-23.85%	3 - medium risk	0.86	$108,435.35
Larry Swedroe, The Larry Portfolio 1	7	-4.33%	5.83%	7.25%	6.90%	0.64	-8.49%	1 - very low risk	0.81	$81,645.53
Larry Swedroe, The Larry Portfolio 2	3	-3.70%	4.93%	7.40%	5.60%	0.83	-3.70%	1 - very low risk	0.47	$85,141.52
Larry Swedroe, Eliminate Fat Tails Portfolio	4	-3.51%	4.87%	6.76%	8.24%	0.5	-13.59%	2 - low risk	0.68	$71,215.30
Larry Swedroe, Big Rocks Portfolio	11	-5.71%	7.35%	7.77%	10.04%	0.52	-20.68%	2 - low risk	0.9	$94,284.50
William Bernstein No Brainer Portfolio	4	-6.76%	8.68%	7.68%	12.90%	0.42	-27.63%	4 - high risk	0.95	$91,983.79
William Bernstein Cowards Portfolio	9	-4.88%	7.38%	7.88%	9.89%	0.54	-19.93%	2 - low risk	0.93	$97,354.23
William Bernstein Four Pillars High Risk Portfolio	11	-7.60%	7.74%	7.94%	12.71%	0.45	-28.32%	4 - high risk	0.88	$99,067.16
William Bernstein Four Pillars Medium Portfolio	6	-4.31%	7.60%	7.73%	9.67%	0.54	-19.65%	2 - low risk	0.96	$93,369.08
William Bernstein Four Pillars Low Risk Portfolio	4	-2.91%	6.58%	7.14%	8.31%	0.55	-15.89%	2 - low risk	0.97	$79,194.72
Rob Arnott Portfolio	8	-4.04%	5.65%	7.06%	7.30%	0.6	-14.88%	2 - low risk	0.71	$77,380.64
The Global Market Portfolio, GMP CREDIT SUISSE	8	-4.35%	7.64%	7.97%	8.76%	0.6	-15.83%	2 - low risk	0.87	$99,897.22
The Global Market Portfolio, Financial Engines 2007	15	-5.48%	8.16%	8.04%	11.30%	0.5	-23.12%	3 - medium risk	0.96	$101,637.13
Meb Faber Risk Parity Portfolio	7	-2.83%	5.28%	6.80%	6.06%	0.67	-7.82%	1 - very low risk	0.6	$71,945.61
Robo Advisor Betterment 100	6	-10.24%	10.45%	8.89%	17.77%	0.42	-40.13%	5 - very high risk	0.92	$128,734.87
Robo Advisor Betterment 80	10	-8.05%	9.20%	8.55%	14.50%	0.45	-31.68%	4 - high risk	0.92	$117,253.29
Robo Advisor Betterment 60	10	-5.79%	7.93%	8.08%	11.31%	0.5	-23.25%	3 - medium risk	0.91	$102,835.26
Robo Advisor Betterment 40	11	-3.48%	6.45%	7.39%	8.17%	0.57	-14.52%	2 - low risk	0.87	$84,982.92
Robo Advisor Wealthfront 100	7	-9.49%	9.52%	9.23%	18.09%	0.43	-39.45%	5 - very high risk	0.8	$141,384.10
Robo Advisor Wealthfront 80	7	-8.01%	9.89%	8.93%	15.49%	0.45	-36.03%	5 - very high risk	0.88	$130,253.32
Robo Advisor Wealthfront 60	7	-6.80%	9.40%	8.67%	13.43%	0.48	-31.03%	4 - high risk	0.9	$121,214.80
Robo Advisor Wealthfront 40	7	-5.45%	8.96%	8.40%	11.51%	0.52	-25.94%	3 - medium risk	0.91	$112,287.77
Gibson Five Asset Classes	6	-7.86%	6.07%	7.08%	11.92%	0.4	-32.09%	4 - high risk	0.79	$77,859.18
Harry Markowitz, Father of Modern Portfolio Theory, Portfolio	2	-2.69%	8.38%	8.26%	9.46%	0.61	-15.99%	2 - low risk	0.97	$108,052.29
Rick Ferri Early Saver Moderate Basic Portfolio	4	-5.64%	8.94%	8.08%	11.63%	0.49	-25.82%	3 - medium risk	0.96	$103,026.08
Rick Ferri Early Saver Moderate Multi Asset Portfolio	11	-7.61%	9.39%	8.90%	12.46%	0.52	-27.23%	4 - high risk	0.9	$128,912.98
Rick Ferri Midlife Moderate Basic Portfolio	4	-4.83%	8.19%	7.86%	10.16%	0.52	-21.40%	3 - medium risk	0.96	$96,757.11
Rick Ferri Midlifer Moderate Multi Asset Portfolio	11	-7.01%	8.92%	8.63%	11.41%	0.54	-24.53%	3 - medium risk	0.89	$119,738.71
Rick Ferri Transitional Moderate Basic Portfolio	5	-4.07%	7.31%	7.49%	8.78%	0.55	-17.11%	2 - low risk	0.95	$87,324.19
Rick Ferri Transitional Moderate Multi Asset Portfolio	12	-5.81%	8.25%	8.24%	10.00%	0.56	-20.84%	3 - medium risk	0.88	$107,694.17
Rick Ferri Mature Retired Saver Moderate Basic Portfolio	6	-2.84%	6.24%	7.08%	7.15%	0.62	-12.26%	1 - very low risk	0.93	$77,807.40
Rick Ferri Mature Retired Saver Moderate Multi Asset Portfolio	10	-3.33%	6.28%	7.30%	7.23%	0.64	-12.61%	2 - low risk	0.9	$82,677.75
Balanced Portfolio 10/90	2	-0.64%	4.35%	6.40%	4.97%	0.81	-2.41%	1 - very low risk	0.46	$64,395.11
Balanced Portfolio 20/80	2	-1.15%	5.38%	6.91%	5.63%	0.79	-3.37%	1 - very low risk	0.72	$74,264.67
Balanced Portfolio 30/70	2	-1.67%	6.39%	7.39%	6.70%	0.73	-7.57%	1 - very low risk	0.86	$84,899.95
Balanced Portfolio 40/60	2	-2.18%	7.39%	7.84%	8.01%	0.66	-11.78%	1 - very low risk	0.93	$96,206.80
Balanced Portfolio 50/50	2	-2.69%	8.38%	8.26%	9.46%	0.61	-15.99%	2 - low risk	0.97	$108,052.29
Balanced Portfolio 70/30	2	-3.72%	10.31%	9.00%	12.60%	0.54	-24.41%	3 - medium risk	0.99	$132,614.65
Balanced Portfolio 80/20	2	-4.23%	11.26%	9.32%	14.23%	0.51	-28.62%	4 - high risk	1	$144,847.01
Balanced Portfolio 90/10	2	-4.74%	12.20%	9.61%	15.88%	0.49	-32.83%	4 - high risk	1	$156,648.41
Index Fund Advisors, Portfolio 90	16	-9.92%	10.67%	9.60%	16.04%	0.48	-34.32%	5 - very high risk	0.87	$156,382.38
Index Fund Advisors, Portfolio 70	16	-7.35%	8.76%	8.58%	12.47%	0.5	-25.65%	3 - medium risk	0.87	$118,307.61
Index Fund Advisors, Portfolio 40	16	-3.50%	5.76%	6.81%	7.25%	0.55	-12.64%	2 - low risk	0.87	$72,087.68
Index Fund Advisors, Portfolio 30	16	-2.21%	4.71%	6.15%	5.61%	0.59	-8.31%	1 - very low risk	0.84	$59,900.62
Index Fund Advisors, Portfolio 20	16	-0.93%	3.65%	5.46%	4.13%	0.64	-3.97%	1 - very low risk	0.77	$49,276.08
Index Fund Advisors, Portfolio 10	16	0.36%	2.57%	4.74%	3.04%	0.71	-0.31%	1 - very low risk	0.53	$40,126.43
Total US Stock Market	1	-5.26%	13.13%	9.85%	17.56%	0.48	-37.07%	5 - very high risk	1	$167,666.29
The Jack Bogle Portfolio	2	-3.20%	9.35%	8.64%	11.00%	0.57	-20.20%	2 - low risk	0.98	$120,261.40
Paul Merriman Best-in-Class ETFs Portfolio (Aggressive)	12	-12.05%	10.54%	8.96%	17.24%	0.42	-38.78%	5 - very high risk	0.85	$131,206.74
Paul Merriman Best-in-Class ETFs Portfolio (Moderate)	15	-6.99%	7.48%	8.03%	10.21%	0.53	-20.03%	2 - low risk	0.85	$101,511.15
Paul Merriman Best-in-Class ETFs Portfolio (Conservative)	15	-4.45%	5.82%	7.34%	7.10%	0.64	-10.65%	1 - very low risk	0.79	$83,794.82
Paul Merriman Target Date Portfolio (25 year old)	4	-14.91%	11.77%	10.66%	18.55%	0.49	-37.29%	5 - very high risk	0.78	$208,879.80
Paul Merriman Target Date Portfolio (35 year old)	11	-14.34%	11.73%	10.50%	18.29%	0.49	-37.11%	5 - very high risk	0.79	$199,704.11
Paul Merriman Target Date Portfolio (45 year old)	14	-12.38%	11.09%	10.00%	16.58%	0.49	-34.01%	5 - very high risk	0.82	$174,635.70
Paul Merriman Target Date Portfolio (55 year old)	14	-8.98%	9.54%	9.10%	13.11%	0.52	-26.44%	3 - medium risk	0.85	$136,442.55
Paul Merriman Target Date Portfolio (65 year old)	14	-5.25%	7.13%	7.96%	8.61%	0.61	-14.68%	2 - low risk	0.84	$99,510.95
iShares Lifepath Fund	7	-3.59%	6.56%	7.21%	7.68%	0.59	-13.57%	2 - low risk	0.92	$80,698.80
iShares LifePath Index 2060 Fund (25 year old)	5	-7.97%	10.75%	8.39%	15.88%	0.42	-38.86%	5 - very high risk	0.95	$112,270.53
iShares LifePath Index 2050 Fund (35 year old)	6	-7.93%	10.76%	8.40%	15.85%	0.42	-38.79%	5 - very high risk	0.95	$112,567.78
iShares LifePath Index 2040 Fund (45 year old)	7	-7.16%	10.11%	8.29%	14.42%	0.43	-34.54%	5 - very high risk	0.96	$109,036.34
iShares LifePath Index 2030 Fund (55 year old)	7	-5.75%	8.72%	7.93%	11.62%	0.48	-26.20%	3 - medium risk	0.96	$98,750.68
iShares Model Portfolio 100% Stocks	2	-9.21%	10.28%	7.66%	17.42%	0.35	-40.07%	5 - very high risk	0.94	$91,490.15
iShares Model Portfolio 91% Stocks	3	-8.56%	9.59%	7.55%	15.91%	0.36	-36.15%	5 - very high risk	0.94	$88,696.63
iShares Model Portfolio 85% Stocks	3	-7.89%	9.30%	7.60%	14.86%	0.38	-33.34%	4 - high risk	0.95	$89,949.07
iShares Model Portfolio 80% Stocks	4	-7.39%	8.93%	7.49%	14.04%	0.38	-31.14%	4 - high risk	0.95	$87,403.88
iShares Model Portfolio 70% Stocks	4	-6.14%	8.47%	7.54%	12.32%	0.42	-26.42%	3 - medium risk	0.96	$88,449.95
iShares Model Portfolio 65% Stocks	4	-5.45%	8.27%	7.57%	11.48%	0.45	-24.02%	3 - medium risk	0.96	$89,214.11
iShares Model Portfolio 55% Stocks	4	-4.03%	7.28%	7.28%	9.25%	0.5	-17.73%	2 - low risk	0.96	$82,397.36
iShares Model Portfolio 51% Stocks	4	-4.61%	7.51%	7.35%	9.88%	0.48	-19.59%	2 - low risk	0.96	$83,904.16
iShares Model Portfolio 40% Stocks	4	-4.03%	7.28%	7.28%	9.25%	0.5	-17.73%	2 - low risk	0.96	$82,397.36
iShares Model Portfolio 36% Stocks	4	-2.61%	6.74%	7.22%	7.62%	0.59	-12.51%	2 - low risk	0.94	$81,005.57
iShares Model Portfolio 20% Stocks	4	-2.19%	6.48%	7.14%	7.07%	0.63	-10.68%	1 - very low risk	0.93	$79,268.19
iShares Model Portfolio 15% Stocks	4	-0.85%	5.19%	6.64%	5.22%	0.77	-3.58%	1 - very low risk	0.76	$68,797.92
iShares Model Portfolio 10% Stocks	3	-0.11%	5.00%	6.63%	4.99%	0.83	-2.85%	1 - very low risk	0.65	$68,653.33
Ben Stein Portfolio	7	-7.21%	8.38%	8.01%	14.13%	0.42	-32.19%	4 - high risk	0.92	$100,800.42
JL Collins, Simple Path To Wealth, Wealth Building Portfolio	1	-5.26%	13.13%	9.85%	17.56%	0.48	-37.07%	5 - very high risk	1	$167,666.29
JL Collins, Simple Path To Wealth, Wealth Preservation Portfolio	2	-3.97%	10.79%	9.16%	13.41%	0.53	-26.52%	3 - medium risk	1	$138,764.28
Paul Merriman FundAdvice Ultimate Buy and Hold	13	-7.18%	7.37%	7.95%	10.70%	0.5	-21.68%	3 - medium risk	0.83	$99,272.22
Fidelity Freedom Index 2030 (55 year old)	6	-6.13%	9.10%	7.99%	12.93%	0.45	-28.24%	4 - high risk	0.98	$100,246.61
Fidelity Freedom Index 2040 (45 year old)	5	-7.30%	10.22%	8.20%	15.43%	0.41	-34.85%	5 - very high risk	0.97	$106,498.52
Fidelity Freedom Index 2050 (35 year old)	5	-7.30%	10.22%	8.20%	15.43%	0.41	-34.85%	5 - very high risk	0.97	$106,498.52
Fidelity Freedom Index 2060 (25 year old and younger)	5	-7.30%	10.22%	8.20%	15.43%	0.41	-34.85%	5 - very high risk	0.97	$106,498.52
TD Ameritrade Core Portfolio Conservative	5	-1.97%	5.33%	6.68%	5.72%	0.7	-6.09%	1 - very low risk	0.82	$69,550.36
TD Ameritrade Core Portfolio Moderate	5	-3.36%	6.44%	7.07%	7.61%	0.58	-12.84%	2 - low risk	0.93	$77,553.64
TD Ameritrade Core Portfolio Moderate Growth	5	-4.27%	7.15%	7.28%	9.09%	0.51	-17.34%	2 - low risk	0.96	$82,438.53
TD Ameritrade Core Portfolio Growth	5	-6.09%	8.55%	7.62%	12.29%	0.43	-26.33%	3 - medium risk	0.96	$90,521.11
TD Ameritrade Core Portfolio Aggressive	5	-7.35%	9.62%	7.83%	14.79%	0.4	-33.00%	4 - high risk	0.96	$95,918.48
Morningstar Conservative Retirement Saver Portfolio	7	-4.51%	7.65%	7.91%	9.53%	0.56	-18.49%	2 - low risk	0.95	$98,077.76
Morningstar Moderate Retirement Saver Portfolio	5	-7.13%	9.67%	8.49%	13.85%	0.46	-29.87%	4 - high risk	0.97	$115,229.73
Morningstar Aggressive Retirement Saver Portfolio	5	-8.97%	10.36%	8.39%	16.27%	0.41	-36.51%	5 - very high risk	0.96	$112,197.13
Vanguard Target Retirement 2030 (55 year old)	4	-6.03%	8.56%	7.59%	12.34%	0.43	-26.42%	3 - medium risk	0.96	$89,870.99
Vanguard Target Retirement 2040 (45 year old)	4	-7.47%	9.54%	7.76%	14.83%	0.39	-33.14%	4 - high risk	0.96	$94,018.21
Vanguard Target Retirement 2050 (35 year old)	4	-7.95%	9.85%	7.78%	15.65%	0.38	-35.31%	5 - very high risk	0.96	$94,771.32
Vanguard Target Retirement 2060 (25 year old)	4	-7.97%	9.84%	7.78%	15.67%	0.38	-35.36%	5 - very high risk	0.95	$94,566.58
Merrill Lynch Edge Select Portfolio, Conservative	12	-2.14%	5.89%	6.82%	6.23%	0.64	-10.80%	1 - very low risk	0.83	$72,420.35
Merrill Lynch Edge Select Portfolio, Moderately Conservative	12	-4.26%	8.34%	8.27%	9.46%	0.59	-19.74%	2 - low risk	0.9	$108,323.20
Merrill Lynch Edge Select Portfolio, Moderately	12	-5.47%	9.15%	8.59%	11.48%	0.54	-25.30%	3 - medium risk	0.94	$118,343.20
Merrill Lynch Edge Select Portfolio, Moderately Aggressive	12	-6.35%	9.84%	8.78%	13.60%	0.49	-30.53%	4 - high risk	0.95	$124,804.39
Merrill Lynch Edge Select Portfolio, Aggressive	12	-7.23%	10.34%	8.88%	15.58%	0.45	-34.96%	5 - very high risk	0.95	$128,238.64
David Booth (DFA) Fixed Income Portfolio	4	1.56%	1.80%	4.38%	3.28%	0.56	-1.53%	1 - very low risk	-0.07	$36,177.71
David Booth (DFA) Conservative Portfolio	15	-0.73%	3.87%	5.71%	4.06%	0.73	-2.85%	1 - very low risk	0.73	$52,906.86
David Booth (DFA) Moderate Portfolio	15	-3.02%	5.87%	6.92%	6.91%	0.6	-12.06%	1 - very low risk	0.88	$74,434.21
David Booth (DFA) Normal Portfolio	15	-5.31%	7.80%	8.00%	10.24%	0.53	-21.28%	3 - medium risk	0.9	$100,732.35
David Booth (DFA) Aggressive Portfolio	15	-7.59%	9.66%	8.95%	13.69%	0.49	-30.49%	4 - high risk	0.9	$130,969.26
David Booth (DFA) Equity Portfolio	11	-9.88%	11.46%	9.75%	17.19%	0.47	-39.70%	5 - very high risk	0.9	$163,155.23
Rick Ferri's Core 4 fund Portfolio (80/20)	4	-6.50%	9.64%	8.20%	13.36%	0.45	-30.32%	4 - high risk	0.97	$106,362.82
Rick Ferri's Core 4 fund Portfolio (40/60))	4	-3.32%	6.58%	7.27%	7.44%	0.62	-12.63%	2 - low risk	0.92	$82,091.39
Rick Ferri's Core 4 fund Portfolio (20/80)	4	-1.72%	4.98%	6.62%	5.30%	0.76	-3.79%	1 - very low risk	0.7	$68,507.11
Vanguard LifeStrategy Income Fund (20/80)	4	-1.16%	5.00%	6.49%	5.13%	0.74	-3.80%	1 - very low risk	0.76	$66,028.60
Vanguard LifeStrategy Conservative Growth (40/60)	4	-3.12%	6.47%	7.03%	7.61%	0.57	-12.87%	2 - low risk	0.93	$76,708.39
Vanguard LifeStrategy Moderate Growth (60/40)	4	-5.07%	7.88%	7.44%	10.71%	0.46	-21.92%	3 - medium risk	0.96	$86,020.81
Vanguard LifeStrategy Growth Fund (80/20)	4	-6.98%	9.21%	7.71%	13.98%	0.4	-30.84%	4 - high risk	0.96	$92,791.68
William Bernstein Sheltered Sam Portfolio	12	-5.21%	7.57%	7.99%	9.96%	0.55	-21.69%	3 - medium risk	0.91	$100,223.07
Tim Maurer Simple Money Portfolio	7	-7.00%	7.38%	7.62%	10.17%	0.49	-19.40%	2 - low risk	0.88	$90,621.29
T. Rowe Price ActivePlus Portfolio, Model 10	5	-0.99%	3.95%	6.13%	4.86%	0.76	-2.36%	1 - very low risk	0.43	$59,589.77
T. Rowe Price ActivePlus Portfolio, Model 20	4	-1.88%	4.99%	6.61%	5.52%	0.73	-5.20%	1 - very low risk	0.69	$68,300.70
T. Rowe Price ActivePlus Portfolio, Model 30	4	-2.78%	5.84%	6.94%	6.49%	0.66	-9.54%	1 - very low risk	0.85	$74,858.76
T. Rowe Price ActivePlus Portfolio, Model 40	4	-3.53%	6.63%	7.23%	7.71%	0.59	-13.64%	2 - low risk	0.92	$81,209.95
T. Rowe Price ActivePlus Portfolio, Model 50	4	-4.23%	7.44%	7.53%	9.19%	0.54	-18.00%	2 - low risk	0.95	$88,292.57
T. Rowe Price ActivePlus Portfolio, Model 60	4	-4.95%	8.21%	7.76%	10.70%	0.5	-22.03%	3 - medium risk	0.97	$94,224.73
T. Rowe Price ActivePlus Portfolio, Model 70	4	-5.69%	8.96%	7.96%	12.28%	0.46	-26.13%	3 - medium risk	0.98	$99,620.29
T. Rowe Price ActivePlus Portfolio, Model 80	3	-6.44%	9.70%	8.13%	13.91%	0.43	-30.31%	4 - high risk	0.98	$104,308.51
T. Rowe Price ActivePlus Portfolio, Model 90	3	-7.22%	10.43%	8.26%	15.58%	0.41	-34.74%	5 - very high risk	0.98	$108,136.02
T. Rowe Price ActivePlus Portfolio, Model 100	2	-8.01%	11.15%	8.35%	17.26%	0.39	-39.16%	5 - very high risk	0.97	$110,873.71
Schwab Target Date Fund 2030 (55 year old)	8	-5.49%	8.60%	8.03%	11.84%	0.48	-25.67%	3 - medium risk	0.96	$101,528.93
Schwab Target Date Fund 2040 (45 year old)	8	-6.93%	9.71%	8.41%	14.38%	0.45	-32.53%	4 - high risk	0.96	$112,877.40
Schwab Target Date Fund 2050 (35 year old)	8	-7.68%	10.25%	8.57%	15.73%	0.43	-36.12%	5 - very high risk	0.95	$117,912.78
Schwab Target Date Fund 2060 (25 year old)	7	-8.12%	10.59%	8.67%	16.54%	0.42	-38.22%	5 - very high risk	0.95	$121,276.86
Schwab Managed Portfolio, Conservative Income	6	-0.24%	3.51%	5.53%	4.21%	0.68	-2.02%	1 - very low risk	0.33	$50,300.56
Schwab Managed Portfolio, Income With Growth	10	-2.05%	4.80%	6.16%	5.29%	0.64	-8.31%	1 - very low risk	0.81	$60,096.35
Schwab Managed Portfolio, Balanced	11	-4.42%	5.70%	6.83%	8.07%	0.52	-17.24%	2 - low risk	0.89	$72,502.11
Schwab Managed Portfolio, Balanced With Growth	11	-6.44%	7.03%	7.42%	10.86%	0.46	-25.07%	3 - medium risk	0.92	$85,575.51
Schwab Managed Portfolio, Growth	9	-8.08%	8.08%	7.71%	13.63%	0.41	-32.44%	4 - high risk	0.92	$92,913.64
Schwab Managed Portfolio, Aggressive Growth	7	-9.34%	9.24%	7.98%	16.11%	0.39	-38.11%	5 - very high risk	0.92	$100,053.89
Time.Inc Money Portfolio 1, Simple and Cheap	5	-4.82%	8.02%	7.70%	10.07%	0.51	-21.56%	3 - medium risk	0.94	$92,573.39
Time.Inc Money Portfolio 2, Tilt Toward Value	7	-4.73%	8.26%	7.98%	9.94%	0.54	-20.91%	3 - medium risk	0.94	$100,083.92
Gibson Four Asset Classes	4	-10.12%	6.26%	6.96%	14.40%	0.35	-40.45%	5 - very high risk	0.76	$75,282.02
Alpha Architect Robust	8	-6.57%	8.86%	9.70%	12.32%	0.61	-29.92%	4 - high risk	0.91	$160,622.37
Meb Faber GTAA Conservative	11	-6.03%	6.10%	8.10%	9.83%	0.58	-21.92%	3 - medium risk	0.73	$103,537.79
Meb Faber GTAA Moderate	11	-8.06%	6.57%	8.35%	12.71%	0.49	-32.09%	4 - high risk	0.74	$110,802.81
Meb Faber GAA	10	-4.71%	6.80%	7.56%	8.31%	0.59	-15.98%	2 - low risk	0.84	$88,903.62
All Seasons Portfolio	8	-4.20%	5.70%	7.77%	7.20%	0.72	-4.20%	1 - very low risk	0.58	$94,312.86
TrevH	4	-12.56%	10.19%	7.98%	17.54%	0.36	-40.84%	5 - very high risk	0.87	$100,109.95
Morningstar Lifetime Allocation Index Aggressive, 2060	18	-9.92%	9.90%	8.69%	16.98%	0.42	-39.58%	5 - very high risk	0.91	$121,837.52
Morningstar Lifetime Allocation Index Aggressive, 2050	18	-9.68%	10.07%	8.74%	16.84%	0.42	-39.34%	5 - very high risk	0.92	$123,631.03
Morningstar Lifetime Allocation Index Aggressive, 2040	18	-9.34%	10.17%	8.79%	16.54%	0.43	-38.68%	5 - very high risk	0.93	$125,053.25
Morningstar Lifetime Allocation Index Aggressive, 2030	18	-8.05%	9.58%	8.64%	14.61%	0.46	-33.69%	4 - high risk	0.94	$120,145.92
Morningstar Lifetime Allocation Index Aggressive, Income	18	-4.27%	6.95%	7.62%	8.60%	0.58	-17.81%	2 - low risk	0.91	$90,425.62
Morningstar Lifetime Allocation Index Moderate, 2060	18	-9.43%	9.70%	8.67%	16.24%	0.43	-37.69%	5 - very high risk	0.92	$121,094.82
Morningstar Lifetime Allocation Index Moderate, 2050	18	-9.16%	9.82%	8.70%	16.03%	0.43	-37.23%	5 - very high risk	0.93	$122,307.82
Morningstar Lifetime Allocation Index Moderate, 2040	18	-8.40%	9.59%	8.65%	14.99%	0.45	-34.58%	5 - very high risk	0.94	$120,477.91
Morningstar Lifetime Allocation Index Moderate, 2030	18	-6.38%	8.34%	8.24%	11.76%	0.5	-26.08%	3 - medium risk	0.94	$107,427.03
Morningstar Lifetime Allocation Index Moderate, Income	18	-3.29%	5.96%	7.16%	7.05%	0.64	-13.00%	2 - low risk	0.85	$79,623.70
Morningstar Lifetime Allocation Index Conservative, 2060	18	-8.48%	9.37%	8.60%	14.93%	0.45	-33.85%	4 - high risk	0.92	$118,850.00
Morningstar Lifetime Allocation Index Conservative, 2050	18	-8.01%	9.27%	8.57%	14.32%	0.46	-32.36%	4 - high risk	0.93	$117,838.75
Morningstar Lifetime Allocation Index Conservative, 2040	18	-6.43%	8.35%	8.25%	11.85%	0.5	-25.86%	3 - medium risk	0.94	$107,858.87
Morningstar Lifetime Allocation Index Conservative, 2030	18	-4.26%	6.78%	7.59%	8.44%	0.59	-16.47%	2 - low risk	0.91	$89,725.31
Morningstar Lifetime Allocation Index Conservative, Income	18	-2.21%	4.85%	6.60%	5.69%	0.7	-7.65%	1 - very low risk	0.68	$68,098.57
Burton Malkiel Portfolio, Mid-Twenties	8	-7.58%	9.76%	9.01%	15.47%	0.46	-34.95%	5 - very high risk	0.9	$133,157.53
Burton Malkiel Portfolio, Late Thirties to Early Forties	8	-7.14%	9.71%	9.06%	14.88%	0.48	-33.66%	4 - high risk	0.91	$134,960.30
Burton Malkiel Portfolio, Mid-Fifties	8	-6.36%	9.53%	9.06%	13.70%	0.51	-31.13%	4 - high risk	0.91	$135,001.91
Burton Malkiel Portfolio, Late Sixties and Beyond	8	-4.94%	8.98%	8.83%	11.71%	0.55	-26.55%	4 - high risk	0.91	$126,498.47
Dimensional 2030 Target Date Retirement Income Fund	8	-5.13%	7.39%	7.35%	10.37%	0.47	-23.00%	3 - medium risk	0.93	$83,928.30
Dimensional 2040 Target Date Retirement Income Fund	7	-6.89%	9.12%	7.69%	14.62%	0.39	-32.72%	4 - high risk	0.96	$92,411.83
Dimensional 2050 Target Date Retirement Income Fund	7	-8.03%	10.30%	8.33%	16.76%	0.4	-37.84%	5 - very high risk	0.96	$110,277.76
Dimensional 2060 Target Date Retirement Income Fund	7	-8.03%	10.30%	8.33%	16.76%	0.4	-37.84%	5 - very high risk	0.96	$110,277.76
Dimensional Retirement Income Fund	7	-1.84%	4.28%	5.50%	5.00%	0.52	-8.22%	1 - very low risk	0.7	$49,881.16
Paul Merriman 2-Fund-Value-Portfolio	2	-8.94%	12.16%	10.15%	16.81%	0.5	-36.32%	5 - very high risk	0.87	$181,628.39
Paul Merriman 4-Fund-Portfolio	4	-7.96%	12.71%	10.13%	16.90%	0.5	-35.35%	5 - very high risk	0.94	$180,685.17
Paul Merriman 5-Fund-Value-Portfolio	5	-13.30%	10.15%	9.42%	18.41%	0.43	-40.36%	5 - very high risk	0.82	$148,767.07
7-Twelve Portfolio Age Based 50-60 by Craig Israelsen	12	-4.39%	5.40%	6.73%	8.32%	0.49	-18.12%	2 - low risk	0.79	$70,557.65
7-Twelve Portfolio Age Based 60-70 by Craig Israelsen	12	-2.84%	4.18%	5.85%	6.37%	0.49	-13.07%	2 - low risk	0.78	$55,058.12
7-Twelve Portfolio Age Based 70 Plus by Craig Israelsen	12	-1.30%	2.92%	4.93%	4.53%	0.49	-8.02%	1 - very low risk	0.74	$42,365.62
Dan Solin SuperSmart Portfolio, Low Risk	8	-1.18%	3.30%	5.84%	4.47%	0.77	-2.57%	1 - very low risk	0.64	$54,852.25
Dan Solin SuperSmart Portfolio, Medium-Low Risk	8	-3.71%	5.44%	7.05%	7.07%	0.62	-11.82%	1 - very low risk	0.84	$77,140.41
Dan Solin SuperSmart Portfolio, Medium	8	-6.24%	7.50%	8.13%	10.29%	0.54	-21.06%	3 - medium risk	0.88	$104,316.36
Dan Solin SuperSmart Portfolio, Medium-High Risk	8	-8.77%	9.50%	9.08%	13.70%	0.5	-30.31%	4 - high risk	0.88	$135,465.72
Dan Solin SuperSmart Portfolio, High Risk	7	-11.30%	11.42%	9.87%	17.19%	0.48	-39.56%	5 - very high risk	0.88	$168,455.69
Dan Solin The Smartest ETF Portfolio, Low Risk	2	-0.86%	2.90%	5.24%	4.20%	0.66	-3.03%	1 - very low risk	0.73	$46,268.08
Dan Solin The Smartest ETF Portfolio, Medium-Low Risk	2	-3.08%	4.64%	5.84%	6.93%	0.45	-12.74%	2 - low risk	0.91	$54,819.79
Dan Solin The Smartest ETF Portfolio, Medium Risk	2	-5.30%	6.31%	6.29%	10.34%	0.36	-22.46%	3 - medium risk	0.91	$62,282.75
Dan Solin The Smartest ETF Portfolio, Medium-High Risk	2	-7.51%	7.92%	6.58%	13.94%	0.32	-32.17%	4 - high risk	0.91	$67,641.97
Dan Solin The Smartest ETF Portfolio, High Risk	1	-9.73%	9.47%	6.69%	17.61%	0.3	-41.88%	5 - very high risk	0.9	$69,869.99
Dan Solin The Smartest Index Portfolio, Low Risk	3	-1.70%	5.00%	6.62%	5.38%	0.76	-3.79%	1 - very low risk	0.73	$68,435.86
Dan Solin The Smartest Index Portfolio, Medium-Low Risk	3	-3.28%	6.63%	7.25%	7.68%	0.6	-12.63%	2 - low risk	0.93	$81,715.18
Dan Solin The Smartest Index Portfolio, Medium Risk	3	-4.86%	8.19%	7.76%	10.67%	0.5	-21.47%	3 - medium risk	0.97	$94,109.79
Dan Solin The Smartest Index Portfolio, Medium-High Risk	3	-6.44%	9.70%	8.13%	13.91%	0.43	-30.31%	4 - high risk	0.98	$104,308.51
Dan Solin The Smartest Index Portfolio, High Risk	2	-8.01%	11.15%	8.35%	17.26%	0.39	-39.16%	5 - very high risk	0.97	$110,873.71
TIAA-CREF Lifecycle 2030	6	-5.56%	8.97%	8.30%	12.35%	0.49	-25.56%	3 - medium risk	0.97	$109,386.11
TIAA-CREF Lifecycle 2040	4	-6.85%	10.21%	8.65%	15.05%	0.45	-32.62%	4 - high risk	0.97	$120,538.59
TIAA-CREF Lifecycle 2050	4	-7.37%	10.71%	8.77%	16.18%	0.43	-35.57%	5 - very high risk	0.97	$124,411.43
TIAA-CREF Lifecycle 2060	4	-7.57%	10.88%	8.81%	16.60%	0.43	-36.65%	5 - very high risk	0.97	$125,752.82
TIAA-CREF Lifecycle Index Retirement Income	6	-3.28%	6.50%	7.35%	7.81%	0.61	-13.33%	2 - low risk	0.92	$83,980.01
William Bernstein Taxable Ted 100% Stocks	4	-8.55%	11.43%	8.76%	16.30%	0.43	-37.92%	5 - very high risk	0.95	$124,146.79
William Bernstein Taxable Ted 90/10	5	-7.70%	10.67%	8.61%	14.72%	0.45	-33.62%	4 - high risk	0.95	$119,095.91
William Bernstein Taxable Ted 80/20	5	-6.86%	9.91%	8.42%	13.16%	0.47	-29.32%	4 - high risk	0.95	$113,156.60
William Bernstein Taxable Ted 70/30	5	-6.02%	9.13%	8.21%	11.62%	0.5	-25.03%	3 - medium risk	0.95	$106,534.84
William Bernstein Taxable Ted 60/40	5	-5.18%	8.34%	7.96%	10.12%	0.53	-20.73%	2 - low risk	0.95	$99,425.41
William Bernstein Taxable Ted 50/50	5	-4.34%	7.53%	7.68%	8.69%	0.57	-16.43%	2 - low risk	0.93	$92,008.47
William Bernstein Taxable Ted 40/60	5	-3.49%	6.72%	7.37%	7.35%	0.63	-12.13%	1 - very low risk	0.9	$84,447.13
William Bernstein Taxable Ted 30/70	5	-2.65%	5.89%	7.04%	6.18%	0.7	-7.84%	1 - very low risk	0.83	$76,885.81
William Bernstein Taxable Ted 20/80	5	-1.81%	5.04%	6.67%	5.28%	0.77	-3.54%	1 - very low risk	0.69	$69,449.30
William Bernstein Taxable Ted 10/90	5	-0.97%	4.19%	6.28%	4.80%	0.8	-2.17%	1 - very low risk	0.44	$62,242.48
William Bernstein Taxable Ted 100% Bonds	1	-0.13%	3.31%	5.87%	4.87%	0.72	-2.66%	1 - very low risk	0.12	$55,350.68
William Bernstein Sheltered Sam 100% Stocks	10	-8.83%	10.97%	9.34%	16.15%	0.47	-38.06%	5 - very high risk	0.92	$145,530.74
William Bernstein Sheltered Sam 90/10	12	-7.96%	10.27%	9.06%	14.71%	0.48	-34.65%	5 - very high risk	0.92	$134,750.55
William Bernstein Sheltered Sam 80/20	12	-7.08%	9.56%	8.75%	13.28%	0.49	-31.25%	4 - high risk	0.92	$123,801.51
William Bernstein Sheltered Sam 70/30	12	-6.21%	8.84%	8.41%	11.88%	0.51	-27.84%	4 - high risk	0.91	$112,887.14
William Bernstein Sheltered Sam 60/40	12	-5.33%	8.10%	8.06%	10.51%	0.53	-24.43%	3 - medium risk	0.9	$102,180.70
William Bernstein Sheltered Sam 50/50	12	-4.46%	7.36%	7.67%	9.19%	0.55	-21.02%	3 - medium risk	0.89	$91,825.66
William Bernstein Sheltered Sam 40/60	12	-3.58%	6.60%	7.26%	7.94%	0.58	-17.62%	2 - low risk	0.86	$81,936.79
William Bernstein Sheltered Sam 30/70	12	-2.70%	5.83%	6.83%	6.80%	0.6	-14.21%	2 - low risk	0.8	$72,601.99
William Bernstein Sheltered Sam 20/80	12	-1.83%	5.05%	6.38%	5.84%	0.63	-10.80%	1 - very low risk	0.69	$63,884.40
William Bernstein Sheltered Sam 10/90	12	-0.95%	4.26%	5.90%	5.16%	0.63	-7.39%	1 - very low risk	0.52	$55,824.90
William Bernstein Sheltered Sam 100% Bonds	2	-0.08%	3.46%	5.40%	4.88%	0.57	-3.99%	1 - very low risk	0.26	$48,444.77
William Bernstein Young Yvonne Portfolio	11	-5.35%	8.06%	8.29%	10.13%	0.57	-20.82%	2 - low risk	0.91	$109,029.07
William Bernstein Charlie Cringe Portfolio	4	-2.92%	6.55%	7.11%	8.26%	0.55	-15.61%	2 - low risk	0.97	$78,560.57
William Bernstein Wendy Wonk Portfolio	11	-7.60%	7.74%	7.94%	12.71%	0.45	-28.32%	4 - high risk	0.88	$99,067.16
William Bernstein Between Charlie and Wendy Portfolio	6	-4.32%	7.57%	7.70%	9.62%	0.53	-19.37%	2 - low risk	0.96	$92,643.31
Goldman Sachs Target Date 2055 Portfolio	10	-8.03%	10.09%	8.48%	15.36%	0.43	-35.20%	5 - very high risk	0.94	$114,954.25
Goldman Sachs Target Date 2045 Portfolio	12	-7.59%	9.88%	8.46%	14.58%	0.44	-33.25%	4 - high risk	0.94	$114,466.39
Goldman Sachs Target Date 2035 Portfolio	12	-5.90%	8.72%	8.07%	11.69%	0.49	-26.10%	3 - medium risk	0.94	$102,602.09
Goldman Sachs Target Date 2025 Portfolio	13	-4.25%	7.68%	7.62%	9.18%	0.54	-19.22%	2 - low risk	0.91	$90,512.98
Robo Advisor Betterment 90	11	-9.24%	9.81%	8.73%	16.15%	0.43	-35.97%	5 - very high risk	0.92	$123,249.30
Robo Advisor Betterment 70	10	-7.18%	8.54%	8.34%	12.90%	0.47	-27.45%	4 - high risk	0.92	$110,497.55
Robo Advisor Betterment 50	10	-5.13%	7.23%	7.81%	9.79%	0.53	-19.01%	2 - low risk	0.89	$95,337.73
Robo Advisor Betterment 30	12	-2.70%	5.22%	6.76%	6.51%	0.62	-9.88%	1 - very low risk	0.83	$71,114.48
Robo Advisor Betterment 20	12	-1.38%	4.02%	6.08%	5.00%	0.69	-5.10%	1 - very low risk	0.74	$58,695.62
Robo Advisor Betterment 10	12	-0.05%	2.79%	5.36%	3.97%	0.78	-0.82%	1 - very low risk	0.49	$47,911.68
Robo Advisor Betterment 0	2	1.26%	1.56%	4.62%	3.80%	0.67	-0.48%	1 - very low risk	0.05	$38,762.57
Rick Ferri Total Economy Core-4 Portfolio Low-Risk	4	-2.08%	4.86%	6.54%	5.16%	0.75	-3.84%	1 - very low risk	0.68	$66,817.92
Rick Ferri Total Economy Core-4 Portfolio Conservative	4	-4.03%	6.34%	7.09%	7.21%	0.6	-12.74%	2 - low risk	0.88	$78,153.53
Rick Ferri Total Economy Core-4 Portfolio Moderate	4	-5.98%	7.76%	7.54%	9.99%	0.49	-21.64%	3 - medium risk	0.92	$88,454.32
Rick Ferri Total Economy Core-4 Portfolio Agressive	4	-7.94%	9.12%	7.86%	13.04%	0.43	-30.53%	4 - high risk	0.92	$96,658.59
Rick Ferri Global Markets Core-4 Low-Risk	4	-1.10%	5.09%	6.58%	5.18%	0.76	-3.52%	1 - very low risk	0.76	$67,630.48
Rick Ferri Global Markets Core-4 Conservative	4	-2.84%	6.68%	7.20%	7.57%	0.6	-12.22%	1 - very low risk	0.95	$80,453.23
Rick Ferri Global Markets Core-4 Moderate	4	-4.58%	8.20%	7.69%	10.57%	0.49	-20.92%	3 - medium risk	0.98	$92,424.63
Rick Ferri Global Markets Core-4 Aggressive	4	-6.31%	9.67%	8.06%	13.79%	0.43	-29.62%	4 - high risk	0.98	$102,325.27
Rick Ferri Inflation Fighter Core-4 Portfolio Low-Risk	4	-3.17%	6.04%	6.78%	6.83%	0.58	-12.21%	1 - very low risk	0.65	$71,544.28
Rick Ferri Inflation Fighter Core-4 Portfolio Conservative	4	-4.72%	7.06%	7.05%	8.53%	0.51	-19.51%	2 - low risk	0.84	$77,177.34
Rick Ferri Inflation Fighter Core-4 Portfolio Moderate	4	-6.27%	8.02%	7.20%	10.99%	0.43	-26.80%	4 - high risk	0.9	$80,618.53
Rick Ferri Inflation Fighter Core-4 Portfolio Aggressive	4	-7.82%	8.93%	7.24%	13.81%	0.37	-34.10%	5 - very high risk	0.9	$81,381.81
Rick Ferri Income Seeker Core-4 Portfolio Low-Risk	4	-3.20%	7.45%	7.39%	7.70%	0.6	-13.38%	2 - low risk	0.72	$84,908.24
Rick Ferri Income Seeker Core-4 Portfolio Conservative	4	-4.56%	8.19%	7.74%	9.14%	0.56	-19.01%	2 - low risk	0.84	$93,487.81
Rick Ferri Income Seeker Core-4 Portfolio Moderate	4	-5.92%	8.90%	8.01%	11.00%	0.51	-24.65%	3 - medium risk	0.9	$100,971.27
Rick Ferri Income Seeker Core-4 Portfolio Aggressive	4	-7.28%	9.57%	8.22%	13.12%	0.46	-30.29%	4 - high risk	0.92	$106,905.31
Rick Ferri Socially Conscious ESG Core-4 Portfolio Low-Risk	4	-1.91%	5.93%	7.10%	6.02%	0.73	-5.13%	1 - very low risk	0.68	$78,239.90
Rick Ferri Socially Conscious ESG Core-4 Portfolio Conservative	4	-3.44%	7.31%	7.59%	7.98%	0.61	-13.43%	2 - low risk	0.91	$89,764.19
Rick Ferri Socially Conscious ESG Core-4 Portfolio Moderate	4	-4.98%	8.62%	7.96%	10.75%	0.51	-21.73%	3 - medium risk	0.97	$99,441.33
Rick Ferri Socially Conscious ESG Core-4 Portfolio Aggressive	4	-7.57%	8.84%	7.29%	13.56%	0.38	-32.48%	4 - high risk	0.91	$82,540.47
3 Fund Portfolio 80/20	3	-6.46%	9.65%	8.07%	13.78%	0.43	-29.65%	4 - high risk	0.98	$102,585.66
3 Fund Portfolio 60/40	3	-4.88%	8.15%	7.71%	10.57%	0.5	-20.97%	3 - medium risk	0.98	$92,841.07
3 Fund Portfolio 40/60	3	-3.30%	6.60%	7.22%	7.61%	0.6	-12.30%	2 - low risk	0.94	$80,927.86
3 Fund Portfolio 20/80	3	-1.71%	4.99%	6.60%	5.35%	0.76	-3.62%	1 - very low risk	0.73	$68,085.89
3 Fund Portfolio Equal Weight	3	-6.63%	7.81%	7.16%	11.67%	0.41	-24.56%	3 - medium risk	0.95	$79,501.32
Meb Faber IVY 20 portfolio	16	-9.53%	6.73%	8.05%	13.85%	0.44	-34.34%	5 - very high risk	0.76	$102,050.67
Paul Merriman Ultimate Buy & Hold Strategy 2010	12	-8.05%	8.10%	8.33%	11.39%	0.51	-23.69%	3 - medium risk	0.83	$110,415.22
FPL Capital Management Portfolio 10	9	-1.07%	4.19%	6.43%	4.87%	0.82	-2.08%	1 - very low risk	0.41	$64,789.37
FPL Capital Management Portfolio 20	9	-2.16%	5.04%	6.95%	5.42%	0.81	-3.78%	1 - very low risk	0.65	$75,167.30
FPL Capital Management Portfolio 30	9	-3.17%	5.88%	7.46%	6.41%	0.75	-8.19%	1 - very low risk	0.78	$86,462.60
FPL Capital Management Portfolio 40	9	-4.18%	6.70%	7.93%	7.67%	0.68	-12.60%	2 - low risk	0.84	$98,595.21
FPL Capital Management Portfolio 50	9	-5.20%	7.51%	8.37%	9.09%	0.63	-17.02%	2 - low risk	0.87	$111,450.48
FPL Capital Management Portfolio 60	9	-6.21%	8.30%	8.78%	10.60%	0.59	-21.43%	3 - medium risk	0.88	$124,868.36
FPL Capital Management Portfolio 70	9	-7.23%	9.07%	9.16%	12.17%	0.56	-25.85%	3 - medium risk	0.89	$138,638.78
FPL Capital Management Portfolio 80	9	-8.24%	9.82%	9.51%	13.78%	0.53	-30.26%	4 - high risk	0.89	$152,497.82
FPL Capital Management Portfolio 90	9	-9.26%	10.56%	9.82%	15.41%	0.51	-34.67%	5 - very high risk	0.88	$166,124.77
FPL Capital Management Portfolio 100	9	-10.27%	11.28%	10.10%	17.07%	0.49	-39.09%	5 - very high risk	0.88	$179,140.61
Fundamentum Enhanced Index Focus Moderate	5	-4.10%	8.82%	8.19%	10.92%	0.53	-21.63%	3 - medium risk	0.99	$106,053.17
Fundamentum Enhanced Index Focus Growth	6	-8.08%	8.78%	7.00%	14.63%	0.34	-34.52%	5 - very high risk	0.92	$76,028.26
Assetbuilder.com Portfolio 5	11	-1.53%	4.27%	6.50%	4.71%	0.78	-1.97%	1 - very low risk	0.56	$66,179.15
Assetbuilder.com Portfolio 6	12	-2.66%	5.27%	7.14%	6.05%	0.7	-6.82%	1 - very low risk	0.69	$79,176.23
Assetbuilder.com Portfolio 7	14	-3.92%	6.24%	7.66%	7.71%	0.63	-12.11%	1 - very low risk	0.76	$91,521.64
Assetbuilder.com Portfolio 8	14	-5.36%	7.15%	8.09%	9.73%	0.56	-17.83%	2 - low risk	0.78	$103,199.04
Assetbuilder.com Portfolio 9	14	-6.93%	8.02%	8.52%	11.81%	0.51	-23.05%	3 - medium risk	0.77	$116,331.42
Assetbuilder.com Portfolio 10	12	-8.13%	8.81%	8.81%	13.92%	0.47	-28.59%	4 - high risk	0.76	$126,033.03
Assetbuilder.com Portfolio 11	12	-9.66%	9.81%	9.50%	16.13%	0.47	-33.43%	4 - high risk	0.76	$152,226.40
Assetbuilder.com Portfolio 12	11	-11.13%	10.79%	10.17%	18.51%	0.47	-38.45%	5 - very high risk	0.75	$182,798.84
Alexander Green Gone Fishin' Portfolio	10	-7.97%	8.67%	8.23%	14.03%	0.43	-30.72%	4 - high risk	0.84	$107,304.68
Robo Advisor Wealthsimple Portfolio Conservative	7	-2.50%	5.68%	7.33%	6.38%	0.75	-6.18%	1 - very low risk	0.76	$83,471.98
Robo Advisor Wealthsimple Portfolio Balanced	9	-6.11%	8.39%	8.30%	11.58%	0.52	-24.58%	3 - medium risk	0.95	$109,381.53
Robo Advisor Wealthsimple Portfolio Growth	9	-8.68%	9.66%	8.68%	16.19%	0.43	-36.24%	5 - very high risk	0.96	$121,340.42
Robo Advisor WiseBanyan 90% stocks	9	-8.17%	10.10%	8.26%	15.96%	0.41	-35.86%	5 - very high risk	0.95	$108,040.45
Robo Advisor WiseBanyan 80% stocks	9	-7.34%	9.61%	8.20%	14.36%	0.43	-32.22%	4 - high risk	0.95	$106,400.63
Robo Advisor WiseBanyan 70% stocks	9	-6.47%	9.05%	8.09%	12.73%	0.46	-28.37%	4 - high risk	0.95	$103,035.68
Robo Advisor WiseBanyan 60% stocks	9	-5.62%	8.52%	7.95%	11.23%	0.49	-24.77%	3 - medium risk	0.94	$99,111.63
Robo Advisor WiseBanyan 50% stocks	9	-4.76%	7.93%	7.75%	9.75%	0.53	-20.92%	3 - medium risk	0.92	$93,863.28
Robo Advisor WiseBanyan 40% stocks	9	-3.93%	7.30%	7.53%	8.41%	0.57	-16.94%	2 - low risk	0.89	$88,247.02
Robo Advisor WiseBanyan 30% stocks	9	-3.09%	6.58%	7.25%	7.19%	0.62	-12.93%	2 - low risk	0.82	$81,568.12
Robo Advisor WiseBanyan 20% stocks	9	-2.06%	5.73%	6.84%	6.05%	0.67	-8.80%	1 - very low risk	0.69	$72,861.34
Robo Advisor WiseBanyan 13% stocks	9	-0.98%	4.55%	6.24%	5.01%	0.72	-4.70%	1 - very low risk	0.54	$61,449.77

Asset Allocation of the William Bernstein portfolios

William Bernstein Cowards Portfolio

10.00% US Large Cap Value (VTV)
15.00% US Large Cap (VV)
10.00% US Small Cap Value (VIOV)
5.00% US Small Cap (VIOO)
5.00% REITs (VNQ)
5.00% Emerging Markets (VWO)
5.00% Pacific Stocks (VPL)
5.00% European Stocks (VGK)
40.00% Short Term Treasuries (VGSH)

William Bernstein Four Pillars High-Risk Portfolio

10.00% US Large Cap Value (VTV)
10.00% US Large Cap (VV)
7.50% US Small Cap Value (VIOV)
5.00% US Small Cap (VIOO)
7.50% REITs (VNQ)
7.50% Emerging Markets (VWO)
7.50% Pacific Stocks (VPL)
10.00% European Stocks (VGK)
7.50% International Large Cap Value (EFV)
25.00% Short Term Treasuries (VGSH)
2.50% Precious Metals (GLTR)

Highlighted in the above pie chart

William Bernstein Four Pillars Low-Risk Portfolio

35.00% US Total Stock Market (VTI)
5.00% REITs (VNQ)
10.00% International All-World ex-US (VEU)
50.00% Short Term Treasuries (VGSH)

William Bernstein Four Pillars Medium Portfolio

25.00% US Total Stock Market (VTI)
10.00% US Large Cap Value (VTV)
10.00% US Small Cap Value (VIOV)
5.00% REITs (VNQ)
10.00% International All-World ex-US (VEU)
40.00% Short Term Treasuries (VGSH)

William Bernstein No Brainer Portfolio

25.00% US Large Cap (VV)
25.00% US Small Cap (VIOO)
25.00% International All-World ex-US (VEU)
25.00% Short Term Treasuries (VGSH)

The No-Brainer portfolio is part of the group of Lazy Portfolios.

William Bernstein Sheltered Sam Portfolio

15.00% US Large Cap Value (VTV)
12.00% US Large Cap (VV)
9.00% US Small Cap Value (VIOV)
3.00% US Small Cap (VIOO)
6.00% REITs (VNQ)
3.00% Emerging Markets (VWO)
3.00% Pacific Stocks (VPL)
3.00% European Stocks (VGK)
4.20% International Large Cap Value (EFV)
24.00% Short Term Treasuries (VGSH)
1.80% Precious Metals (GLTR)
16.00% TIPS (VTIP)

William Bernstein Sheltered Sam 100% Stocks

25.00% US Large Cap Value (VTV)
20.00% US Large Cap (VV)
15.00% US Small Cap Value (VIOV)
5.00% US Small Cap (VIOO)
10.00% REITs (Real Estate) (VNQ)
5.00% Emerging Markets (VWO)
5.00% Pacific Stocks (VPL)
5.00% European Stocks (VGK)
7.00% International Lg Cap Value (EFV)
3.00% Precious Metals (GLTR)

William Bernstein Sheltered Sam 90/10

22.50% US Large Cap Value (VTV)
18.00% US Large Cap (VV)
13.50% US Small Cap Value (VIOV)
4.50% US Small Cap (VIOO)
9.00% REITs (Real Estate) (VNQ)
4.50% Emerging Markets (VWO)
4.50% Pacific Stocks (VPL)
4.50% European Stocks (VGK)
6.30% International Lg Cap Value (EFV)
2.70% Precious Metals (GLTR)
6.00% Short-Term Investment Grade (VCSH)
4.00% TIPS (VTIP)

William Bernstein Sheltered Sam 80/20

20.00% US Large Cap Value (VTV)
16.00% US Large Cap (VV)
12.00% US Small Cap Value (VIOV)
4.00% US Small Cap (VIOO)
8.00% REITs (Real Estate) (VNQ)
4.00% Emerging Markets (VWO)
4.00% Pacific Stocks (VPL)
4.00% European Stocks (VGK)
5.60% International Lg Cap Value (EFV)
2.40% Precious Metals (GLTR)
12.00% Short-Term Investment Grade (VCSH)
8.00% TIPS (VTIP)

William Bernstein Sheltered Sam 70/30

17.50% US Large Cap Value (VTV)
14.00% US Large Cap (VV)
10.50% US Small Cap Value (VIOV)
3.50% US Small Cap (VIOO)
7.00% REITs (Real Estate) (VNQ)
3.50% Emerging Markets (VWO)
3.50% Pacific Stocks (VPL)
3.50% European Stocks (VGK)
4.90% International Lg Cap Value (EFV)
2.10% Precious Metals (GLTR)
18.00% Short-Term Investment Grade (VCSH)
12.00% TIPS (VTIP)

William Bernstein Sheltered Sam 60/40

15.00% US Large Cap Value (VTV)
12.00% US Large Cap (VV)
9.00% US Small Cap Value (VIOV)
3.00% US Small Cap (VIOO)
6.00% REITs (Real Estate) (VNQ)
3.00% Emerging Markets (VWO)
3.00% Pacific Stocks (VPL)
3.00% European Stocks (VGK)
4.20% International Lg Cap Value (EFV)
1.80% Precious Metals (GLTR)
24.00% Short-Term Investment Grade (VCSH)
16.00% TIPS (VTIP)

William Bernstein Sheltered Sam 50/50

12.50% US Large Cap Value (VTV)
10.00% US Large Cap (VV)
7.50% US Small Cap Value (VIOV)
2.50% US Small Cap (VIOO)
5.00% REITs (Real Estate) (VNQ)
2.50% Emerging Markets (VWO)
2.50% Pacific Stocks (VPL)
2.50% European Stocks (VGK)
3.50% International Lg Cap Value (EFV)
1.50% Precious Metals (GLTR)
30.00% Short-Term Investment Grade (VCSH)
20.00% TIPS (VTIP)

William Bernstein Sheltered Sam 40/60

10.00% US Large Cap Value (VTV)
8.00% US Large Cap (VV)
6.00% US Small Cap Value (VIOV)
2.00% US Small Cap (VIOO)
4.00% REITs (Real Estate) (VNQ)
2.00% Emerging Markets (VWO)
2.00% Pacific Stocks (VPL)
2.00% European Stocks (VGK)
2.80% International Lg Cap Value (EFV)
1.20% Precious Metals (GLTR)
36.00% Short-Term Investment Grade (VCSH)
24.00% TIPS (VTIP)

William Bernstein Sheltered Sam 30/70

7.50% US Large Cap Value (VTV)
6.00% US Large Cap (VV)
4.50% US Small Cap Value (VIOV)
1.50% US Small Cap (VIOO)
3.00% REITs (Real Estate) (VNQ)
1.50% Emerging Markets (VWO)
1.50% Pacific Stocks (VPL)
1.50% European Stocks (VGK)
2.10% International Lg Cap Value (EFV)
0.90% Precious Metals (GLTR)
42.00% Short-Term Investment Grade (VCSH)
28.00% TIPS (VTIP)

William Bernstein Sheltered Sam 20/80

5.00% US Large Cap Value (VTV)
4.00% US Large Cap (VV)
3.00% US Small Cap Value (VIOV)
1.00% US Small Cap (VIOO)
2.00% REITs (Real Estate) (VNQ)
1.00% Emerging Markets (VWO)
1.00% Pacific Stocks (VPL)
1.00% European Stocks (VGK)
1.40% International Lg Cap Value (EFV)
0.60% Precious Metals (GLTR)
48.00% Short-Term Investment Grade (VCSH)
32.00% TIPS (VTIP)

William Bernstein Sheltered Sam 10/90

2.50% US Large Cap Value (VTV)
2.00% US Large Cap (VV)
1.50% US Small Cap Value (VIOV)
0.50% US Small Cap (VIOO)
1.00% REITs (Real Estate) (VNQ)
0.50% Emerging Markets (VWO)
0.50% Pacific Stocks (VPL)
0.50% European Stocks (VGK)
0.70% International Lg Cap Value (EFV)
0.30% Precious Metals (GLTR)
54.00% Short-Term Investment Grade (VCSH)
36.00% TIPS (VTIP)

William Bernstein Sheltered Sam 100% Bonds

60.00% Short-Term Investment Grade (VCSH)
40.00% TIPS (VTIP)

William Bernstein Young Yvonne Portfolio

15.00% US Large Cap Value (VTV)
12.00% US Large Cap (VV)
9.00% US Small Cap Value (VIOV)
3.00% US Small Cap (VIOO)
6.00% REITs (Real Estate) (VNQ)
3.00% Emerging Markets (VWO)
3.00% Pacific Stocks (VPL)
3.00% European Stocks (VGK)
4.20% International Lg Cap Value (EFV)
40.00% Total US Bond Market (BND)
1.80% Precious Metals (GLTR)

William Bernstein Charlie Cringe Portfolio

35.00% US Total Stock Market (VTI)
5.00% REITs (Real Estate) (VNQ)
10.00% Int. Developed Blend (VEA)
50.00% Short Term Treasury (VGSH)

William Bernstein Wendy Wonk Portfolio

10.00% US Large Cap Value (VTV)
10.00% US Large Cap (VV)
7.50% US Small Cap Value (VIOV)
5.00% US Small Cap (VIOO)
7.50% REITs (Real Estate) (VNQ)
7.50% Emerging Markets (VWO)
7.50% Pacific Stocks (VPL)
10.00% European Stocks (VGK)
7.50% International Lg Cap Value (EFV)
25.00% Short Term Treasury (VGSH)
2.50% Precious Metals (GLTR)

William Bernstein Between Charlie and Wendy Portfolio

25.00% US Total Stock Market (VTI)
10.00% US Large Cap Value (VTV)
10.00% US Small Cap Value (VIOV)
5.00% REITs (Real Estate) (VNQ)
10.00% Int. Developed Blend (VEA)
40.00% Short Term Treasury (VGSH)

Find the best ETFs and mutual funds in our updated article What Is The Best ETF And Mutual Fund?

Resources for William Bernstein

His website The Efficient Frontier details he many books and a few other resources

His many books on Amazon. He has written on other topics other than investing. His book A Splendid Exchange is a fantastic inquiry on how trade enabled the modern world.

He has appeared on many financial and investing podcasts, use this search to find them all.

He is one of only three good guys in investing.

Conclusion

Which portfolio do you use?

After having read up on the William Bernstein portfolios I encourage you to find other great portfolios right here on portfolioeinstein.com.

If you have suggestions to new portfolios be sure to add them in comments or reach out to me.

I would love hearing from you!

Daniel Solin Portfolios: Smart Investing, Simple

January 16, 2019 Leave a Comment

This article displays Daniel Solin portfolio. He is the author of the Smart Series. Here you will find asset allocation as well as performance for the many portfolios Daniel Solin has constructed.

Daniel Solin Portfolios: Smart Investing, Simple

Who is Daniel Solin?

Daniel Solin is a veteran in the investment industry and is considered one of the good guys in investing. Read Who Are The 3 Good Guys In Investing? He has served at Index Fund Advisors and Buckingham Strategic Wealth (in company with Larry Swedroe, Tim Maurer).

He is the author of the Smart Series which helps you invest, manage your finances and plan your retirement. Small books that will make a massive impact on your life.

They are excellent. We are big fans of Dan Solin. They include:

What is special about Daniel Solin’s portfolios?

Daniel Solin portfolios are great because they cover the entire spectrum of investment goals. They are also simple and use only a few asset classes to achieve great results. For instance, Daniel Solin’s SuperSmart portfolio high-risk has beaten the market since 1989.

Daniel Solin has managed to make portfolios that cater to everyone. He has a simple portfolio with only two funds (Total world stock fund and bond fund). But he has a portfolio that is more complicated but which does much better.

His influence from Index Fund Advisors and Buckingham Strategic Wealth Advisors can be seen in that Daniel Solin favors value and small caps as his preferred tilts. Value and small-cap stocks asset classes have historically outperformed the broader market. Larry Swedroe from Buckingham has a similar smart portfolio as Daniel Solin. IFA’s portfolios also tilt their portfolios towards small cap and value. You can read our article on IFA portfolios Index Fund Advisors: Market Beating Portfolios.

His books are special because they give concrete advice and no-frills warnings about the stock market. They are without a doubt some of our favorite investing books and are on our short-list of all-time-best investment books.

Performance of Daniel Solin’s portfolios

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
Dan Solin SuperSmart Portfolio, Low Risk	8	-1.18%	3.30%	5.84%	1 - very low risk	0.64	$54,852.25
Dan Solin SuperSmart Portfolio, Medium-Low Risk	8	-3.71%	5.44%	7.05%	1 - very low risk	0.84	$77,140.41
Dan Solin SuperSmart Portfolio, Medium	8	-6.24%	7.50%	8.13%	3 - medium risk	0.88	$104,316.36
Dan Solin SuperSmart Portfolio, Medium-High Risk	8	-8.77%	9.50%	9.08%	4 - high risk	0.88	$135,465.72
Dan Solin SuperSmart Portfolio, High Risk	7	-11.30%	11.42%	9.87%	5 - very high risk	0.88	$168,455.69
Dan Solin The Smartest ETF Portfolio, Low Risk	2	-0.86%	2.90%	5.24%	1 - very low risk	0.73	$46,268.08
Dan Solin The Smartest ETF Portfolio, Medium-Low Risk	2	-3.08%	4.64%	5.84%	2 - low risk	0.91	$54,819.79
Dan Solin The Smartest ETF Portfolio, Medium Risk	2	-5.30%	6.31%	6.29%	3 - medium risk	0.91	$62,282.75
Dan Solin The Smartest ETF Portfolio, Medium-High Risk	2	-7.51%	7.92%	6.58%	4 - high risk	0.91	$67,641.97
Dan Solin The Smartest ETF Portfolio, High Risk	1	-9.73%	9.47%	6.69%	5 - very high risk	0.9	$69,869.99
Dan Solin The Smartest Index Portfolio, Low Risk	3	-1.70%	5.00%	6.62%	1 - very low risk	0.73	$68,435.86
Dan Solin The Smartest Index Portfolio, Medium-Low Risk	3	-3.28%	6.63%	7.25%	2 - low risk	0.93	$81,715.18
Dan Solin The Smartest Index Portfolio, Medium Risk	3	-4.86%	8.19%	7.76%	3 - medium risk	0.97	$94,109.79
Dan Solin The Smartest Index Portfolio, Medium-High Risk	3	-6.44%	9.70%	8.13%	4 - high risk	0.98	$104,308.51
Dan Solin The Smartest Index Portfolio, High Risk	2	-8.01%	11.15%	8.35%	5 - very high risk	0.97	$110,873.71

Asset Allocation of Daniel Solin’s portfolios

Dan Solin, SuperSmart Portfolio, Low Risk

4.00% US Large Cap (VV)
4.00% US Mid Cap Value (JKI)
4.00% US Small Cap Value (VIOV)
2.00% REIT (VNQ)
2.00% Emerging Markets (VWO)
2.00% International Lg Cap Value (EFV)
2.00% Intl Sm Cap Blend (VSS)
80.00% Short Term Treasury (VGSH)

Dan Solin, SuperSmart Portfolio, Medium

12.00% US Large Cap (VV)
12.00% US Mid Cap Value (JKI)
12.00% US Small Cap Value (VIOV)
6.00% REIT (VNQ)
6.00% Emerging Markets (VWO)
6.00% International Lg Cap Value (EFV)
6.00% Intl Sm Cap Blend (VSS)
40.00% Short Term Treasury (VGSH)

Dan Solin, SuperSmart Portfolio, Medium-High Risk

16.00% US Large Cap (VV)
16.00% US Mid Cap Value (JKI)
16.00% US Small Cap Value (VIOV)
8.00% REIT (VNQ)
8.00% Emerging Markets (VWO)
8.00% International Lg Cap Value (EFV)
8.00% Intl Sm Cap Blend (VSS)
20.00% Short Term Treasury (VGSH)

Dan Solin, SuperSmart Portfolio, High Risk

20.00% US Large Cap (VV)
20.00% US Mid Cap Value (JKI)
20.00% US Small Cap Value (VIOV)
10.00% REIT (VNQ)
10.00% Emerging Markets (VWO)
10.00% International Lg Cap Value (EFV)
10.00% Intl Sm Cap Blend (VSS)

Dan Solin, The Smartest ETF Portfolio, Low Risk

80.00% Short Term Treasury (VGSH)
20.00% All World Stock

Dan Solin, The Smartest ETF Portfolio, Medium-Low Risk

60.00% Short Term Treasury (VGSH)
40.00% All World Stock (VT)

Dan Solin, The Smartest ETF Portfolio, Medium Risk

40.00% Short Term Treasury (VGSH)
60.00% All World Stock (VT)

Dan Solin, The Smartest ETF Portfolio, Medium-High Risk

20.00% Short Term Treasury (VGSH)
80.00% All World Stock (VT)

Dan Solin, The Smartest ETF Portfolio, High Risk

100.00% All World Stock (VT)

Dan Solin, The Smartest Index Portfolio, Low Risk

14.00% US Total Stock Market (VTI)
6.00% Int. Large Cap Blend (all-world ex-us) (VEU)
80.00% Total US Bond Market (BND)

Dan Solin, The Smartest Index Portfolio, Medium-Low Risk

28.00% US Total Stock Market (VTI)
12.00% Int. Large Cap Blend (all-world ex-us) (VEU)
60.00% Total US Bond Market (BND)

Dan Solin, The Smartest Index Portfolio, Medium Risk

42.00% US Total Stock Market (VTI)
18.00% Int. Large Cap Blend (all-world ex-us) (VEU)
40.00% Total US Bond Market (BND)

Dan Solin, The Smartest Index Portfolio, Medium-High Risk

56.00% US Total Stock Market (VTI)
24.00% Int. Large Cap Blend (all-world ex-us) (VEU)
20.00% Total US Bond Market (BND)

Dan Solin, The Smartest Index Portfolio, High Risk

70.00% US Total Stock Market (VTI)
30.00% Int. Large Cap Blend (all-world ex-us) (VEU)

Find the best ETFs and mutual funds in our updated article What Is The Best ETF And Mutual Fund?

Dan Solin resources

Youtube

Dan Solin has a youtube channel. Here he presents short investing wisdom tips. You should check them out.

Dan Solin’s bestselling books

Dan Solin’s website

Conclusion

Which portfolio do you use?

After having read up on Daniel Solin’s portfolios I encourage you to find other great portfolios right here on portfolioeinstein.com.

If you have suggestions to new portfolios be sure to add them in comments or reach out to me.

I would love hearing from you!

Burton Malkiel Portfolio: No Random Returns Here

January 14, 2019 Leave a Comment

This page details the portfolios of Burton Malkiel. Burton Malkiel is the CIO of Wealthfront. Here you will find asset allocation and performance for all of Burton Malkiel’s portfolios described in A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing.

Burton Malkiel Portfolio: No Random Returns Here

Who is Burton Malkiel?

Burton Malkiel is a giant in the investing industry. He has served for 28 years at the Vanguard. He has been on the board of Council of Economic Advisers. He also served as dean of the Yale School of Management. He is currently the CIO at robo advisor firm Wealthfront. His wildly popular book, A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, cemented the theory of the Efficient Market Hypothesis. In the book, he proposes several portfolios for different stages in life.

What is special about Burton Malkiel’s portfolios?

The Burton Malkiel portfolios are a thing of beauty. Burton Malkiel has constructed some of the most beautiful portfolios around. They are built on the formula seen so many times before:

Start with a total US stock market fund
Add international exposure
Tilt your portfolio towards specific asset classes if desired.

There is one peculiar thing about Burton Malkiel’s portfolios. The peculiar thing is that he lumps dividend stocks in the same category as bonds. In his book, he lumps them together with bonds. Dividend stocks are way more volatile than bonds and are more closely correlated with stocks than bonds.

a-random-walk-down-wall-street-the-time-tested-strategy-for-successful-investing-eleventh-edition

Get the book on Amazon

Performance of Burton Malkiel’s portfolios

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
Burton Malkiel Portfolio, Mid-Twenties	8	-7.58%	9.76%	9.01%	5 - very high risk	0.9	$133,157.53
Burton Malkiel Portfolio, Late Thirties to Early Forties	8	-7.14%	9.71%	9.06%	4 - high risk	0.91	$134,960.30
Burton Malkiel Portfolio, Mid-Fifties	8	-6.36%	9.53%	9.06%	4 - high risk	0.91	$135,001.91
Burton Malkiel Portfolio, Late Sixties and Beyond	8	-4.94%	8.98%	8.83%	4 - high risk	0.91	$126,498.47

Asset Allocation of Burton Malkiel’s portfolios

Burton Malkiel Portfolio, Late Sixties and Beyond

20.00% US Total Stock Market (VTI)
15.00% REITs (VNQ)
10.00% International Developed Blend (VEA)
10.00% Emerging Markets (VWO)
10.00% Cash (money market fund) (BIL)
9.50% Corporate Bonds (LQD)
16.00% Dividend Growth (VIG)
9.50% Emerging Market Bonds (EMB / VWOB)

Burton Malkiel Portfolio, Late Thirties to Early Forties

32.50% US Total Stock Market (VTI)
10.00% REITs (VNQ)
16.25% International Developed Blend (VEA)
16.25% Emerging Markets (VWO)
5.00% Cash (money market fund) (BIL)
5.00% Corporate Bonds (LQD)
10.00% Dividend Growth (VIG)
5.00% Emerging Market Bonds (EMB / VWOB)

Burton Malkiel Portfolio, Mid-Fifties

27.00% US Total Stock Market (VTI)
12.50% REITs (VNQ)
14.00% International Developed Blend (VEA)
14.00% Emerging Markets (VWO)
5.00% Cash (money market fund) (BIL)
7.50% Corporate Bonds (LQD)
12.50% Dividend Growth (VIG)
7.50% Emerging Market Bonds (EMB / VWOB)

Burton Malkiel Portfolio, Mid-Twenties

35.00% US Total Stock Market (VTI)
10.00% REITs (VNQ)
17.50% International Developed Blend (VEA)
17.50% Emerging Markets (VWO)
5.00% Cash (money market fund) (BIL)
4.00% Corporate Bonds (LQD)
7.00% Dividend Growth (VIG)
4.00% Emerging Market Bonds (EMB / VWOB)

Alternatives to Burton Malkiel’s portfolios

Burton Malkiel has a great portfolio. He has taken a proven basic formula and extended it a little bit. Other portfolios do the same, but if you want the basic formula the 3-fund portfolio is the hallmark of this formula. You should also look at Rick Ferri’s 4-fund portfolios.

Conclusion

Which portfolio do you use?

After having read up on the Burton Malkiel’s portfolios I encourage you to find other great portfolios right here on portfolioeinstein.com.

If you have suggestions to new portfolios be sure to add them in comments or reach out to me.

I would love to hear from you!

David Booth Portfolios: Home Runs For Days

January 13, 2019 Leave a Comment

This is the article detailing the investment portfolios of David Booth. You will asset allocation and performance measurements here.

Co-founder and former CEO of Dimensional Fund Advisors (DFA) David Booth propose several portfolios in his article “Index and Enhanced Index Funds”.

David Booth Portfolios: Home Runs For Days

What is special about the David Booth Portfolios?

The Dimensional Fund Advisor methodology is weighted towards value and small-cap. This is no surprise as two of the investment committee members of DFA are Eugene Fama and Kenneth French. They pioneered the model for describing asset class premia. Value and small-cap are among those asset classes that have the highest returns. The impact on investing by Fama cannot be understated and is eloquently detailed in The Myth of the Rational Market by Justin Fox.

Performance of the David Booth Portfolios

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
David Booth (DFA) Fixed Income Portfolio	4	1.56%	1.80%	4.38%	1 - very low risk	-0.07	$36,177.71
David Booth (DFA) Conservative Portfolio	15	-0.73%	3.87%	5.71%	1 - very low risk	0.73	$52,906.86
David Booth (DFA) Moderate Portfolio	15	-3.02%	5.87%	6.92%	1 - very low risk	0.88	$74,434.21
David Booth (DFA) Normal Portfolio	15	-5.31%	7.80%	8.00%	3 - medium risk	0.9	$100,732.35
David Booth (DFA) Aggressive Portfolio	15	-7.59%	9.66%	8.95%	4 - high risk	0.9	$130,969.26
David Booth (DFA) Equity Portfolio	11	-9.88%	11.46%	9.75%	5 - very high risk	0.9	$163,155.23

Asset Allocation of David Booth Portfolios

Pie chart of the David Booth Aggressive Portfolio

David Booth (DFA) Equity Portfolio

20.00% US Large Cap Value (VTV)
20.00% US Large Cap (VV)
10.00% US Small Cap Value (VIOV)
10.00% US Small Cap (VIOO)
10.00% REITs (VNQ)
3.00% Emerging Markets (VWO)
10.00% International Large Cap Value (EFV)
5.00% International Small Cap Blend (VSS)
5.00% International Small Cap Value (DLS)
4.00% Emerging Markets Small Cap (EWX)
3.00% Emerging Markets Value (FNDE)

David Booth (DFA) Aggressive Portfolio

16.00% US Large Cap Value (VTV)
16.00% US Large Cap (VV)
8.00% US Small Cap Value (VIOV)
8.00% US Small Cap (VIOO)
8.00% REITs (VNQ)
2.40% Emerging Markets (VWO)
8.00% International Large Cap Value (EFV)
4.00% International Small Cap Blend (VSS)
5.00% Intermediate-Term Treasuries (VGIT)
4.00% International Small Cap Value (DLS)
3.20% Emerging Markets Small Cap (EWX)
2.40% Emerging Markets Value (FNDE)
5.00% 1 Year Fixed Income (BSV)
5.00% 2 Year Global Fixed Income (BNDX)
5.00% 5 Year Global Fixed Income (BND/BNDX)

David Booth (DFA) Normal Portfolio

12.00% US Large Cap Value (VTV)
12.00% US Large Cap (VV)
6.00% US Small Cap Value (VIOV)
6.00% US Small Cap (VIOO)
6.00% REITs (VNQ)
1.80% Emerging Markets (VWO)
6.00% International Large Cap Value (EFV)
3.00% International Small Cap Blend (VSS)
10.00% Intermediate-Term Treasuries (VGIT)
3.00% International Small Cap Value (DLS)
2.40% Emerging Markets Small Cap (EWX)
1.80% Emerging Markets Value (FNDE)
10.00% 1 Year Fixed Income (BSV)
10.00% 2 Year Global Fixed Income (BNDX)
10.00% 5 Year Global Fixed Income (BND/BNDX)

David Booth (DFA) Moderate Portfolio

8.00% US Large Cap Value (VTV)
8.00% US Large Cap (VV)
4.00% US Small Cap Value (VIOV)
4.00% US Small Cap (VIOO)
4.00% REITs (VNQ)
1.20% Emerging Markets (VWO)
4.00% International Large Cap Value (EFV)
2.00% International Small Cap Blend (VSS)
15.00% Intermediate-Term Treasuries (VGIT)
2.00% International Small Cap Value (DLS)
1.60% Emerging Markets Small Cap (EWX)
1.20% Emerging Markets Value (FNDE)
15.00% 1 Year Fixed Income (BSV)
15.00% 2 Year Global Fixed Income (BNDX)
15.00% 5 Year Global Fixed Income (BND/BNDX)

David Booth (DFA) Conservative Portfolio

4.00% US Large Cap Value (VTV)
4.00% US Large Cap (VV)
2.00% US Small Cap Value (VIOV)
2.00% US Small Cap (VIOO)
2.00% REITs (VNQ)
0.60% Emerging Markets (VWO)
2.00% International Large Cap Value (EFV)
1.00% International Small Cap Blend (VSS)
20.00% Intermediate-Term Treasuries (VGIT)
1.00% International Small Cap Value (DLS)
0.80% Emerging Markets Small Cap (EWX)
0.60% Emerging Markets Value (FNDE)
20.00% 1 Year Fixed Income (BSV)
20.00% 2 Year Global Fixed Income (BNDX)
20.00% 5 Year Global Fixed Income (BND/BNDX)

David Booth (DFA) Fixed Income Portfolio

25.00% Intermediate-Term Treasuries (VGIT)
25.00% 1 Year Fixed Income (BSV)
25.00% 2 Year Global Fixed Income (BNDX)
25.00% 5 Year Global Fixed Income (BND/BNDX)

Alternatives to David Booth portfolios

There are 3 similar groups of portfolios to David Booth portfolios. The first is the Index Fund Advisors (IFA) Portfolios. IFA make extensive use of DFA services so it should come as no surprise to see similarities. The second group is Dan Solin’s portfolios. Dan Solin used to work at IFA. The third group of portfolios is the FPL Capital Management Portfolios.

Conclusion

Which portfolio do you use? Do you think a David Booth portfolio is right for you?

After having read up on David Booth portfolios I encourage you to find other great portfolios right here on portfolioeinstein.com.

If you have suggestions to new portfolios be sure to add them in comments or reach out to me. I answer each and every mail and comment.

I would love to hear from you!

Index Fund Advisors: Market Beating Portfolios

January 12, 2019 Leave a Comment

This is the article detailing the investment portfolios of Index Fund Advisors.

Index Fund Advisors is headed up by Mark T. Hebner. It is an investment advisory firm using exclusively Dimensional Funds (DFA) and employing passive index strategies to achieve some very respectable returns.

Index Fund Advisors: Market Beating Portfolios

Who is Index Fund Advisors (IFA)?

IFA provides a wealth of fantastic information on investing on their site. Mark Hebner’s book Index Funds: The 12-Step Recovery Program for Active Investors is a great way to get up to speed on why indexing and passive investing is a superior way to invest. Just recently IFA had a Galton Board made to describe how random distribution occurs. It is a fun little gadget that shows that returns from asset classes are mostly random.

Index Funds: The 12-Step Program for Active Investors

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What is special about the Index Fund Advisors (IFA) Portfolios?

IFA’s portfolios are characterized by their tilt towards value and small cap. The portfolios also diversify into many asset classes. This really helps as their returns are very good. The free lunch of diversifying is working great.

Performance of the Index Fund Advisors (IFA) Portfolios

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
Index Fund Advisors, Portfolio 100	12	-11.16%	11.68%	10.08%	5 - very high risk	0.87	$178,425.61
Index Fund Advisors, Portfolio 80	16	-8.62%	9.81%	9.27%	4 - high risk	0.87	$143,039.05
Index Fund Advisors, Portfolio 60	16	-6.09%	7.85%	8.31%	3 - medium risk	0.87	$109,713.66
Index Fund Advisors, Portfolio 50	16	-4.82%	6.85%	7.78%	2 - low risk	0.87	$94,581.82
Index Fund Advisors, Portfolio 90	16	-9.92%	10.67%	9.60%	5 - very high risk	0.87	$156,382.38
Index Fund Advisors, Portfolio 70	16	-7.35%	8.76%	8.58%	3 - medium risk	0.87	$118,307.61
Index Fund Advisors, Portfolio 40	16	-3.50%	5.76%	6.81%	2 - low risk	0.87	$72,087.68
Index Fund Advisors, Portfolio 30	16	-2.21%	4.71%	6.15%	1 - very low risk	0.84	$59,900.62
Index Fund Advisors, Portfolio 20	16	-0.93%	3.65%	5.46%	1 - very low risk	0.77	$49,276.08
Index Fund Advisors, Portfolio 10	16	0.36%	2.57%	4.74%	1 - very low risk	0.53	$40,126.43

Asset Allocation of Index Fund Advisors (IFA) Portfolios

Index Fund Advisors, Portfolio 10

1.20% US Large Cap Value (VTV)
1.20% US Large Cap (VV)
2.00% US Small Cap Value (VIOV)
2.00% US Small Cap (VIOO)
0.25% REITs (VNQ)
0.40% Emerging Markets (VWO)
0.60% International Large Cap Value (EFV)
0.60% International Small Cap Blend (VSS)
23.00% Short Term Treasuries (VGSH)
0.60% International Small Cap Value (DLS)
0.50% Emerging Markets Small Cap (EWX)
0.40% Emerging Markets Value (FNDE)
22.50% 1 Year Fixed Income (BSV)
22.50% 2 Year Global Fixed Income (BNDX)
22.50% 5 Year Global Fixed Income (BND/BNDX)
0.25% International REITs (VNQI)

Index Fund Advisors, Portfolio 20

2.40% US Large Cap Value (VTV)
2.40% US Large Cap (VV)
4.00% US Small Cap Value (VIOV)
4.00% US Small Cap (VIOO)
0.50% REITs (VNQ)
0.80% Emerging Markets (VWO)
1.20% International Large Cap Value (EFV)
1.20% International Small Cap Blend (VSS)
20.00% Short Term Treasuries (VGSH)
1.20% International Small Cap Value (DLS)
1.00% Emerging Markets Small Cap (EWX)
0.80% Emerging Markets Value (FNDE)
20.00% 1 Year Fixed Income (BSV)
20.00% 2 Year Global Fixed Income (BNDX)
20.00% 5 Year Global Fixed Income (BND/BNDX)
0.50% International REITs (VNQI)

Index Fund Advisors, Portfolio 30

3.60% US Large Cap Value (VTV)
3.60% US Large Cap (VV)
6.00% US Small Cap Value (VIOV)
6.00% US Small Cap (VIOO)
0.75% REITs (VNQ)
1.20% Emerging Markets (VWO)
1.80% International Large Cap Value (EFV)
1.80% International Small Cap Blend (VSS)
17.50% Short Term Treasuries (VGSH)
1.80% International Small Cap Value (DLS)
1.50% Emerging Markets Small Cap (EWX)
1.20% Emerging Markets Value (FNDE)
17.50% 1 Year Fixed Income (BSV)
17.50% 2 Year Global Fixed Income (BNDX)
17.50% 5 Year Global Fixed Income (BND/BNDX)
0.75% International REITs (VNQI)

Index Fund Advisors, Portfolio 40

4.80% US Large Cap Value (VTV)
4.80% US Large Cap (VV)
8.00% US Small Cap Value (VIOV)
8.00% US Small Cap (VIOO)
1.00% REITs (VNQ)
1.60% Emerging Markets (VWO)
2.40% International Large Cap Value (EFV)
2.40% International Small Cap Blend (VSS)
15.00% Short Term Treasuries (VGSH)
2.40% International Small Cap Value (DLS)
2.00% Emerging Markets Small Cap (EWX)
1.60% Emerging Markets Value (FNDE)
15.00% 1 Year Fixed Income (BSV)
15.00% 2 Year Global Fixed Income (BNDX)
15.00% 5 Year Global Fixed Income (BND/BNDX)
1.00% International REITs (VNQI)

Index Fund Advisors, Portfolio 50

6.00% US Large Cap Value (VTV)
6.00% US Large Cap (VV)
10.00% US Small Cap Value (VIOV)
10.00% US Small Cap (VIOO)
1.25% REITs (VNQ)
2.00% Emerging Markets (VWO)
3.00% International Large Cap Value (EFV)
3.00% International Small Cap Blend (VSS)
12.50% Short Term Treasuries (VGSH)
3.00% International Small Cap Value (DLS)
2.50% Emerging Markets Small Cap (EWX)
2.00% Emerging Markets Value (FNDE)
12.50% 1 Year Fixed Income (BSV)
12.50% 2 Year Global Fixed Income (BNDX)
12.50% 5 Year Global Fixed Income (BND/BNDX)
1.25% International REITs (VNQI)

Index Fund Advisors, Portfolio 60

7.20% US Large Cap Value (VTV)
7.20% US Large Cap (VV)
12.00% US Small Cap Value (VIOV)
12.00% US Small Cap (VIOO)
1.50% REITs (VNQ)
2.40% Emerging Markets (VWO)
3.60% International Large Cap Value (EFV)
3.60% International Small Cap Blend (VSS)
10.00% Short Term Treasuries (VGSH)
3.60% International Small Cap Value (DLS)
3.00% Emerging Markets Small Cap (EWX)
2.40% Emerging Markets Value (FNDE)
10.00% 1 Year Fixed Income (BSV)
10.00% 2 Year Global Fixed Income (BNDX)
10.00% 5 Year Global Fixed Income (BND/BNDX)
1.50% International REITs (VNQI)

Index Fund Advisors, Portfolio 70

8.40% US Large Cap Value (VTV)
8.40% US Large Cap (VV)
14.00% US Small Cap Value (VIOV)
14.00% US Small Cap (VIOO)
1.75% REITs (VNQ)
2.80% Emerging Markets (VWO)
4.20% International Large Cap Value (EFV)
4.20% International Small Cap Blend (VSS)
7.50% Short Term Treasuries (VGSH)
4.20% International Small Cap Value (DLS)
3.50% Emerging Markets Small Cap (EWX)
2.80% Emerging Markets Value (FNDE)
7.50% 1 Year Fixed Income (BSV)
7.50% 2 Year Global Fixed Income (BNDX)
7.50% 5 Year Global Fixed Income (BND/BNDX)
1.75% International REITs (VNQI)

Index Fund Advisors, Portfolio 80

9.60% US Large Cap Value (VTV)
9.60% US Large Cap (VV)
16.00% US Small Cap Value (VIOV)
16.00% US Small Cap (VIOO)
2.00% REITs (VNQ)
3.20% Emerging Markets (VWO)
4.80% International Large Cap Value (EFV)
4.80% International Small Cap Blend (VSS)
5.00% Short Term Treasuries (VGSH)
4.80% International Small Cap Value (DLS)
4.00% Emerging Markets Small Cap (EWX)
3.20% Emerging Markets Value (FNDE)
5.00% 1 Year Fixed Income (BSV)
5.00% 2 Year Global Fixed Income (BNDX)
5.00% 5 Year Global Fixed Income (BND/BNDX)
2.00% International REITs (VNQI)

Index Fund Advisors, Portfolio 90

10.80% US Large Cap Value (VTV)
10.80% US Large Cap (VV)
18.00% US Small Cap Value (VIOV)
18.00% US Small Cap (VIOO)
2.25% REITs (VNQ)
3.60% Emerging Markets (VWO)
5.40% International Large Cap Value (EFV)
5.40% International Small Cap Blend (VSS)
2.50% Short Term Treasuries (VGSH)
5.40% International Small Cap Value (DLS)
4.50% Emerging Markets Small Cap (EWX)
3.60% Emerging Markets Value (FNDE)
2.50% 1 Year Fixed Income (BSV)
2.50% 2 Year Global Fixed Income (BNDX)
2.50% 5 Year Global Fixed Income (BND/BNDX)
2.25% International REITs (VNQI)

Index Fund Advisors, Portfolio 100

12.00% US Large Cap Value (VTV)
12.00% US Large Cap (VV)
20.00% US Small Cap Value (VIOV)
20.00% US Small Cap (VIOO)
3.00% REITs (VNQ)
4.00% Emerging Markets (VWO)
6.00% International Large Cap Value (EFV)
6.00% International Small Cap Blend (VSS)
6.00% International Small Cap Value (DLS)
5.00% Emerging Markets Small Cap (EWX)
4.00% Emerging Markets Value (FNDE)
2.00% International REITs (VNQI)

Alternatives to Index Fund Advisors (IFA) Portfolios

The 3 most similar groups of portfolios to the Index Fund Advisors (IFA) Portfolios. The first group of portfolios is the David Booth’s portfolios. David Booth is the CEO of Dimensional Funds, so no surprise why the portfolios are similar. The second group is Dan Solin’s portfolios. Dan Solin used to work at IFA. The third group of portfolios are the FPL Capital Management Portfolios.

Conclusion

Which portfolio do you use? Do you think an IFA portfolio is right for you?

After having read up on Index Fund Advisors Portfolios I encourage you to find other great portfolios right here on portfolioeinstein.com.

If you have suggestions to new portfolios be sure to add them in comments or reach out to me. I answer each and every mail and comment.

I would love to hear from you!

Allan Roth Second Grader Portfolio: Beating The Hell Outa Wall Street?

January 11, 2019 Leave a Comment

This is the article detailing the investment portfolios of Allan Roth and his Second Grader Portfolios. Here you will find asset allocation and performance for the portfolios.

Allan Roth is the founder of Wealthlogic and author of How a Second Grader Beats Wall Street: Golden Rules Any Investor Can Learn. This page details the portfolios that Allan Roth recommends in his book.

Allan Roth Second Grader Portfolio: Beating Wall Street?

Who is Allan Roth and who is the second grader?

Allan Roth has written How a Second Grader Beats Wall Street: Golden Rules Any Investor Can Learn. He has served as CFO and is offering financial solutions. His portfolio the second grader portfolio is regarded as a lazy portfolio. We consider him as one of the good guys in investing due to his insistence of low fees, fiduciary responsibility and being adamant about keeping investing simple.

The story goes (in the book) that Allan Roth taught his son how to invest in the stock market. He did this when his son was in second grade. His son has subsequently beaten Wall Street by holding this portfolio!

In the book, Allan Roth describes the journey and reasoning for selecting the portfolio. The book is a masterpiece in itself in that it builds an ever-expanding foundation from which you can position your knowledge on investing upon. It’s like he builds a ladder for you, with each step you get a little smarter on how to invest and what the stock market is.

What is special about the Second Grader Portfolio?

Allan Roth’s Second Grader Portfolio is a close relative to the 3 fund portfolio.

This makes it easy to implement and maintain. Don’t worry though you will still get great returns.

Performance of the Second Grader Portfolios

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
Allan Roth Second Grader High Risk Portfolio	3	-7.50%	10.23%	8.10%	5 - very high risk	0.97	$103,558.43
Allan Roth Second Grader Medium Risk Portfolio	3	-5.04%	8.06%	7.66%	3 - medium risk	0.97	$91,494.37
Allan Roth Second Grader Low Portfolio	3	-2.58%	5.76%	6.90%	1 - very low risk	0.87	$74,079.11
Allan Roth Second Grader Five-Fund High Risk Portfolio	5	-7.51%	10.12%	8.27%	5 - very high risk	0.95	$108,524.20
Allan Roth Second Grader Five-Fund Medium Risk Portfolio	4	-5.08%	8.03%	7.68%	3 - medium risk	0.96	$92,172.04
Allan Roth Second Grader Five-Fund Low Risk Portfolio	4	-2.60%	5.74%	6.91%	1 - very low risk	0.86	$74,207.04
Allan Roth Second Grader High Risk with CDs Portfolio	3	-7.31%	9.93%	7.80%	5 - very high risk	0.97	$95,291.75
Allan Roth Second Grader Medium Risk with CDs Portfolio	3	-4.27%	6.86%	6.48%	3 - medium risk	0.97	$65,706.27
Allan Roth Second Grader Low Risk with CDs Portfolio	3	-1.24%	3.66%	4.85%	1 - very low risk	0.94	$41,458.74

Asset Allocation of Second Grader Portfolios

Allan Roth Second Grader Five-Fund High-Risk Portfolio

54.00% US Total Stock Market (VTI)
6.00% REITs (VNQ)
27.00% International All-World ex-US (VEU)
10.00% Total US Bond Market (BND)
3.00% Precious Metals (GLTR)

Allan Roth Second Grader Five-Fund Low-Risk Portfolio

18.00% US Total Stock Market (VTI)
2.00% REITs (VNQ)
10.00% International All-World ex-US (VEU)
70.00% Total US Bond Market (BND)

Allan Roth Second Grader Five-Fund Medium Risk Portfolio

36.00% US Total Stock Market (VTI)
4.00% REITs (VNQ)
20.00% International All-World ex-US (VEU)
40.00% Total US Bond Market (BND)

Allan Roth Second Grader High-Risk Portfolio

60.00% US Total Stock Market (VTI)
30.00% International All-World ex-US (VEU)
10.00% Total US Bond Market (BND)

Allan Roth Second Grader High Risk with CDs Portfolio

60.00% US Total Stock Market (VTI)
30.00% International All-World ex-US (VEU)
10.00% Cash (money market fund) (BIL)

Allan Roth Second Grader Low Portfolio

20.00% US Total Stock Market (VTI)
10.00% International All-World ex-US (VEU)
70.00% Total US Bond Market (BND)

Allan Roth Second Grader Low Risk with CDs Portfolio

20.00% US Total Stock Market (VTI)
10.00% International All-World ex-US (VEU)
70.00% Cash (money market fund) (BIL)

Allan Roth Second Grader Medium Risk Portfolio

40.00% US Total Stock Market (VTI)
20.00% International All-World ex-US (VEU)
40.00% Total US Bond Market (BND)

Allan Roth Second Grader Medium Risk with CDs Portfolio

40.00% US Total Stock Market (VTI)
20.00% International All-World ex-US (VEU)
40.00% Cash (money market fund) (BIL)

Alternatives to Second Grader Portfolios

There are a ton of alternatives to the Second Grader Portfolio. The most prominent is the 3 fund portfolio – also a Lazy Portfolios. All of Vanguard’s target date retirement fund use 3-4 fund (they also have an international bond fund). I also consider Rick Ferri’s portfolios to be in the same league as the Allan Roth’s Second Grader Portfolio.

Conclusion

Which portfolio do you use?

After having read up on Allan Roth’s Second Grader Portfolio I encourage you to find other great portfolios right here on portfolioeinstein.com.

If you have suggestions to new portfolios be sure to add them in comments or reach out to me.

I would love hearing from you!

Paul Merriman Portfolios: Unbiased Outperformance

January 4, 2019 Leave a Comment

This is the article detailing the investment portfolios of Paul Merriman. You will find asset allocation and performance measurements here.

Paul Merriman has constructed a lot of portfolios. This page details his many fantastic portfolios. Many of them outperform the S&P 500. Here you will find asset allocation and performance measures of Paul Merriman’s portfolios.

Paul Merriman Portfolios: Unbiased Outperformance

Who is Paul Merriman?

Paul Merriman, educator, entrepreneur and an all-around good guy in investing have a host of portfolios. They all express massive diversification and a slight to an extreme bias towards value and small cap, especially small-cap value which historically has been the best performing asset, class. Paul Merriman’s podcast is highly recommended, as are the many articles on his site. His personal finance book Get Smart or Get Screwed: How To Select The Best and Get The Most From Your Financial Advisor easily wins as the best-titled book on personal finance. His book Financial Fitness Forever: 5 Steps to More Money, Less Risk, and More Peace of Mind is fantastic and stuffed with sage advice, statics, and evidence-based best-investing practices.

For a detailed rundown of Paul Merriman’s Ultimate portfolio, you should read the article Paul Merriman’s Ultimate Portfolio: 10 X 10 = Winner?

Paul Merriman’s work on best ETFs inspired me to expand upon his work to create a best-in-class ETF and Mutuals fund overview for many more asset classes.

What is special about Paul Merriman’s portfolios?

Paul Merriman’s portfolios are characterized by one of two features:

Really good diversification through slicing and dicing.
A heavy concentration of a few high performing asset classes like small caps and/or small cap value.

Paul Merriman’s portfolios have evolved over the years. They used to have a good amount of bonds in them like the Ultimate portfolio. The ultimate portfolio no longer sports bonds. Paul Merriman is a big fan of small caps and value on which he has done extensive research.

Paul Merriman is an evidence-based investor and favors statistics over feelings.

His ultimate portfolio is a wonderful example of how diversification can bring higher returns without higher risk.

Paul Merriman is retired (he used to run his own investment consulting shop). The work he is doing now is strictly non-profit. All of his podcasts, articles and many other greats resources are without any profit motive. This makes him highly unbiased and trustworthy as he is not pushing any hidden agenda other than trying to help everyday investors. I am a big fan of Paul Merriman and the great work he is doing.

Performance of Paul Merriman’s portfolios

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
Merrimans Ultimate Portfolio	10	-12.38%	10.33%	8.75%	5 - very high risk	0.83	$123,701.16
Paul Merriman Best-in-Class ETFs Portfolio (Aggressive)	12	-12.05%	10.54%	8.96%	5 - very high risk	0.85	$131,206.74
Paul Merriman Best-in-Class ETFs Portfolio (Moderate)	15	-6.99%	7.48%	8.03%	2 - low risk	0.85	$101,511.15
Paul Merriman Best-in-Class ETFs Portfolio (Conservative)	15	-4.45%	5.82%	7.34%	1 - very low risk	0.79	$83,794.82
Paul Merriman Target Date Portfolio (25 year old)	4	-14.91%	11.77%	10.66%	5 - very high risk	0.78	$208,879.80
Paul Merriman Target Date Portfolio (35 year old)	11	-14.34%	11.73%	10.50%	5 - very high risk	0.79	$199,704.11
Paul Merriman Target Date Portfolio (45 year old)	14	-12.38%	11.09%	10.00%	5 - very high risk	0.82	$174,635.70
Paul Merriman Target Date Portfolio (55 year old)	14	-8.98%	9.54%	9.10%	3 - medium risk	0.85	$136,442.55
Paul Merriman Target Date Portfolio (65 year old)	14	-5.25%	7.13%	7.96%	2 - low risk	0.84	$99,510.95
Paul Merriman 2-Fund-Value-Portfolio	2	-8.94%	12.16%	10.15%	5 - very high risk	0.87	$181,628.39
Paul Merriman 4-Fund-Portfolio	4	-7.96%	12.71%	10.13%	5 - very high risk	0.94	$180,685.17
Paul Merriman 5-Fund-Value-Portfolio	5	-13.30%	10.15%	9.42%	5 - very high risk	0.82	$148,767.07

Asset Allocation of Paul Merriman’s Portfolios

Paul Merriman’s Best-in-Class ETFs Portfolio (Aggressive)

11.30% US Large Cap Value (VTV)
11.20% US Large Cap (VV)
11.30% US Small Cap Value (VIOV)
11.20% US Small Cap (VIOO)
5.00% REITs (VNQ)
9.00% International Developed Blend (VEA)
4.50% Emerging Markets (VWO)
9.00% International Large Cap Value (EFV)
9.00% International Small Cap Blend (VSS)
9.00% International Small Cap Value (DLS)
4.50% Emerging Markets Small Cap (EWX)
5.00% International REITs (VNQI)

This and the two portfolios below are part of his “best-in-class” portfolios. You can find them here.

Paul Merriman’s Best-in-Class ETFs Portfolio (Conservative)

4.50% US Large Cap Value (VTV)
4.50% US Large Cap (VV)
4.50% US Small Cap Value (VIOV)
4.50% US Small Cap (VIOO)
2.00% REITs (VNQ)
3.60% International Developed Blend (VEA)
1.80% Emerging Markets (VWO)
3.60% International Large Cap Value (EFV)
3.60% International Small Cap Blend (VSS)
30.00% Intermediate-Term Treasuries (VGIT)
18.00% Short Term Treasuries (VGSH)
12.00% TIPS (VTIP)
3.60% International Small Cap Value (DLS)
1.80% Emerging Markets Small Cap (EWX)
2.00% International REITs (VNQI)

Paul Merriman’s Best-in-Class ETFs Portfolio (Moderate)

6.80% US Large Cap Value (VTV)
6.70% US Large Cap (VV)
6.80% US Small Cap Value (VIOV)
6.70% US Small Cap (VIOO)
3.00% REITs (VNQ)
5.40% International Developed Blend (VEA)
2.70% Emerging Markets (VWO)
5.40% International Large Cap Value (EFV)
5.40% International Small Cap Blend (VSS)
20.00% Intermediate-Term Treasuries (VGIT)
12.00% Short Term Treasuries (VGSH)
8.00% TIPS (VTIP)
5.40% International Small Cap Value (DLS)
2.70% Emerging Markets Small Cap (EWX)
3.00% International REITs (VNQI)

Paul Merriman’s FundAdvice Ultimate Buy and Hold

6.00% US Large Cap Value (VTV)
6.00% US Large Cap (VV)
6.00% US Small Cap Value (VIOV)
6.00% US Small Cap (VIOO)
6.00% REITs (VNQ)
6.00% Emerging Markets (VWO)
6.00% International All-World ex-US (VEU)
6.00% International Large Cap Value (EFV)
6.00% International Small Cap Blend (VSS)
20.00% Intermediate-Term Treasuries (VGIT)
12.00% Short Term Treasuries (VGSH)
8.00% TIPS (VTIP)
6.00% International Small Cap Value (DLS)

Paul Merriman’s Target Date Portfolio (25-year-old)

70.00% US Small Cap Value (VIOV)
5.00% Emerging Markets (VWO)
20.00% International Small Cap Value (DLS)
5.00% Emerging Markets Small Cap (EWX)

Together with Chris Pedersen, Paul Merriman has constructed what he calls the ultimate target-date fund. These are characterized by tilting heavily into small-cap value, historically the best performing asset class.

This is an example of a Paul Merriman portfolio with a heavy concentration of few asset classes.

Paul Merriman’s Target Date Portfolio (35-year-old)

2.35% US Large Cap Value (VTV)
61.86% US Small Cap Value (VIOV)
4.73% US Small Cap (VIOO)
1.05% REITs (VNQ)
4.66% Emerging Markets (VWO)
0.81% International All-World ex-US (VEU)
0.81% International Large Cap Value (EFV)
0.81% International Small Cap Blend (VSS)
17.81% International Small Cap Value (DLS)
4.66% Emerging Markets Small Cap (EWX)
0.45% International REITs (VNQI)

Paul Merriman’s Target Date Portfolio (45-year-old)

5.98% US Large Cap Value (VTV)
44.49% US Small Cap Value (VIOV)
11.97% US Small Cap (VIOO)
2.66% REITs (VNQ)
3.78% Emerging Markets (VWO)
2.05% International All-World ex-US (VEU)
2.05% International Large Cap Value (EFV)
2.05% International Small Cap Blend (VSS)
3.50% Intermediate-Term Treasuries (VGIT)
2.10% Short Term Treasuries (VGSH)
1.40% TIPS (VTIP)
13.05% International Small Cap Value (DLS)
3.78% Emerging Markets Small Cap (EWX)
1.14% International REITs (VNQI)

Paul Merriman’s Target Date Portfolio (55-year-old)

9.13% US Large Cap Value (VTV)
21.74% US Small Cap Value (VIOV)
18.27% US Small Cap (VIOO)
4.06% REITs (VNQ)
2.47% Emerging Markets (VWO)
3.13% International All-World ex-US (VEU)
3.13% International Large Cap Value (EFV)
3.13% International Small Cap Blend (VSS)
12.00% Intermediate-Term Treasuries (VGIT)
7.20% Short Term Treasuries (VGSH)
4.80% TIPS (VTIP)
6.73% International Small Cap Value (DLS)
2.47% Emerging Markets Small Cap (EWX)
1.74% International REITs (VNQI)

Paul Merriman’s Target Date Portfolio (65-year-old)

7.87% US Large Cap Value (VTV)
7.88% US Small Cap Value (VIOV)
15.75% US Small Cap (VIOO)
3.50% REITs (VNQ)
1.35% Emerging Markets (VWO)
2.70% International All-World ex-US (VEU)
2.70% International Large Cap Value (EFV)
2.70% International Small Cap Blend (VSS)
25.00% Intermediate-Term Treasuries (VGIT)
15.00% Short Term Treasuries (VGSH)
10.00% TIPS (VTIP)
2.70% International Small Cap Value (DLS)
1.35% Emerging Markets Small Cap (EWX)
1.50% International REITs (VNQI)

Paul Merriman’s Ultimate Portfolio

10.00% US Large Cap Value (VTV)
10.00% US Large Cap (VV)
10.00% US Small Cap Value (VIOV)
10.00% US Small Cap (VIOO)
10.00% REITs (VNQ)
10.00% Emerging Markets (VWO)
10.00% International All-World ex-US (VEU)
10.00% International Large Cap Value (EFV)
10.00% International Small Cap Blend (VSS)
10.00% International Small Cap Value (DLS)

This is the portfolio that Paul Merriman features on MarketWatch. It shows the power of diversification that brings home very good returns while keeping risk in check.

Paul Merriman 2-Fund-Value-Portfolio

50.00% US Large Cap Value (VTV)
50.00% US Small Cap Value (VIOV)

This portfolio along with the 2 below are further examples of how a Paul Merriman portfolio that is heavily tilted towards value and small-cap.

Paul Merriman 4-Fund-Portfolio

25.00% US Large Cap Value (VTV)
25.00% US Large Cap (VV)
25.00% US Small Cap Value (VIOV)
25.00% US Small Cap (VIOO)

Paul Merriman 5-Fund-Value-Portfolio

25.00% US Large Cap Value (VTV)
25.00% US Small Cap Value (VIOV)
20.00% International Lg Cap Value (EFV)
20.00% Intl Sm Cap Value (DLS)
10.00% Emerging Markets Value (FNDE)

Paul Merriman Ultimate Buy & Hold Strategy 2010

6.00% US Large Cap Value (VTV)
6.00% US Large Cap (VV)
6.00% US Small Cap Value (VIOV)
6.00% US Micro Cap (IWC)
6.00% REITs (Real Estate) (VNQ)
6.00% Int. Developed Blend (VEA)
6.00% Emerging Markets (VWO)
6.00% International Lg Cap Value (EFV)
6.00% Intl Sm Cap Blend (VSS)
20.00% Intermediate-Term Treasury (VGIT)
20.00% Corporate Bonds (LQD)
6.00% Intl Sm Cap Value (DLS)

This is a slightly different variant of the Ultimate portfolio. This one is from 2010. The bond portion of the portfolio is slightly different.

Alternatives to Paul Merriman’s portfolios

There are a few alternatives to Paul Merriman’s portfolios. Remember that his portfolios are either very diversified into many asset classes or they are very concentrated into few of the best historically performing asset classes. Therefore, if you want similar diversification then have a look at the IFA portfolios or some of David Booth’s portfolios. For concentrated portfolios, the best alternatives are from the FPL Capital Management Portfolios.

If you are looking for target-date funds be sure to check out our growing Target Date Fund Portfolio overview.

Conclusion

Which portfolio do you use? Why do you think the balanced portfolio too simple for you?

After having read up on Paul Merriman’s portfolios I encourage you to find other great portfolios right here on portfolioeinstein.com.

If you have suggestions to new portfolios be sure to add them in comments or reach out to me.

I would love hearing from you!

The Balanced Portfolio: Portfolio Grand Daddy

December 28, 2018 Leave a Comment

This is the page for the balanced portfolios. Here you will find an overview of what a balanced portfolio is. You can also see the asset allocation of the various balanced portfolios.

The Balanced Portfolio: Portfolio Grand Daddy

What is a balanced portfolio?

The balanced portfolios consist of two asset classes, stocks, and bonds. They are the simplest portfolios to implement. What they lack in flair and sexiness they make up for in simple effectiveness. They can be modeled to almost any risk level. John Bogle, supreme hero of the investing world, recommends that you hold a total stock market fund and a total bond fund.

A rule of thumb is that the percentage of bonds should equal your age, so a 50-year-old should hold 50% VTI (stocks) and 50% BND (bonds). This may be too conservative for many. Stocks have historically outperformed bonds so holding a good portfolio of your portfolios in stocks for as long as possible is recommended. Stocks are riskier than bonds so you should check your appetite for risk. The best portfolio is the portfolio that you are going to stick with.

One can argue that all portfolios are descendants from the balanced portfolios. Other portfolios simply slice up the stock and bond portions of the portfolio. For example instead of just US Total Stock Market, you can add international stocks, or small-cap stocks and so forth. For the bond portion, you can add TIPS or more corporate bonds and so forth.

Performance of the balanced portfolios

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
Balanced Portfolio 10/90	2	-0.64%	4.35%	6.40%	1 - very low risk	0.46	$64,395.11
Balanced Portfolio 20/80	2	-1.15%	5.38%	6.91%	1 - very low risk	0.72	$74,264.67
Balanced Portfolio 30/70	2	-1.67%	6.39%	7.39%	1 - very low risk	0.86	$84,899.95
Balanced Portfolio 40/60	2	-2.18%	7.39%	7.84%	1 - very low risk	0.93	$96,206.80
Balanced Portfolio 50/50	2	-2.69%	8.38%	8.26%	2 - low risk	0.97	$108,052.29
Balanced Portfolio 70/30	2	-3.72%	10.31%	9.00%	3 - medium risk	0.99	$132,614.65
Balanced Portfolio 80/20	2	-4.23%	11.26%	9.32%	4 - high risk	1	$144,847.01
Balanced Portfolio 90/10	2	-4.74%	12.20%	9.61%	4 - high risk	1	$156,648.41

Asset Allocation for the balanced portfolios

Balanced Portfolio 10/90

10.00% US Total Stock Market (VTI)
90.00% Total US Bond Market (BND)

Balanced Portfolio 20/80

20.00% US Total Stock Market (VTI)
80.00% Total US Bond Market (BND)

This portfolio is also very close to JL Collins’ Wealth Preservation Portfolio also on Portfolioeinstein.com

Balanced Portfolio 30/70

30.00% US Total Stock Market (VTI)
70.00% Total US Bond Market (BND)

Balanced Portfolio 40/60

40.00% US Total Stock Market (VTI)
60.00% Total US Bond Market (BND)

Balanced Portfolio 50/50

50.00% US Total Stock Market (VTI)
50.00% Total US Bond Market (BND)

Balanced Portfolio 60/40

60.00% US Total Stock Market (VTI)
40.00% Total US Bond Market (BND)

This is also called “the benchmark portfolio” and is often a benchmark for pension funds, institutions, family offices etc. Read more about the 60/40 in Meb Faber’s very recommended book Global Asset Allocation: A Survey of the World’s Top Asset Allocation Strategies.

Balanced Portfolio 70/30

80.00% US Total Stock Market (VTI)
30.00% Total US Bond Market (BND)

Balanced Portfolio 80/20

80.00% US Total Stock Market (VTI)
20.00% Total US Bond Market (BND)

Balanced Portfolio 90/10

90.00% US Total Stock Market (VTI)
10.00% Total US Bond Market (BND)

Alternatives to the balanced portfolio

There are many alternatives to the balanced portfolios. The 60/40 balanced portfolio is a good starting point. A good way to improve upon the balanced portfolio in terms of returns is to break up the stock and bonds portfolio into small slices. The ultimate portfolio from Paul Merriman does just that. Many target-date funds also do this.

Conclusion

Which portfolio do you use? Why do you think the balanced portfolio too simple for you?

After having read up on the balanced portfolio I encourage you to find other great portfolios right here on portfolioeinstein.com.

If you have suggestions to new portfolios be sure to add them in comments or reach out to me!

The Couch Potato Portfolio: Two Fund Supremacy?

November 30, 2018 Leave a Comment

The Couch Potato Portfolio portfolio is made by a Scott Burns. Scott Burns is a former financial columnist at the Dallas Morning News. He also co-founded Assetbuilder.com which uses The Couch Potato Portfolio as a basic portfolio. The Couch Potato Portfolio is one of the Lazy Portfolios which means it is easy to implement and maintain while producing a respectable return. Our articles Lazy Portfolios and 5 Reasons Why A Lazy Portfolio Is Right For You highlights the benefits and pitfalls of lazy portfolios.

The Couch Potato Portfolio by Scott Burns is just one of 9 portfolios that he has constructed. The Scott Burns portfolios are:

The Couch Potato Portfolio
Margarita Portfolio
Four Square Portfolio
Five-fold Portfolio
Six Ways From Sunday Portfolio
Seven Value Portfolio
Seven Value 2 Portfolio
Nine Emerging Portfolio
10 Speed Portfolio

The difference between the portfolios are the number of asset classes and risk each portfolio has. The Couch Potato Portfolio which has 2 asset classes. The number of asset classes increases from that as you go down the list. The 10 Speed Portfolio has 10 asset classes.

You can find the asset allocations all the portfolios right here on portfolioeinstein.com under Asset Allocation Of 235 Investment Portfolios.

You can also check out Scott Burn’s assetbuilder site where they are listed as well.

Performance of the 9 portfolios by Scott Burns can be found under Investment Portfolios.

Asset Allocation of The Couch Potato Portfolio

Returns and risk for The Couch Potato Portfolio

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
Scott Burns Couch Potato	2	-3.37%	8.48%	8.29%	2 - low risk	0.94	$109,009.84

Performance of the couch potato portfolios

From Portfoliovisualizer.com

Building The Couch Potato Portfolio

Below you can see which mutual funds or ETFs you can use to build the portfolio. They are the best-in-class funds and ETFs for this purpose. They are low-cost index funds that best capture the characterizes of asset classes needed to construct the portfolio. The article What Is The Best ETF And Mutual Fund? explains how we selected the best funds.

Asset allocation for The Couch Potato Portfolio

50.00% US Total Stock Market (VTI)
50.00% TIPS (VTIP)

Advantages and disadvantages of The Couch Potato Portfolio

Advantages

Has done really well compared to the overall market.
Super easy to implement – only two funds and you’re done!
Low draw-down because it has 50% in bonds.
A great portfolio that you can later build upon using, for example, other model portfolios from Scott Burns.
Easy to understand, build and re-balance.
Many options for tweaking the asset allocation.

Disadvantages:

The Couch Potato portfolio Lacks international exposure. To get international exposure you need to step up the ladder to the Margarita Portfolio.
The 50% bond (TIPS) allocation can drag down your returns.

Similar Portfolios

The Couch Potato portfolios is a great portfolio. Simple and effective. The main difference between the Couch Potato portfolio and other 2 fund portfolios is that the Couch Potato portfolio uses TIPS as its bond fund, thereby hedging against inflation. Here are a few similar portfolios to the Couch Potato portfolios:

Balanced portfolios, e.g. 50% stocks, 50% bonds.
The Jack Bogle portfolio – total stock market index fund and a bond fund.
JL Collins Wealth Preservation portfolio – 90% Total stock market fund and 10% bond fund.
The 3 fund portfolio by the Bogleheads – adds international exposure. Detailed in the article Three Fund Portfolio, Did Awesomeness Find Trinity? The recent book by Tailor Larimore explains the virtues and advantages of the three fund portfolio very eloquently.

Resources

Go here for a re-balance excel worksheet.

Summary and your next steps

The Couch Potato portfolios are simple and effective and have stood the test of time. But can it give you enough returns?

What is your take on the portfolio – is it too simple?

235 Portfolios Better Than Yours

November 23, 2018 Leave a Comment

This is an updated and upgraded post on investment portfolios from the outstanding Whitecoat investor’s post 150 portfolios better than yours. In our article, we have included a lot more portfolios as well as asset allocation of all the portfolios and performance benchmarks and information on how to find additional information.

235 Portfolios Better Than Yours

There is no single perfect portfolio

There are a lot of portfolios out there! Every money management firm has their own portfolios. Not all portfolios are suited for your situation, however. For example, one portfolio is needed when you are saving for retirement and a different one is needed when you enter retirement.

It is easy to get lost in all those portfolios. That’s why you should ask yourself: What are my goals and what are my risk levels?

See the article How To Invest Money, 5 Simple Steps That Work For Anyone to get help.

There IS a portfolio for you.

Your own perfect portfolio

There is a perfect portfolio for you and your situation. The perfect portfolio for you is the one you stick with! It’s that simple. If you don’t stick with your portfolio and stay the course your chances of reaching your financial goals dimish.

Choose a portfolio and stick with it!

The asset allocation for all the portfolios can be found in the article Asset Allocation Of 235 Investment Portfolios

Portfolio performance and risk can be found here Investment Portfolios.

If you are unsure how to approach investing in the first place I suggest you start with reading the article How To Invest Money, 5 Simple Steps That Work For Anyone

If you need a target date retirement fund you can find more help in the article Target Date Fund Portfolios.

If you need help with finding a lazy portfolio check out the article Lazy Portfolios.

Finally, we have put the spotlight on robo advisors, you can find the article under Robo Advisor Performance.

Portfolio 1: The S&P 500 Portfolio

Yes, this is a real portfolio! Not just a benchmark. It is entirely viable to put all of your savings into an S&P 500 fund. John Bogle touted this as the best strategy in the book Common Sense on Mutual Funds. The returns are not markedly different than a Total Stock Market fund (TSM).

100.00% S&P 500 (VOO)

Portfolio 2-10: The Balanced Portfolio with index funds

60.00% US Total Stock Market (VTI)
40.00% Total US Bond Market (BND)

The balanced portfolios consisting of two asset classes, stocks and bonds are the simplest portfolios to implement. You can mix and match the funds to your risk levels going from 90% stocks, 10% bonds to 90% bonds and 10% stocks. The 60/40 split often serve as a benchmark for institutions.

Portfolio 11: The Three Fund Portfolio by Taylor Larimore

50.00% US Total Stock Market (VTI)
30.00% International All-World ex-US (VEU)
20.00% Total US Bond Market (BND)

The Three-fund portfolio is a hallmark of the Bogleheads forum. Taylor Larimore’s book on the three-fund portfolio lays out in detail the advantages of having a simple portfolio. The book is foreworded by John Bogle. You have a lot of option in changes the asset allocation of this portfolio.

Portfolio 12-15: Rick Ferri’s 4 Fund Portfolio (Core Four Portfolio)

30.00% US Total Stock Market (VTI)
6.00% REITs (VNQ)
24.00% International All-World ex-US (VEU)
40.00% Total US Bond Market (BND)

Rick Ferri is a former Navy fighter pilot. Author of some best books on investing, among them, probably my favorite is The Power of Passive Investing: More Wealth with Less Work. In his many books, he presents a ton of portfolios. They are all very well diversified and yields respectable returns. If you want to know more about ETFs you should pick up another “best-in-class” book The ETF Book: All You Need to Know About Exchange-Traded Funds if you want to know more about index funds you should REALLY pick that up.

Portfolio 16-19: 7Twelve Portfolios by Craig Israelsen

8.37% US Large Cap (VV)
8.33% US Mid Cap (IJH)
8.33% US Small Cap (VIOO)
8.33% REITs (VNQ)
8.33% International Developed Blend (VEA)
8.33% Emerging Markets (VWO)
8.33% Total US Bond Market (BND)
8.33% Cash (money market fund) (BIL)
8.33% Commodities (DBC / GSG)
8.33% Gold (IAU)
8.33% TIPS (VTIP)
8.33% Non-US Bonds (BNDX)

Craig L. Israelsen, Ph.D., is an Executive-in-Residence in the Financial Planning Program at Utah Valley University. He developed the 7-Twelve portfolio in order to create a portfolio with massive diversification. In his book 7Twelve: A Diversified Investment Portfolio with a Plan he lays out the portfolio. The portfolio consists of 7 asset classes and 12 funds (or ETFs) that invest in those asset classes.

Portfolio 20: The Unconventional Success Portfolio by David Swensen

30.00% US Total Stock Market (VTI)
20.00% REITs (VNQ)
5.00% Emerging Markets (VWO)
15.00% International All-World ex-US (VEU)
15.00% Intermediate-Term Treasuries (VGIT)
15.00% TIPS (VTIP)

David Swensen of the Yale Endowment fund sets forth the portfolio in his book Unconventional Success: A Fundamental Approach to Personal Investment David Swensen is truly one of the good guys in investing advocating fiduciary principles, low-cost index investing and being humble about one’s knowledge.

Portfolio 21: The Permanent Portfolio by Harry Browne

25.00% US Total Stock Market (VTI)
25.00% Long Term Treasuries (TLT)
25.00% Cash (money market fund) (BIL)
25.00% Gold (IAU)

One of the best know portfolios in the investing world. In his book Fail-Safe Investing: Lifelong Financial Security in 30 Minutes Harry Browne recommends holding four asset class that each protects against one of four outcomes in an economic climate. The excellent book The Permanent Portfolio: Harry Browne’s Long-Term Investment Strategy describes Browne’s philosophy style in greater detail.

Portfolio 22: Tony Robbins Master Your Money / Ray Dalio Portfolio

30.00% US Total Stock Market (VTI)
40.00% Long Term Treasuries (TLT)
15.00% Intermediate-Term Treasuries (VGIT)
7.50% Commodities (DBC / GSG)
7.50% Gold (IAU)

Tony Robbins set out to find out the perfect money advice and investing portfolio. In his book MONEY Master the Game: 7 Simple Steps to Financial Freedom he documents this. After having talked to some of the giants in the investment industry he recommends the above portfolio that is designed by hedge fund manager Ray Dalio. Ray Dalio, CEO of the largest hedgefund in the world, Bridgewater, is the guy behind the bestseller Principles and the risk parity approach in investing.

Portfolio 23: Paul Merriman Ultimate Portfolio

10.00% US Large Cap Value (VTV)
10.00% US Large Cap (VV)
10.00% US Small Cap Value (VIOV)
10.00% US Small Cap (VIOO)
10.00% REITs (VNQ)
10.00% Emerging Markets (VWO)
10.00% International All-World ex-US (VEU)
10.00% International Large Cap Value (EFV)
10.00% International Small Cap Blend (VSS)
10.00% International Small Cap Value (DLS)

Paul Merriman, educator, entrepreneur and all-around good guy in investing have a host of portfolios. They all express massive diversification and a slight to an extreme bias towards value and small cap, especially small-cap value which historically has been the best performing asset class. Paul Merriman’s podcast is highly recommended, as are the many articles on his site. His personal finance book Get Smart or Get Screwed: How To Select The Best and Get The Most From Your Financial Advisor easily wins as the best-titled book on personal finance. His book Financial Fitness Forever: 5 Steps to More Money, Less Risk, and More Peace of Mind is fantastic and stuffed with sage advice, statics, and evidence-based best-investing practices.

This is the portfolio that Paul Merriman features on MarketWatch. It shows the power of diversification that brings home very good returns while keeping risk in check.

Portfolio 24-25: The Ivy Portfolios by Meb Faber

20.00% US Total Stock Market (VTI)
20.00% REITs (VNQ)
20.00% International Developed Blend (VEA)
20.00% Total US Bond Market (BND)
20.00% Commodities (DBC / GSG)

Co-written with Eric Anderson, Meb Faber’s book The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets lays out a strategy that attempts to mirror the investment portfolios of the Ivy Leagues Endowment fund like Yale, Harvard and Princeton. Especially Yale’s performance has been envious. Yale’s Endowment is led by David Swensen who also has a recommend portfolio on this site. Meb and Eric actually propose 3 portfolios with 5, 10, 20 asset classes.

Portfolio 26: Coffeehouse Portfolio by Bill Schultheis

10.00% US Large Cap Value (VTV)
10.00% US Large Cap (VV)
10.00% US Small Cap Value (VIOV)
10.00% US Small Cap (VIOO)
10.00% REITs (VNQ)
10.00% International All-World ex-US (VEU)
40.00% Total US Bond Market (BND)

The very famous Coffeehouse portfolio is categorized as a Lazy Portfolio due to its ease in its implementation and maintenance. Bill Schultheis have a beautiful website. Check out his book by the same title The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On with Your Life.

Portfolio 27: Warren Buffett’s Portfolio

90.00% US Large Cap (VV)
10.00% Short Term Treasuries (VGSH)

In the 2013 letter to shareholders, Warren Buffett recommended that a trust is set up for his wife. This trust would invest 90% in a large-cap low-cost index fund (he recommended Vanguard) and 10% in short-term government bonds. He has since on a number of occasions reiterated this with the addition that average investors would be best served by low-cost index funds. You can read the entire letter here or get the deluxe version The Essays of Warren Buffett: Lessons for Corporate America.

Portfolio 28-37: Index Fund Advisors Portfolios (IFA)

7.20% US Large Cap Value (VTV)
7.20% US Large Cap (VV)
12.00% US Small Cap Value (VIOV)
12.00% US Small Cap (VIOO)
1.50% REITs (VNQ)
2.40% Emerging Markets (VWO)
3.60% International Large Cap Value (EFV)
3.60% International Small Cap Blend (VSS)
10.00% Short Term Treasuries (VGSH)
3.60% International Small Cap Value (DLS)
3.00% Emerging Markets Small Cap (EWX)
2.40% Emerging Markets Value (FNDE)
10.00% 1 Year Fixed Income (BSV)
10.00% 2 Year Global Fixed Income (BNDX)
10.00% 5 Year Global Fixed Income (BND/BNDX)
1.50% International REITs (VNQI)

Index Fund Advisors is headed up by Mark T. Hebner. It is an investment advisory firm using exclusively DFA funds and employing passive index strategies to achieve some very good returns. IFA provides a wealth of fantastic information on investing on their site. Mark Hebner’s book Index Funds: The 12-Step Recovery Program for Active Investors is a great way to get up to speed on why indexing and passive investing is a superior way to invest. IFA’s portfolios are characterized by their tilt towards value and small cap.

Portfolio 38: The Andrew Tobias Portfolio

33.33% US Total Stock Market (VTI)
33.33% International All-World ex-US (VEU)
33.33% TIPS (VTIP)

Andrew Tobias of the best-selling book The Only Investment Guide You’ll Ever Need recommends this 3-fund portfolio in his book. This is very similar to the three-fund portfolio also featured here. It replaces the Total Bond Market Bond fund with a tips fund.

Portfolio 39: The Talmud Portfolio

34.00% US Total Stock Market (VTI)
33.00% REITs (VNQ)
33.00% Total US Bond Market (BND)

“Let every man divide his money into three parts, and invest a third in land, a third in business and a third let him keep by him in reserve.” So it is written in the Talmud, a record of debates among rabbis about Jewish law dating as early as 1200 B.C. And so it is written on Page 1 of Asset Allocation: Balancing Financial Risk, Fifth Edition: Balancing Financial Risk by Roger Gibson, supreme commander of asset allocation.

Portfolio 40: Muhammad El-Erian’s Portfolio

18.00% US Total Stock Market (VTI)
13.00% REITs (VNQ)
18.00% International Developed Blend (VEA)
15.00% Emerging Markets (VWO)
6.00% Long Term Treasuries (TLT)
11.00% Total US Bond Market (BND)
13.00% Commodities (DBC / GSG)
6.00% TIPS (VTIP)

Mohamed El-Erian is former CEO of the PIMCO. PIMCO has 1.7 Trillion dollars under management. In El-Erian’s book When Markets Collide: Investment Strategies for the Age of Global Economic Change, he presents a shock absorbent long-term portfolio. He is often attributed with coming up the expression “new normal” in the post-financial crisis.

Portfolio 41: The Marc Faber Portfolio

13.00% US Large Cap (VV)
25.00% REITs (VNQ)
8.00% International Developed Blend (VEA)
4.00% Emerging Markets (VWO)
25.00% Total US Bond Market (BND)
25.00% Gold (IAU)

Faber is the legendary permabear and author of the Gloom Boom & Doom Report.

Portfolio 41: Ted Aronson Family Taxable Portfolio

5.00% US Total Stock Market (VTI)
15.00% US Large Cap (VV)
5.00% US Small Cap Value (VIOV)
10.00% US Small Cap (VIOO)
5.00% US Small Cap Growth (IJT)
10.00% Emerging Markets (VWO)
15.00% Pacific Stocks (VPL)
5.00% European Stocks (VGK)
10.00% Long Term Treasuries (TLT)
5.00% High Yield Corporate Bonds (HYG / JNK)
15.00% TIPS (VTIP)

Ted Aronson and his AJO Partners manage about $25 billion of institutional assets. Aronson puts his family’s taxable money in this well-diversified portfolio of no-load index funds. The portfolios are categorized as a Lazy Portfolio.

Portfolio 43-51: The Second Grader Portfolio by Allan Roth

36.00% US Total Stock Market (VTI)
4.00% REITs (VNQ)
20.00% International All-World ex-US (VEU)
40.00% Total US Bond Market (BND)

Allan Roth’s book How a Second Grader Beats Wall Street: Golden Rules Any Investor Can Learn puts forth 9 simple portfolios that have proven very capable over time. They are often lumped in the category of Lazy Portfolios because they are so easy to implement and maintain. He has portfolios with 3 funds, portfolios with 4 funds and portfolios with 5 funds. They are all excellent.

Portfolio 52: Frank Armstrong Ideal Index Portfolio

9.25% US Large Cap Value (VTV)
6.25% US Large Cap (VV)
9.25% US Small Cap Value (VIOV)
6.25% US Small Cap Growth (IJT)
8.00% REITs (VNQ)
31.00% International All-World ex-US (VEU)
30.00% Short Term Treasuries (VGSH)

Frank Armstrong is the author of The Informed Investor: A Hype-Free Guide to Constructing a Sound Financial Portfolio. In his book, he presents the Ideal Index Portfolio. Frank Armstrong’s portfolio is tilted towards small-cap and value stocks while keeping a healthy dose of 30% in short-term treasuries which are considered very safe.

Portfolio 53: Scott Adams Dilbert’s Portfolio

50.00% US Total Stock Market (VTI)
50.00% Emerging Markets (VWO)

Scott Adams, author of the comic strip Dilbert suggested this simple portfolio. As of 2017, it is the 3^rd best performing portfolio on portfolioeinstein.com. It is also the one with the highest standard deviation. Scott Adams’ portfolio is as interesting as his own life has been. He has written a wonderful little book, How to Fail at Almost Everything and Still Win Big: Kind of the Story of My Life that teaches that failure is really the preamble to success. The Dilbert portfolio takes some wild swings because it holds 50% in emerging markets.

Portfolio 54-62: Scott Burns Couch Potato

50.00% US Total Stock Market (VTI)
50.00% TIPS (VTIP)

Scott Burns, author of Spend ‘Til the End: The Revolutionary Guide to Raising Your Living Standard is a newspaper columnist and author who has covered personal finance and investments for over 30 years. He is known for creating the “Couch Potato Portfolio” investment strategy. In addition to the now-famous couch potato portfolio, he suggests 8 other portfolios on his AssetBuilder asset manager site. The 9 portfolios have a hierarchical nature to them each adding another asset class. The best performing portfolio is “Scott Burns Nine Emerging Portfolio”.

Portfolio 63-67: Larry Swedroe Simple Portfolio and 4 other portfolios

15.00% US Large Cap Value (VTV)
15.00% US Small Cap Value (VIOV)
13.00% US Small Cap (VIOO)
4.00% Emerging Markets (VWO)
13.00% International Large Cap Value (EFV)
40.00% TIPS (VTIP)

Larry Swedroe is a prolific author and Director of Research at wealth management firm Buckingham Strategic Wealth. He often visits the Bogleheads Forum where he shares insights, knowledge and answers questions. He is one of our favorite authors on investing. The best books include The Only Guide to a Winning Investment Strategy You’ll Ever Need, Wise Investing Made Simpler and Your Complete Guide to Factor-Based Investing: The Way Smart Money Invests Today. His portfolios are characterized by investing in risky asset classes (small and value) while keeping the risk in check by allocating a large amount to safe bonds.

Portfolio 68-72: William Bernstein’s Four Pillars Portfolios and No Brainer Portfolio

25.00% US Total Stock Market (VTI)
10.00% US Large Cap Value (VTV)
10.00% US Small Cap Value (VIOV)
5.00% REITs (VNQ)
10.00% International All-World ex-US (VEU)
40.00% Short Term Treasuries (VGSH)

William Bernstein, a former doctor, investment consultant and an all-around good guy in the investing world has presented a host of portfolios through his career. His book, The Four Pillars of Investing: Lessons for Building a Winning Portfolio is required reading on investing. His investing philosophy is broad diversification, common sense and with a realistic expectation of future returns. Other books that are highly recommended are Rational Expectations: Asset Allocation for Investing Adults and The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk.

Portfolio 73: Rob Arnott’s Portfolio

10.00% US Large Cap (VV)
10.00% REITs (VNQ)
10.00% International All-World ex-US (VEU)
10.00% Long Term Treasuries (TLT)
20.00% Corporate Bonds (LQD)
10.00% Commodities (DBC / GSG)
10.00% TIPS (VTIP)
20.00% Non-US Bonds (BNDX)

Robert Arnott of Research Affiliates has proposed this portfolio in an article. Rob Arnott is a strong advocate for smart beta strategies his book The Fundamental Index: A Better Way to Invest explains how to get better returns from a factor-based index than a market cap weighted index can provide.

Portfolio 74: The Global Market Portfolio, (“GMP”) CREDIT SUISSE

20.00% US Large Cap (VV)
5.00% REITs (VNQ)
5.00% Emerging Markets (VWO)
15.00% International All-World ex-US (VEU)
15.00% Long Term Treasuries (TLT)
22.00% Corporate Bonds (LQD)
2.00% TIPS (VTIP)
16.00% Non-US Bonds (BNDX)

A global market portfolio tries to replicates how all the global market asset are divided. This one is from Credit Suisse courtesy of Mab Faber in his book Global Asset Allocation: A Survey of the World’s Top Asset Allocation Strategies.

Portfolio 75: The Global Market Portfolio, Financial Engines 2007

13.00% US Large Cap Value (VTV)
13.10% US Large Cap Growth (VUG)
3.70% US Mid Cap Value (JKI)
3.70% US Mid Cap Growth (IJK)
1.80% US Small Cap Value (VIOV)
1.80% US Small Cap Growth (IJT)
2.40% Emerging Markets (VWO)
8.10% Pacific Stocks (VPL)
15.80% European Stocks (VGK)
1.10% Long Term Treasuries (TLT)
5.30% Intermediate-Term Treasuries (VGIT)
6.20% Total US Bond Market (BND)
2.60% Cash (money market fund) (BIL)
3.40% Corporate Bonds (LQD)
18.00% Non-US Bonds (BNDX)

Based on data working within Financial Engines Christopher Jones, Chief Investment Officer at the firm presented this portfolio in his book The Intelligent Portfolio: Practical Wisdom on Personal Investing from Financial Engines. Financial Engines is the investment advisory firm you have never heard of. They are however the largest independent advisory firm in the US. It was taken private in 2018 and merged with Edelman Financial Services.

Portfolio 76: Meb Faber’s Risk Parity Portfolio

7.50% US Total Stock Market (VTI)
5.00% REITs (VNQ)
7.50% International All-World ex-US (VEU)
35.00% Intermediate-Term Treasuries (VGIT)
35.00% Corporate Bonds (LQD)
5.00% Commodities (DBC / GSG)
5.00% Gold (IAU)

This is Meb Faber’s risk parity portfolio from his blog where he compares it to Ray Dalio’s All Weather Portfolio (also on this site). Meb Faber is a quant and his books are worth a read and especially Global Asset Allocation: A Survey of the World’s Top Asset Allocation Strategies and The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets.

Portfolio 77-80: Robo Advisor Betterment Portfolios

27.00% US Total Stock Market (VTI)
7.20% US Large Cap Value (VTV)
5.90% US Mid Cap Value (JKI)
5.00% US Small Cap Value (VIOV)
22.10% International Developed Blend (VEA)
12.80% Emerging Markets (VWO)
6.80% Total US Bond Market (BND)
2.40% TIPS (VTIP)
7.20% Non-US Bonds (BNDX)
3.60% Emerging Market Bonds (EMB / VWOB)

Betterment is probably the most well-known fin-tech company. It started the robo advisor phenomenon. They have 13 Billion assets under management as per 2017. Their portfolios are well diversified and are some of the few that have emerging market bonds as an asset class. If you want to gain a greater insight into the robo advisory phenomenon I recommend picking up FinTech Innovation: From Robo-Advisors to Goal-Based Investing and Gamification.

Portfolio 81-84: Robo Advisor Wealthfront Portfolio

The robo advisory firm came late to the robo advisory party but have enjoyed an immense amount of success. One of the giant of the investment world, Burton Malkiel, author of A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, is the Chief Investment Officer at Wealthfront. Charles Ellis, another investing giant, and author of Winning the Loser’s Game, Seventh Edition: Timeless Strategies for Successful Investing is on the advisory board. If you want to gain a greater insight into the robo advisory phenomenon I recommend picking up FinTech Innovation: From Robo-Advisors to Goal-Based Investing and Gamification.

Portfolio 85-86: Roger Gibson’s Portfolio, Multi-asset

20.00% US Total Stock Market (VTI)
20.00% REITs (VNQ)
20.00% International All-World ex-US (VEU)
14.00% Total US Bond Market (BND)
20.00% Commodities (DBC / GSG)
6.00% Non-US Bonds (BNDX)

Roger Gibson, supreme commander of asset classes, offer two portfolios in his excellent book Asset Allocation: Balancing Financial Risk, Fifth Edition: Balancing Financial Risk. It is the go-to book for all things related to asset allocation. Richard Ferri’s All About Asset Allocation is a close second though less detailed.

Portfolio 87: Harry Markowitz Portfolio “Father of Modern Portfolio Theory”

50.00% US Total Stock Market (VTI)
50.00% Total US Bond Market (BND)

Father of Modern Portfolio Theory (MPT) is not as you would expect a puzzle of calculations of mean-variance. Instead, Markowitz has stated he splits his portfolio evenly in bonds and stocks. There is a great piece on Harry Markowitz in Justin Fox’ book The Myth of the Rational Market.

Portfolio 88-94: Rick Ferri Early Saver Portfolio and 7 others

Rick Ferri is the author of some best books on investing, among them, probably my favorite is The Power of Passive Investing: More Wealth with Less Work. In his many books, he presents a host of portfolios. They are all very well diversified and yields respectable returns. If you want to know more about ETFs you should pick up another “best-in-class” book The ETF Book: All You Need to Know About Exchange-Traded Funds.

Portfolio 95: Total US Stock Market

100.00% US Total Stock Market (VTI)

Not so much a portfolio as a single stock fund. The total stock market is often a benchmark for fund managers tracking the Wilshire 5000. The difference between the S&P 500 and the total stock market is minuscule but noticeable due to the inclusion of value and small cap stocks in the total stock market which increases returns marginally. The is the portfolio of JL Collins of The Simple Path to Wealth: Your road map to financial independence and a rich, free life recommends as well as the one that John Bogle, supreme commander and hero of the investing world recommend in Common Sense on Mutual Funds.

Portfolio 96: The Jack Bogle Portfolio

60.00% US Total Stock Market (VTI)
40.00% Total US Bond Market (BND)

John Bogle, supreme commander and hero of the investing world, advocates holding bonds your age in proportion to your age. Your age = the percentage of bonds you should hold. The rest should be investing in a broadly diversified index fund. John Bogle’s book Common Sense on Mutual Funds is an absolute classic that you need to read.

Portfolio 97-99: Paul Merriman’s Best-in-Class ETFs Portfolio

11.30% US Large Cap Value (VTV)
11.20% US Large Cap (VV)
11.30% US Small Cap Value (VIOV)
11.20% US Small Cap (VIOO)
5.00% REITs (VNQ)
9.00% International Developed Blend (VEA)
4.50% Emerging Markets (VWO)
9.00% International Large Cap Value (EFV)
9.00% International Small Cap Blend (VSS)
9.00% International Small Cap Value (DLS)
4.50% Emerging Markets Small Cap (EWX)
5.00% International REITs (VNQI)

Portfolio 100-104: Paul Merriman’s Target Date Portfolio

2.35% US Large Cap Value (VTV)
61.86% US Small Cap Value (VIOV)
4.73% US Small Cap (VIOO)
1.05% REITs (VNQ)
4.66% Emerging Markets (VWO)
0.81% International All-World ex-US (VEU)
0.81% International Large Cap Value (EFV)
0.81% International Small Cap Blend (VSS)
17.81% International Small Cap Value (DLS)
4.66% Emerging Markets Small Cap (EWX)
0.45% International REITs (VNQI)

Paul Merriman, educator, entrepreneur and all-around good in investing have constructed a host of portfolios. They all express massive diversification and a slight to an extreme bias towards value and small cap Paul Merriman’s podcast is highly recommended, as are the many articles on his site. His personal finance book Get Smart or Get Screwed: How To Select The Best and Get The Most From Your Financial Advisor easily wins as the best-titled book on personal finance. His book Financial Fitness Forever: 5 Steps to More Money, Less Risk, and More Peace of Mind is fantastic and stuffed with sage advice, statics, and evidence-based best-investing practices.

Portfolio 105-109: iShares LifePath Index Fund Portfolio

50.02% US Large Cap (VV)
0.76% US Small Cap (VIOO)
16.24% REITs (VNQ)
1.13% International Developed Blend (VEA)
30.76% International All-World ex-US (VEU)
1.09% Total US Bond Market (BND)

The iShares target-date funds are no-fuzz straight up simple funds that give you broad exposure with a glide path towards retirement. You can see them here. iShares is the boutique of ETFs owned by Blackrock Inc. Blackrock is the world largest asset manager in the world (6.3 trillion dollars in 2017).

Portfolio 110-122: BlackRock Model Portfolios

44.00% US Total Stock Market (VTI)
36.00% International All-World ex-US (VEU)
15.00% Total US Bond Market (BND)
5.00% Non-US Bonds (BNDX)

The BlackRock model portfolio tool is available to advisors building portfolios for their clients. The model portfolios are simple 3-4 fund portfolios so they are easy to implement and maintain. You can try out the tool here. The model portfolios normally use iShares ETFs as building blocks. If you use Vanguard ETFs you save slightly on the fees.

Portfolio 123: Ben Stein’s Perfect Portfolio

20.00% US Total Stock Market (VTI)
20.00% US Large Cap (VV)
4.00% REITs (VNQ)
20.00% International Developed Blend (VEA)
12.00% Emerging Markets (VWO)
20.00% Cash (money market fund) (BIL)
4.00% Energy (XLE)

Ben Stein is a personal finance columnist and actor. He has written several books on personal finance and investing, the 2 that stand out are The Little Book of Bulletproof Investing: Do’s and Don’ts to Protect Your Financial Life and Yes, You Can Still Retire Comfortably!
The above portfolio is from here.

Portfolio 124-125: JL Collins, Simple Path To Wealth

100.00% US Total Stock Market (VTI)

JL Collins is a personal finance writer and author of the wonderful book The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life. It is highly recommended – also as an audiobook! His basic portfolio consists of one fund, while his preservation portfolio adds a bond fund to the mix. His how-to-invest series on his blog is worth your time. His second portfolio adds 25% Total US Bond Market.

Portfolio 126: Paul Merriman’s FundAdvice Ultimate Buy and Hold

6.00% US Large Cap Value (VTV)
6.00% US Large Cap (VV)
6.00% US Small Cap Value (VIOV)
6.00% US Small Cap (VIOO)
6.00% REITs (VNQ)
6.00% Emerging Markets (VWO)
6.00% International All-World ex-US (VEU)
6.00% International Large Cap Value (EFV)
6.00% International Small Cap Blend (VSS)
20.00% Intermediate-Term Treasuries (VGIT)
12.00% Short Term Treasuries (VGSH)
8.00% TIPS (VTIP)
6.00% International Small Cap Value (DLS)

Portfolio 127-130: Fidelity Freedom Index Portfolio

62.11% US Total Stock Market (VTI)
26.58% International All-World ex-US (VEU)
9.97% Total US Bond Market (BND)
0.02% Cash (money market fund) (BIL)
1.32% Commodities (DBC / GSG)

Fidelity Investments Inc. offers a slew of target-date retirement funds. Fidelity is a privately owned company being the 4^th largest in assets under management. It is featured in the book Fidelity’s World: The Secret Life and Public Power of the Mutual Fund Giant. The above portfolio is from the asset allocation of their target date funds.

Portfolio 131-135: TD Ameritrade Core Portfolio

43.00% US Total Stock Market (VTI)
27.00% International All-World ex-US (VEU)
26.00% Total US Bond Market (BND)
1.00% Cash (money market fund) (BIL)
3.00% Non-US Bonds (BNDX)

TD Ameritrade is a US brokerage that also offers to manage your portfolios. These are the asset allocations of those portfolios.

Portfolio 136-138: Morningstar Retirement Saver Portfolio

47.00% US Total Stock Market (VTI)
8.00% US Small Cap Value (VIOV)
20.00% International Developed Blend (VEA)
5.00% Emerging Markets (VWO)
20.00% Total US Bond Market (BND)

Christine Benz, director of personal finance at Morningstar, the fund rating company, has put together portfolios to help you save for retirement. In addition, she has also built portfolios for a 3-bucket approach when you already are in retirement. Those portfolios are not suited here but you can find them here. Christine Benz is the author of two wonderful books that come recommended. One is Morningstar 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances and the other is Morningstar Guide to Mutual Funds: Five-Star Strategies for Success.

Portfolio 139-142: Vanguard Target Retirement Portfolio

This is Vanguard’s stab at target-date retirement funds. They are simple and well diversified. Vanguard has 5.1 Trillion dollars under management. The founder, John Bogle, is the supreme commander and hero of the investing world. If you only read two books on investing the second one would be Bogle’s Common Sense on Mutual Funds.

Portfolio 143-147: Merrill Lynch Edge Select Portfolio

9.00% US Large Cap Value (VTV)
14.00% US Large Cap Growth (VUG)
1.00% US Small Cap Value (VIOV)
1.00% US Small Cap Growth (IJT)
3.00% Emerging Markets (VWO)
9.00% International All-World ex-US (VEU)
17.00% Intermediate-Term Treasuries (VGIT)
2.00% Cash (money market fund) (BIL)
15.00% Corporate Bonds (LQD)
5.00% High Yield Corporate Bonds (HYG / JNK)
9.00% Non-US Bonds (BNDX)
15.00% Mortgages (VMBS)

Merrill Lynch offers these portfolios through their Select Edge Portfolios. Their portfolios are some of the more complex ones with many asset classes. They are also the only ones on portfolioeinstein.com that include mortgages in their portfolios as a distinct asset class. In addition, their most aggressive portfolio holds 16% in bonds/cash which is unusual for that level of risk.

Portfolio 148-153: David Booth (DFA) Normal Portfolio

16.00% US Large Cap Value (VTV)
16.00% US Large Cap (VV)
8.00% US Small Cap Value (VIOV)
8.00% US Small Cap (VIOO)
8.00% REITs (VNQ)
2.40% Emerging Markets (VWO)
8.00% International Large Cap Value (EFV)
4.00% International Small Cap Blend (VSS)
5.00% Intermediate-Term Treasuries (VGIT)
4.00% International Small Cap Value (DLS)
3.20% Emerging Markets Small Cap (EWX)
2.40% Emerging Markets Value (FNDE)
5.00% 1 Year Fixed Income (BSV)
5.00% 2 Year Global Fixed Income (BNDX)
5.00% 5 Year Global Fixed Income (BND/BNDX)

Co-founder and former CEO of Dimensional Fund Advisors (DFA) David Booth propose several portfolios in his article “Index and Enhanced Index Funds”. They are inline with the DFA methodology, as they are weighted towards value and small-cap. This is no surprise as two of the investment committee members of DFA are Eugene Fama and Kenneth French. They pioneered the model for describing asset class premia. Value and small-cap are among those asset classes that have the highest returns. The impact on investing by Fama cannot be understated and is eloquently detailed in The Myth of the Rational Market by Justin Fox.

Portfolio 154-157: Vanguard LifeStrategy Portfolios

24.00% US Total Stock Market (VTI)
16.10% International All-World ex-US (VEU)
42.00% Total US Bond Market (BND)
17.90% Non-US Bonds (BNDX)

This one-stop shop fund from Vanguard gives you full diversification in one fund. It is not a target-date fund as the asset allocation does not have a glide path. Vanguard has 5.1 Trillion dollars under management. The founder John Bogle is the supreme commander and hero of the investing world. If you only read two books on investing the second one would be Bogle’s Common Sense on Mutual Funds.

Portfolio 158: William Bernstein’s Sheltered Sam Portfolio

15.00% US Large Cap Value (VTV)
12.00% US Large Cap (VV)
9.00% US Small Cap Value (VIOV)
3.00% US Small Cap (VIOO)
6.00% REITs (VNQ)
3.00% Emerging Markets (VWO)
3.00% Pacific Stocks (VPL)
3.00% European Stocks (VGK)
4.20% International Large Cap Value (EFV)
24.00% Short Term Treasuries (VGSH)
1.80% Precious Metals (GLTR)
16.00% TIPS (VTIP)

William Bernstein, a former doctor, investment consultant and an all around good guy in the investing world has presented a host of portfolios through his career. His book, The Four Pillars of Investing: Lessons for Building a Winning Portfolio is often cited as required reading on investing. His investing philosophy is broad diversification, common sense and with a realistic expectation of future returns. Other books that come highly recommended are Rational Expectations: Asset Allocation for Investing Adults and The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk. This is one of several portfolios from his book.

Portfolio 159: Tim Maurer Simple Money Portfolio

7.50% US Large Cap Value (VTV)
7.50% US Large Cap (VV)
7.50% US Small Cap Value (VIOV)
7.50% US Small Cap (VIOO)
15.00% International Large Cap Value (EFV)
15.00% International Small Cap Blend (VSS)
40.00% Intermediate-Term Treasuries (VGIT)

In his fantastic little book Simple Money: A No-Nonsense Guide to Personal Finance, Tim Maurer of Buckingham Wealth Management (same firm as Larry Swedroe) present this portfolio. His book is very well worth a read. What is it with these guys at Buckingham? Do they all write good books?

Portfolio 160-169: T. Rowe Price ActivePlus Portfolio

49.00% US Total Stock Market (VTI)
21.00% International All-World ex-US (VEU)
27.00% Total US Bond Market (BND)
3.00% TIPS (VTIP)

T. Rowe Price is a US-based asset management company with 900 Billion dollars under management (2017). They offer a host of services. Managed portfolios being one of them. The portfolios presented here are the asset allocations which the model portfolios are benchmarked against. The managed portfolios would most likely be using their own actively managed funds to achieve similar portfolios.

Portfolio 170-173: Charles Schwab Target Date Fund Portfolio

48.43% US Large Cap (VV)
6.24% US Small Cap (VIOO)
4.57% REITs (VNQ)
6.90% Emerging Markets (VWO)
25.02% International All-World ex-US (VEU)
0.30% Short Term Treasuries (VGSH)
7.73% Total US Bond Market (BND)
0.81% Cash (money market fund) (BIL)

Charles Schwab founded his business in 1971 and is now one of the largest banks in the U.S with a brokerage and an ETF business. These portfolios are part of Schwab’s target date funds.

Portfolio 174-175: Time Inc. Money Portfolio

30.00% US Total Stock Market (VTI)
10.00% REITs (VNQ)
20.00% International All-World ex-US (VEU)
30.00% Total US Bond Market (BND)
10.00% Non-US Bonds (BNDX)

This portfolio along with the one below appeared on Timeinc.com money blog. It’s basically as 60/40 portfolio. The second portfolio has a tilt towards value.

Portfolio 176-181: Charles Schwab Managed Portfolio

22.00% US Large Cap (VV)
7.00% US Small Cap (VIOO)
5.00% REITs (VNQ)
20.00% International Developed Blend (VEA)
5.00% Emerging Markets (VWO)
26.00% Total US Bond Market (BND)
5.00% Cash (money market fund) (BIL)
6.00% Commodities (DBC / GSG)
1.00% High Yield Corporate Bonds (HYG / JNK)
2.00% TIPS (VTIP)
1.00% Non-US Bonds (BNDX)

Charles Schwab founded his business in 1971 and is now one of the largest banks with a brokerage and an ETF business. Schwab brokerage offer to manage your portfolios according to your risk level using a number of portfolios. Schwab also offers one-fund target-date retirement funds. The Charles Schwab story is interesting in itself and is vividly described in Charles Schwab: How One Company Beat Wall Street and Reinvented the Brokerage Industry.

Portfolio 182: Alpha Architect Robust

7.50% US Large Cap Value (VTV)
7.50% US Small Cap Value (VIOV)
10.00% REITs (VNQ)
7.50% International Large Cap Value (EFV)
20.00% Intermediate-Term Treasuries (VGIT)
10.00% Commodities (DBC / GSG)
30.00% Momentum Factor (MTUM)
7.50% International Small Cap Value (DLS)

Wes Gray and Jack Vogel over at AlphaArchitect constructed this portfolio. Alpha Architect normally employs mainly a tactical approach for portfolio construction. Alpha Architect has enjoyed a great deal of success because of their stock selection methodology, which they have documented several places. This portfolio stands out with its use a momentum asset class.

Portfolio 183-185: Meb Faber’s GAA and GTAA Portfolios

3.75% US Large Cap Value (VTV)
3.75% US Small Cap Value (VIOV)
15.00% REITs (VNQ)
7.50% International Developed Blend (VEA)
7.50% Emerging Markets (VWO)
10.00% Long Term Treasuries (TLT)
10.00% Intermediate-Term Treasuries (VGIT)
10.00% Corporate Bonds (LQD)
15.00% Commodities (DBC / GSG)
10.00% Non-US Bonds (BNDX)
7.50% Momentum Factor (MTUM)

Meb Faber, Quant and productivity-meister galore regularly backtests portfolios. In his fantastic book Global Asset Allocation: A Survey of the World’s Top Asset Allocation Strategies, he has collected a host of different portfolios playing on the same theme – well-diversified portfolios. These portfolios make use of the momentum asset class.

Portfolio 186: Bridgewater All Seasons Portfolio

18.00% US Large Cap (VV)
3.00% US Small Cap (VIOO)
6.00% International Developed Blend (VEA)
3.00% Emerging Markets (VWO)
40.00% Long Term Treasuries (TLT)
15.00% Intermediate-Term Treasuries (VGIT)
7.50% Commodities (DBC / GSG)
7.50% Gold (IAU)

This is also called a risk-parity portfolio. Bridgewater is the largest hedge fund manager in the world (2018) and offers this portfolio to guard against all possible economic scenarios. The above portfolio is featured in Meb Faber’s fantastic book Global Asset Allocation: A Survey of the World’s Top Asset Allocation Strategies. Ray Dalio is the CEO of Bridgewater and has recently published his bestseller Principles.

Portfolio 187: TrevH from Bogleheads Portfolio

25.00% US Large Cap (VV)
25.00% US Small Cap Value (VIOV)
25.00% International Large Cap Value (EFV)
25.00% International Small Cap Blend (VSS)

The common theme of slicing and dicing made TrevH of the Boglehead forum come up with a simpler portfolio of Paul Merriman’s Ultimate portfolio. The Boglehead forum is dedicated to spreading the investing philosophy of Vanguard’s founder John Bogle, supreme commander, and hero of the investing world. The Bogleheads have published the awesome book The Bogleheads’ Guide to Investing which is a fantastic primer on investing. If you’re thinking about retirement you should definitely pick up their book on retirement The Bogleheads’ Guide to Retirement Planning authored by Taylor Larimore and Rick Ferri among others.

Portfolio 188-202: Morningstar Lifetime Allocation Index

12.13% US Large Cap Value (VTV)
10.54% US Large Cap (VV)
9.26% US Large Cap Growth (VUG)
5.20% US Mid Cap Value (JKI)
4.52% US Mid Cap (IJH)
3.97% US Mid Cap Growth (IJK)
3.81% US Small Cap Value (VIOV)
3.31% US Small Cap (VIOO)
2.91% US Small Cap Growth (IJT)
2.93% REITs (VNQ)
25.26% International Developed Blend (VEA)
9.54% Emerging Markets (VWO)
3.00% Total US Bond Market (BND)
0.05% Cash (money market fund) (BIL)
2.62% Commodities (DBC / GSG)
0.25% TIPS (VTIP)

The Morningstar®Lifetime Allocation Indexes are Morningstar target-date retirement portfolios. There are A LOT of them as Morningstar has an aggressive, moderate and conservative fund for each target-date. No one other provider offers this. The portfolios have the most asset classes of all the portfolios on Portfolioeinstein.com including commodities in the construction.

Portfolio 203-206: Burton Malkiel Portfolio

35.00% US Total Stock Market (VTI)
10.00% REITs (VNQ)
17.50% International Developed Blend (VEA)
17.50% Emerging Markets (VWO)
5.00% Cash (money market fund) (BIL)
4.00% Corporate Bonds (LQD)
7.00% Dividend Growth (VIG)
4.00% Emerging Market Bonds (EMB / VWOB)

Burton Malkiel is a giant in the investing industry and CIO at robo advisor firm Wealthfront. His wildly popular book, A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, cemented the theory of the Efficient Market Hypothesis. In that book, he proposes several portfolios for the different stages in life.

Portfolio 207-210: Dimensional Fund Advisors Target Date Retirement Portfolios

26.00% US Total Stock Market (VTI)
26.00% US Large Cap (VV)
15.50% International Developed Blend (VEA)
7.60% Emerging Markets (VWO)
7.70% International All-World ex-US (VEU)
8.60% Short-Term Investment Grade (VCSH)
8.60% 2 Year Global Fixed Income (BNDX)

Although late to the target-date retirement party DFA has launched a slew of target-date retirement funds. The funds from DFA are uncustomary lacking weighting towards value and small-cap. They also employ a good amount of TIPS. Don’t let that scare you. DFA employs Eugene Fama and Kenneth French on their investing committee. They pioneered the model for describing asset class premia. The impact on investing by Fama cannot be understated and is eloquently detailed in the Myth of the Rational Market by Justin Fox.

Portfolio 211-213: Paul Merriman 2-Fund-Value, 4-Fund-Value, 5-Fund-Value Portfolio

25.00% US Large Cap Value (VTV)
25.00% US Large Cap (VV)
25.00% US Small Cap Value (VIOV)
25.00% US Small Cap (VIOO)

Portfolio 214-229: Dan Solin Super Smart Portfolios

Dan Solin is a veteran of the investment industry and is considered one of the good guys in investing. He has served at Index Fund Advisors and Buckingham Strategic Wealth (in company with Larry Swedroe, Tim Maurer). He is the author of the “Smart Series”. Small but powerful books on investing. These include: The Smartest Investment Book You’ll Ever Read: The Proven Way to Beat the “Pros” and Take Control of Your Financial Future and The Smartest Portfolio You’ll Ever Own: A Do-It-Yourself Breakthrough Strategy.

Portfolio 230-235: TIAA-CREF Lifecycle Portfolios

59.90% US Total Stock Market (VTI)
18.50% Int. Developed Blend (VEA)
6.70% Emerging Markets (VWO)
14.90% Total US Bond Market (BND)

TIAA, formerly TIAA-CREF (Teachers Insurance and Annuity Association-College Retirement Equities Fund), is a Fortune 100 financial services organization that is the leading provider of financial services in the academic, research, medical, cultural and governmental fields. TIAA has $1 trillion in combined assets under management with holdings in more than 50 countries (as of 31 December 2017). These target date funds are all constructed using index funds. They also have other complex target date funds that have underlying active funds.

Summary and your next steps

With all these portfolios it can be hard to choose.

Which portfolio do you use and why?

Do you have any other portfolios that you want to have added?

Let me know in the comments!

Robo Advisor Performance

November 16, 2018 Leave a Comment

This page details robo advisor portfolios and their performance. Here you will find asset allocation and performance for all the robo advisor portfolios that portfolioeinstein track.

Robo Advisor Performance of Investment Portfolios

What is a robo advisor?

A robo advisor is a portfolio that is controlled by a preset algorithm. That sounds more confusing than it really is. Said in another way: A robo advisor investment portfolio has an asset allocation that is being monitored by a computer. The computer rebalances the portfolios automatically when the asset allocation changes from the planned asset allocation.

The asset allocation that the computer reacts to, has been put in place by a team of human professionals. They have told the computer: “make sure that you always maintain a 60% stock allocation and a 40% bond allocation”. The computer beeps and acknowledges. This is not different than if you told a human investment advisor to do the same. The big difference is cost. Because the capacity of the human advisor is limited by the time the advisor charges a lot more than the computer which has an unlimited capacity at its disposal.

What’s so special about robo advisors?

The robo advisors have been dated to around 2008 with the launch of Betterment. Since then many more has surfaced. In addition, the services the robo advisors offer has also expanded. Now they include:

Profiling your risk levels
Recommending an investment portfolio suited for your risk
Automatic rebalancing
Tax-harvesting (selling losing positions and buying them again shortly thereafter to minimize capital gains tax)
A well-diversified investment portfolio
Very easy to deposit funds and have them invested
A beautiful platform from which to follow your investing portfolio.

Robo advisors charge a fee for doing all of this. You can do all of the above yourself, however, thereby decreasing your expenses and increasing your returns. At portfolioeinstein.com you can see exactly what is under the hood of the robo advisors portfolios. You can see how well they have done and benchmark them against other portfolios. Portfolioeinstein.com is tracking 4 robo advisor performance investment portfolios: Betterment and WealthFront.,WiseBanyan and WealthSimple

Robo advisor companies

We track the robo advisor performance of the following robo advisors:

Here are the robo advisor performance in detail

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
Robo Advisor Betterment 100	6	-10.24%	10.45%	8.89%	5 - very high risk	0.92	$128,734.87
Robo Advisor Betterment 80	10	-8.05%	9.20%	8.55%	4 - high risk	0.92	$117,253.29
Robo Advisor Betterment 60	10	-5.79%	7.93%	8.08%	3 - medium risk	0.91	$102,835.26
Robo Advisor Betterment 40	11	-3.48%	6.45%	7.39%	2 - low risk	0.87	$84,982.92
Robo Advisor Wealthfront 100	7	-9.49%	9.52%	9.23%	5 - very high risk	0.8	$141,384.10
Robo Advisor Wealthfront 80	7	-8.01%	9.89%	8.93%	5 - very high risk	0.88	$130,253.32
Robo Advisor Wealthfront 60	7	-6.80%	9.40%	8.67%	4 - high risk	0.9	$121,214.80
Robo Advisor Wealthfront 40	7	-5.45%	8.96%	8.40%	3 - medium risk	0.91	$112,287.77
Robo Advisor Betterment 90	11	-9.24%	9.81%	8.73%	5 - very high risk	0.92	$123,249.30
Robo Advisor Betterment 70	10	-7.18%	8.54%	8.34%	4 - high risk	0.92	$110,497.55
Robo Advisor Betterment 50	10	-5.13%	7.23%	7.81%	2 - low risk	0.89	$95,337.73
Robo Advisor Betterment 30	12	-2.70%	5.22%	6.76%	1 - very low risk	0.83	$71,114.48
Robo Advisor Betterment 20	12	-1.38%	4.02%	6.08%	1 - very low risk	0.74	$58,695.62
Robo Advisor Betterment 10	12	-0.05%	2.79%	5.36%	1 - very low risk	0.49	$47,911.68
Robo Advisor Betterment 0	2	1.26%	1.56%	4.62%	1 - very low risk	0.05	$38,762.57
Robo Advisor Wealthsimple Portfolio Conservative	7	-2.50%	5.68%	7.33%	1 - very low risk	0.76	$83,471.98
Robo Advisor Wealthsimple Portfolio Balanced	9	-6.11%	8.39%	8.30%	3 - medium risk	0.95	$109,381.53
Robo Advisor Wealthsimple Portfolio Growth	9	-8.68%	9.66%	8.68%	5 - very high risk	0.96	$121,340.42
Robo Advisor WiseBanyan 90% stocks	9	-8.17%	10.10%	8.26%	5 - very high risk	0.95	$108,040.45
Robo Advisor WiseBanyan 80% stocks	9	-7.34%	9.61%	8.20%	4 - high risk	0.95	$106,400.63
Robo Advisor WiseBanyan 70% stocks	9	-6.47%	9.05%	8.09%	4 - high risk	0.95	$103,035.68
Robo Advisor WiseBanyan 60% stocks	9	-5.62%	8.52%	7.95%	3 - medium risk	0.94	$99,111.63
Robo Advisor WiseBanyan 50% stocks	9	-4.76%	7.93%	7.75%	3 - medium risk	0.92	$93,863.28
Robo Advisor WiseBanyan 40% stocks	9	-3.93%	7.30%	7.53%	2 - low risk	0.89	$88,247.02
Robo Advisor WiseBanyan 30% stocks	9	-3.09%	6.58%	7.25%	2 - low risk	0.82	$81,568.12
Robo Advisor WiseBanyan 20% stocks	9	-2.06%	5.73%	6.84%	1 - very low risk	0.69	$72,861.34
Robo Advisor WiseBanyan 13% stocks	9	-0.98%	4.55%	6.24%	1 - very low risk	0.54	$61,449.77

Sample portfolio of Betterment and Wealthfront

Robo advisor Betterment 60

19.80% US Total Stock Market (VTI)
5.30% US Large Cap Value (VTV)
4.30% US Mid Cap Value (JKI)
3.60% US Small Cap Value (VIOV)
16.70% International Developed Blend (VEA)
10.30% Emerging Markets (VWO)
12.30% Total US Bond Market (BND)
5.00% TIPS (VTIP)
14.70% Non-US Bonds (BNDX)
8.00% Emerging Market Bonds (EMB / VWOB)

Sample portfolio Wealthfront

Robo advisor Wealthfront 60

19.00% US Total Stock Market (VTI)
15.00% US Large Cap Value (VTV)
11.00% REITs (VNQ)
16.00% International Developed Blend (VEA)
12.00% Emerging Markets (VWO)
19.00% Corporate Bonds (LQD)
8.00% Emerging Market Bonds (EMB / VWOB)

The robo advisory firm came late to the robo advisory party but have enjoyed an immense amount of success. One of the giant of the investment world, Burton Malkiel, author of A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, is the Chief Investment Officer at Wealthfront. Charles Ellis, another investing giant, and author of Winning the Loser’s Game, Timeless Strategies for Successful Investing is on the advisory board. If you want to gain a greater insight into the robo advisory phenomenon I recommend picking up FinTech Innovation: From Robo-Advisors to Goal-Based Investing and Gamification. Asset allocation for all other robo advisor portfolios is here.

Sample portfolio WiseBanyan

Robo Advisor WiseBanyan 70% stocks

40.30% US Total Stock Market (VTI)
3.10% REITs (Real Estate) (VNQ)
21.90% Int. Developed Blend (VEA)
5.00% Emerging Markets (VWO)
7.90% Intermediate-Term Treasury (VGIT)
8.80% Corporate Bonds (LQD)
3.40% Short-Term Investment Grade (VCSH)
3.30% High Yield Corporate Bonds (HYG)
6.30% TIPS (VTIP)

WiseBanyan is a relative newcomer to the robo advisor space. Established in 2013. They are the only (so far) fee-based robo advisor. This means you don’t pay anything to have your money managed. That’s pretty amazing. Their portfolios are simple and easy to understand without any special asset classes in contrast to Betterment and Wealthfront. Wealthfront, for example, uses emerging market bonds. For a comparison of robo advisors, you should check out our overview Robo Advisor Performance.

Sample portfolio WealthSimple

Robo Advisor WealthSimple Portfolio Balanced

30.57% US Total Stock Market (VTI)
4.59% Emerging Markets (VWO)
3.86% Pacific Stocks (VPL)
17.90% European Stocks (VGK)
11.40% Intermediate-Term Treasury (VGIT)
0.99% Cash (money market fund) (BIL)
22.35% Corporate Bonds (LQD)
4.17% High Dividend Yield (VYM)
4.17% Emerging Market Bonds (VWOB)

WealthSimple is a UK based robo advisor with £1.5 Billion under management. Their portfolio is heavily over weighted towards UK equites and UK gilts (bonds). I have no data on UK gilt (government nor corporate) so the portfolio on site is what I call a “US Edition”. I swapped the asset allocation around so all UK stocks and bonds now are US stocks and bonds. Then I swapped WealthSimple’s allocation to US stocks to European stocks. It’s not perfect and will be remedied in the future when I get return data for UK gilts – I already have for UK stocks.

I need your help – can you help?

We are building the largest collection of portfolios on the web and we need YOUR help! Write in the comments any portfolios we have missed or that you would like to see benchmarked, that would help immensely! Thank you! And don’t forget to sign up for our newsletter for more portfolios, tips, and tricks on how to get more money from your portfolio.

Target Date Fund Portfolios

November 8, 2018 Leave a Comment

This page details target date fund portfolios. Here you will find asset allocation and performance for all the target date fund portfolios that portfolioeinstein track.

Target Date Fund Portfolios

What is a target date fund (TDF)?

A target date fund portfolio is a portfolio that adjusts the stocks/bond ratio as you get closer to retirement. In a one-fund solution, this happens automatically. You can get the one-fund solution from all of the reputable providers. The target date funds are the funds that currently receives the most inflows. Around 30% of all fund inflows that Vanguard receives are directed towards their target date funds.

If you are doing it yourself you need to do the rebalancing yourself. The data below will give you an indication of how well the target date funds from various providers have done in the past.

We are tracking target date funds from 10 funds families and investment authorities.

Which target date funds are tracked

Target date fund families and target date fund portfolios by investment authorities. So far we have data from target date fund portfolios from the following fund families (target date fund providers), and investment authorities:

Here are the target date fund portfolios in detail

Target Date Portfolios Performance

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
7Twelve Portfolio	12	-5.94%	6.61%	7.57%	3 - medium risk	0.79	$89,255.65
Paul Merriman Target Date Portfolio (25 year old)	4	-14.91%	11.77%	10.66%	5 - very high risk	0.78	$208,879.80
Paul Merriman Target Date Portfolio (35 year old)	11	-14.34%	11.73%	10.50%	5 - very high risk	0.79	$199,704.11
Paul Merriman Target Date Portfolio (45 year old)	14	-12.38%	11.09%	10.00%	5 - very high risk	0.82	$174,635.70
Paul Merriman Target Date Portfolio (55 year old)	14	-8.98%	9.54%	9.10%	3 - medium risk	0.85	$136,442.55
Paul Merriman Target Date Portfolio (65 year old)	14	-5.25%	7.13%	7.96%	2 - low risk	0.84	$99,510.95
iShares Lifepath Fund	7	-3.59%	6.56%	7.21%	2 - low risk	0.92	$80,698.80
iShares LifePath Index 2060 Fund (25 year old)	5	-7.97%	10.75%	8.39%	5 - very high risk	0.95	$112,270.53
iShares LifePath Index 2050 Fund (35 year old)	6	-7.93%	10.76%	8.40%	5 - very high risk	0.95	$112,567.78
iShares LifePath Index 2040 Fund (45 year old)	7	-7.16%	10.11%	8.29%	5 - very high risk	0.96	$109,036.34
iShares LifePath Index 2030 Fund (55 year old)	7	-5.75%	8.72%	7.93%	3 - medium risk	0.96	$98,750.68
Fidelity Freedom Index 2030 (55 year old)	6	-6.13%	9.10%	7.99%	4 - high risk	0.98	$100,246.61
Fidelity Freedom Index 2040 (45 year old)	5	-7.30%	10.22%	8.20%	5 - very high risk	0.97	$106,498.52
Fidelity Freedom Index 2050 (35 year old)	5	-7.30%	10.22%	8.20%	5 - very high risk	0.97	$106,498.52
Fidelity Freedom Index 2060 (25 year old and younger)	5	-7.30%	10.22%	8.20%	5 - very high risk	0.97	$106,498.52
Vanguard Target Retirement 2030 (55 year old)	4	-6.03%	8.56%	7.59%	3 - medium risk	0.96	$89,870.99
Vanguard Target Retirement 2040 (45 year old)	4	-7.47%	9.54%	7.76%	4 - high risk	0.96	$94,018.21
Vanguard Target Retirement 2050 (35 year old)	4	-7.95%	9.85%	7.78%	5 - very high risk	0.96	$94,771.32
Vanguard Target Retirement 2060 (25 year old)	4	-7.97%	9.84%	7.78%	5 - very high risk	0.95	$94,566.58
Schwab Target Date Fund 2030 (55 year old)	8	-5.49%	8.60%	8.03%	3 - medium risk	0.96	$101,528.93
Schwab Target Date Fund 2040 (45 year old)	8	-6.93%	9.71%	8.41%	4 - high risk	0.96	$112,877.40
Schwab Target Date Fund 2050 (35 year old)	8	-7.68%	10.25%	8.57%	5 - very high risk	0.95	$117,912.78
Schwab Target Date Fund 2060 (25 year old)	7	-8.12%	10.59%	8.67%	5 - very high risk	0.95	$121,276.86
Morningstar Lifetime Allocation Index Aggressive, 2060	18	-9.92%	9.90%	8.69%	5 - very high risk	0.91	$121,837.52
Morningstar Lifetime Allocation Index Aggressive, 2050	18	-9.68%	10.07%	8.74%	5 - very high risk	0.92	$123,631.03
Morningstar Lifetime Allocation Index Aggressive, 2040	18	-9.34%	10.17%	8.79%	5 - very high risk	0.93	$125,053.25
Morningstar Lifetime Allocation Index Aggressive, 2030	18	-8.05%	9.58%	8.64%	4 - high risk	0.94	$120,145.92
Morningstar Lifetime Allocation Index Aggressive, Income	18	-4.27%	6.95%	7.62%	2 - low risk	0.91	$90,425.62
Morningstar Lifetime Allocation Index Moderate, 2060	18	-9.43%	9.70%	8.67%	5 - very high risk	0.92	$121,094.82
Morningstar Lifetime Allocation Index Moderate, 2050	18	-9.16%	9.82%	8.70%	5 - very high risk	0.93	$122,307.82
Morningstar Lifetime Allocation Index Moderate, 2040	18	-8.40%	9.59%	8.65%	5 - very high risk	0.94	$120,477.91
Morningstar Lifetime Allocation Index Moderate, 2030	18	-6.38%	8.34%	8.24%	3 - medium risk	0.94	$107,427.03
Morningstar Lifetime Allocation Index Moderate, Income	18	-3.29%	5.96%	7.16%	2 - low risk	0.85	$79,623.70
Morningstar Lifetime Allocation Index Conservative, 2060	18	-8.48%	9.37%	8.60%	4 - high risk	0.92	$118,850.00
Morningstar Lifetime Allocation Index Conservative, 2050	18	-8.01%	9.27%	8.57%	4 - high risk	0.93	$117,838.75
Morningstar Lifetime Allocation Index Conservative, 2040	18	-6.43%	8.35%	8.25%	3 - medium risk	0.94	$107,858.87
Morningstar Lifetime Allocation Index Conservative, 2030	18	-4.26%	6.78%	7.59%	2 - low risk	0.91	$89,725.31
Morningstar Lifetime Allocation Index Conservative, Income	18	-2.21%	4.85%	6.60%	1 - very low risk	0.68	$68,098.57
Burton Malkiel Portfolio, Mid-Twenties	8	-7.58%	9.76%	9.01%	5 - very high risk	0.9	$133,157.53
Burton Malkiel Portfolio, Late Thirties to Early Forties	8	-7.14%	9.71%	9.06%	4 - high risk	0.91	$134,960.30
Burton Malkiel Portfolio, Mid-Fifties	8	-6.36%	9.53%	9.06%	4 - high risk	0.91	$135,001.91
Burton Malkiel Portfolio, Late Sixties and Beyond	8	-4.94%	8.98%	8.83%	4 - high risk	0.91	$126,498.47
Dimensional 2030 Target Date Retirement Income Fund	8	-5.13%	7.39%	7.35%	3 - medium risk	0.93	$83,928.30
Dimensional 2040 Target Date Retirement Income Fund	7	-6.89%	9.12%	7.69%	4 - high risk	0.96	$92,411.83
Dimensional 2050 Target Date Retirement Income Fund	7	-8.03%	10.30%	8.33%	5 - very high risk	0.96	$110,277.76
Dimensional 2060 Target Date Retirement Income Fund	7	-8.03%	10.30%	8.33%	5 - very high risk	0.96	$110,277.76
Dimensional Retirement Income Fund	7	-1.84%	4.28%	5.50%	1 - very low risk	0.7	$49,881.16
7-Twelve Portfolio Age Based 50-60 by Craig Israelsen	12	-4.39%	5.40%	6.73%	2 - low risk	0.79	$70,557.65
7-Twelve Portfolio Age Based 60-70 by Craig Israelsen	12	-2.84%	4.18%	5.85%	2 - low risk	0.78	$55,058.12
7-Twelve Portfolio Age Based 70 Plus by Craig Israelsen	12	-1.30%	2.92%	4.93%	1 - very low risk	0.74	$42,365.62
TIAA-CREF Lifecycle 2030	6	-5.56%	8.97%	8.30%	3 - medium risk	0.97	$109,386.11
TIAA-CREF Lifecycle 2040	4	-6.85%	10.21%	8.65%	4 - high risk	0.97	$120,538.59
TIAA-CREF Lifecycle 2050	4	-7.37%	10.71%	8.77%	5 - very high risk	0.97	$124,411.43
TIAA-CREF Lifecycle 2060	4	-7.57%	10.88%	8.81%	5 - very high risk	0.97	$125,752.82
TIAA-CREF Lifecycle Index Retirement Income	6	-3.28%	6.50%	7.35%	2 - low risk	0.92	$83,980.01
Goldman Sachs Target Date 2055 Portfolio	10	-8.03%	10.09%	8.48%	5 - very high risk	0.94	$114,954.25
Goldman Sachs Target Date 2045 Portfolio	12	-7.59%	9.88%	8.46%	4 - high risk	0.94	$114,466.39
Goldman Sachs Target Date 2035 Portfolio	12	-5.90%	8.72%	8.07%	3 - medium risk	0.94	$102,602.09
Goldman Sachs Target Date 2025 Portfolio	13	-4.25%	7.68%	7.62%	2 - low risk	0.91	$90,512.98

You can find extended data, such as risk measurements and additional return periods of the portfolios over here.

Asset allocation for each portfolio is here.

If you need a primer on what target-date funds are we have an article describing that: What Is The Best Target Date Fund?

I need your help – can you help?

We are building the largest collection of portfolios on the web and I need YOUR help! Write in the comments any portfolios we have missed or that you would like to see benchmarked, that would help immensely!

Thank you!

And don’t forget to sign up for our newsletter for more portfolios, tips, and tricks on how to get more money from your portfolio.

Lazy Portfolios

November 2, 2018 Leave a Comment

Here are the lazy portfolios that portfolioeinstein.com track. A lazy portfolio is a portfolio that gives you a hands-off approach to investing for long periods of time. At most, they require a yearly rebalancing and nothing else.

Lazy Portfolios

Lazy Portfolios Performance

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
David Swensen's Portfolio	6	-5.77%	8.86%	8.55%	3 - medium risk	0.89	$117,264.69
Bill Schultheis Coffeehouse Portfolio	7	-5.29%	8.48%	8.29%	2 - low risk	0.9	$108,918.59
Ted Aronson Family Taxable Portfolio	11	-7.66%	9.14%	8.36%	3 - medium risk	0.89	$111,316.36
Allan Roth Second Grader High Risk Portfolio	3	-7.50%	10.23%	8.10%	5 - very high risk	0.97	$103,558.43
Scott Burns Margaritaville	3	-7.04%	7.95%	7.24%	4 - high risk	0.92	$81,473.03
William Bernstein No Brainer Portfolio	4	-6.76%	8.68%	7.68%	4 - high risk	0.95	$91,983.79
William Bernstein Cowards Portfolio	9	-4.88%	7.38%	7.88%	2 - low risk	0.93	$97,354.23
Paul Merriman FundAdvice Ultimate Buy and Hold	13	-7.18%	7.37%	7.95%	3 - medium risk	0.83	$99,272.22

You can find all the extended data, such as risk measurements and additional return periods of the portfolios over here.

Asset allocation for lazy portfolios

David Swensen’s Portfolio

30.00% US Total Stock Market (VTI)
20.00% REITs (VNQ)
5.00% Emerging Markets (VWO)
15.00% International All-World ex-US (VEU)
15.00% Intermediate-Term Treasuries (VGIT)
15.00% TIPS (VTIP)

Check out the article David Swensen Portfolio: Asset Allocation With A Punch to get a closer look.

Bill Schultheis’ “Coffeehouse” Portfolio

10.00% US Large Cap Value (VTV)
10.00% US Large Cap (VV)
10.00% US Small Cap Value (VIOV)
10.00% US Small Cap (VIOO)
10.00% REITs (VNQ)
10.00% International All-World ex-US (VEU)
40.00% Total US Bond Market (BND)

Our article Bill Schultheis: Coffeehouse Portfolio: Relax And Get On With Your Life Portfolio? explains why this is a great portfolio.

Ted Aronson Family Taxable Portfolio

5.00% US Total Stock Market (VTI)
15.00% US Large Cap (VV)
5.00% US Small Cap Value (VIOV)
10.00% US Small Cap (VIOO)
5.00% US Small Cap Growth (IJT)
10.00% Emerging Markets (VWO)
15.00% Pacific Stocks (VPL)
5.00% European Stocks (VGK)
10.00% Long Term Treasuries (TLT)
5.00% High Yield Corporate Bonds (HYG / JNK)
15.00% TIPS (VTIP)

Ted Aronson and his AJO Partners manage about $25 billion of institutional assets. Aronson puts his family’s taxable money in this well-diversified portfolio of no-load index funds.

Allan Roth Second Grader High-Risk Portfolio

60.00% US Total Stock Market (VTI)
30.00% International All-World ex-US (VEU)
10.00% Total US Bond Market (BND)

We have profiled all of Allan Roth’s portfolios over at Allan Roth Second Grader Portfolio: Beating The Hell Outa Wall Street?

Scott Burns Margaritaville

33.33% US Total Stock Market (VTI)
33.33% International All-World ex-US (VEU)
33.33% TIPS (VTIP)

Be sure to check out our page on Scott Burns’ portfolios over at The Couch Potato Portfolio: Two Fund Supremacy?

William Bernstein’s No Brainer Portfolio

25.00% US Large Cap (VV)
25.00% US Small Cap (VIOO)
25.00% International All-World ex-US (VEU)
25.00% Short Term Treasuries (VGSH)

William Bernstein, a former doctor, investment consultant and an all around good guy in the investing world has presented a host of portfolios through his career. His book, The Four Pillars of Investing: Lessons for Building a Winning Portfolio is required reading on investing. His investing philosophy is broad diversification, common sense and with a realistic expectation of future returns. Other books that come highly recommended are Rational Expectations: Asset Allocation for Investing Adults and The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk.

William Bernstein’s Cowards Portfolio

10.00% US Large Cap Value (VTV)
15.00% US Large Cap (VV)
10.00% US Small Cap Value (VIOV)
5.00% US Small Cap (VIOO)
5.00% REITs (VNQ)
5.00% Emerging Markets (VWO)
5.00% Pacific Stocks (VPL)
5.00% European Stocks (VGK)
40.00% Short Term Treasuries (VGSH)

Paul Merriman’s FundAdvice Ultimate Buy and Hold

6.00% US Large Cap Value (VTV)
6.00% US Large Cap (VV)
6.00% US Small Cap Value (VIOV)
6.00% US Small Cap (VIOO)
6.00% REITs (VNQ)
6.00% Emerging Markets (VWO)
6.00% International All-World ex-US (VEU)
6.00% International Large Cap Value (EFV)
6.00% International Small Cap Blend (VSS)
20.00% Intermediate-Term Treasuries (VGIT)
12.00% Short Term Treasuries (VGSH)
8.00% TIPS (VTIP)
6.00% International Small Cap Value (DLS)

We also have a specific page for all of Paul Merriman’s portfolio. Check it out at Paul Merriman Portfolios: Unbiased Outperformance.

If you need a primer on what lazy portfolios are you can read our post on lazy portfolios 5 Reasons Why A Lazy Portfolio Is Right For You.

Alternatives to lazy portfolios

The lazy portfolios are a varied bunch but if you want some great performance coupled with ease then be sure to also include 2 more groups of portfolios into your consideration. The first group is the 3 fund portfolio. The second is the many 4-fund portfolios by Rick Ferri.

Conclusion

Which portfolio do you use?

After having read up on the lazy portfolios I encourage you to find other great portfolios right here on portfolioeinstein.com.

If you have suggestions to new portfolios be sure to add them in comments or reach out to me.

I would love hearing from you!

5 Reasons Why A Lazy Portfolio Is Right For You

October 19, 2018 Leave a Comment

Are you looking for a well-rounded simple portfolio that has good returns? The lazy portfolios can help you. Here are 5 extremely good reasons why you should use a lazy portfolio.

If you’re new to investing and want a true, tried and tested portfolio, look no further! These lazy portfolios promise to give you a mostly hands-off approach to investing. They offer a lot more than easy, however. Dive in to know the 5 extremely good reasons why you should use a lazy portfolio.

5 Reasons Why A Lazy Portfolio Is Right For You

These are the lazy portfolios with returns and risk

A lazy portfolio is just a portfolio that gives you a hands-off approach to investing for long periods of time. At most they require a yearly rebalance and nothing else.

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
David Swensen's Portfolio	6	-5.77%	8.86%	8.55%	3 - medium risk	0.89	$117,264.69
Bill Schultheis Coffeehouse Portfolio	7	-5.29%	8.48%	8.29%	2 - low risk	0.9	$108,918.59
Ted Aronson Family Taxable Portfolio	11	-7.66%	9.14%	8.36%	3 - medium risk	0.89	$111,316.36
Allan Roth Second Grader High Risk Portfolio	3	-7.50%	10.23%	8.10%	5 - very high risk	0.97	$103,558.43
Scott Burns Margaritaville	3	-7.04%	7.95%	7.24%	4 - high risk	0.92	$81,473.03
William Bernstein No Brainer Portfolio	4	-6.76%	8.68%	7.68%	4 - high risk	0.95	$91,983.79
William Bernstein Cowards Portfolio	9	-4.88%	7.38%	7.88%	2 - low risk	0.93	$97,354.23
Paul Merriman FundAdvice Ultimate Buy and Hold	13	-7.18%	7.37%	7.95%	3 - medium risk	0.83	$99,272.22

The end dollar value assumes a $10,000 lump sum investment in 1989.

Lazy portfolio 1 – 2 fund portfolio (Balanced Portfolio 70/30)

80.00% US Total Stock Market (VTI)
30.00% Total US Bond Market (BND)

The balanced portfolios consisting of two asset classes, stocks and bonds are the simplest portfolios to implement. What they lack in flair and sexiness they make up for in simple effectiveness. They can be modeled to almost any risk level. John Bogle, the supreme hero of the investing world, recommends that you hold a total stock market fund and a total bond fund. The percentage of bonds should equal your age, so a 50-year-old should hold 50% VTI and 50% BND.

Lazy portfolio 2 – David Swensen’s Portfolio

30.00% US Total Stock Market (VTI)
20.00% REITs (VNQ)
5.00% Emerging Markets (VWO)
15.00% International All-World ex-US (VEU)
15.00% Intermediate-Term Treasuries (VGIT)
15.00% TIPS (VTIP)

David Swensen of the Yale Endowment fund sets forth the portfolio in his book Unconventional Success: A Fundamental Approach to Personal Investment. David Swensen is truly one of the good guys in investing advocating fiduciary principles, low-cost index investing and being humble about one’s knowledge.

Lazy portfolio 3 – William Bernstein’s Cowards Portfolio

10.00% US Large Cap Value (VTV)
15.00% US Large Cap (VV)
10.00% US Small Cap Value (VIOV)
5.00% US Small Cap (VIOO)
5.00% REITs (VNQ)
5.00% Emerging Markets (VWO)
5.00% Pacific Stocks (VPL)
5.00% European Stocks (VGK)
40.00% Short Term Treasuries (VGSH)

Lazy portfolio 4 – William Bernstein’s No Brainer Portfolio

25.00% US Large Cap (VV)
25.00% US Small Cap (VIOO)
25.00% International All-World ex-US (VEU)
25.00% Short Term Treasuries (VGSH)

William Bernstein, a former doctor, investment consultant and an all around good guy in the investing world has presented a host of portfolios through his career. His book, The Four Pillars of Investing: Lessons for Building a Winning Portfolio is required reading on investing. His investing philosophy is broad diversification, common sense and with a realistic expectation of future returns. Other books that are highly recommended are Rational Expectations: Asset Allocation for Investing Adults and The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk.

Lazy portfolio 5 – Bill Schultheis’ “Coffeehouse” Portfolio

10.00% US Large Cap Value (VTV)
10.00% US Large Cap (VV)
10.00% US Small Cap Value (VIOV)
10.00% US Small Cap (VIOO)
10.00% REITs (VNQ)
10.00% International All-World ex-US (VEU)
40.00% Total US Bond Market (BND)

The very famous Coffeehouse portfolio is categorized as a Lazy Portfolio due to its ease in its implementation and maintenance. It is featured in the book. Bill Schultheis have a beautiful website. Check out his book by the same title The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On with Your Life.

Lazy portfolio 6 – Frank Armstrong Ideal Index Portfolio

9.25% US Large Cap Value (VTV)
6.25% US Large Cap (VV)
9.25% US Small Cap Value (VIOV)
6.25% US Small Cap Growth (IJT)
8.00% REITs (VNQ)
31.00% International All-World ex-US (VEU)
30.00% Short Term Treasuries (VGSH)

Frank Armstrong is the author of The Informed Investor: A Hype-Free Guide to Constructing a Sound Financial Portfolio. In his book, he presents a the Ideal Index Portfolio. Frank Armstrong’s portfolio is tilted towards small-cap and value stocks.

Lazy portfolio 7 – Scott Burns Margaritaville

33.33% US Total Stock Market (VTI)
33.33% International All-World ex-US (VEU)
33.33% TIPS (VTIP)

Scott Burns, author of Spend ‘Til the End: The Revolutionary Guide to Raising Your Living Standard is a newspaper columnist and author who has covered personal finance and investments for over 30 years. He is known for creating the “Couch Potato Portfolio” investment strategy. In addition to the now-famous couch potato portfolio, he suggests 9 other portfolios on his AssetBuilder asset manager site. The 9 portfolios have a hierarchical nature to them each adding another asset class.

We highlighted the Couch Potato portfolio in the article The Couch Potato Portfolio; Two Fund Supremacy?

The Couch Potato portfolio is the “little brother” of Margaritaville.

Now for the reasons why you should invest in a lazy portfolio!

# 1 reason why you should use a lazy portfolio – it’s easy

Investing is not hard. Not anymore. And certainly not with ready to portfolios like we offer here on portfolioeinstein.com.

Using a lazy portfolio makes it even easier. They have few asset classes and you can quickly get an overview of the portfolio.

There is some merit in making your portfolio complex. Complexity comes at a cost however and may not be desirable.

The lazy portfolios do not contain any special asset classes so in that regard they are also easy to understand. The laziest of them all has just 2 assets classes! Stocks and bonds – the 2 fund solution. Now that’s easy!

# 2 reason why you should use a lazy portfolio – they offer good returns vs. risk

As you can see from the table above all the lazy portfolios offer a respectable return. To be sure you can get a higher return. See here for which portfolios have done better in the past.

But the higher returns also come with a cost in the form of a higher risk. You would have suffered a 37% drawdown in 2009 holding the S&P500 but you would only have suffered 20-28% with a lazy portfolio.

Take another look at the 2 funds lazy portfolio. It is the most simple and still has the highest performance! Now that’s lazy for you!

# 3 reason why you should use a lazy portfolio – they’re made by known professionals

All of the portfolios above are tied to some of the most respectable people in the investing industry.

David Swensen is chief investment officer at the Yale endowment fund and offered his portfolio in David Swensen – Unconventional Success: A Fundamental Approach to Personal Investment.

The two fund portfolio is offered by supreme investing hero John Bogle in his many books. One of them is a must-read – The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns.

William Bernstein of the two lazy portfolios Cowards portfolio and the No-brainer is also one of the good guys in investing. His book William Bernstein: The Four Pillars of Investing: Lessons for Building a Winning Portfolio is required reading for any investor.

Bill Schultheis is a well know author and investment advisor. His portfolio comes from his fabulous book The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On with Your Life and his website.

Frank Armstrong’s Ideal Index portfolio is offered by Frank Armstrong in his book The Informed Investor: A Hype-Free Guide to Constructing a Sound Financial Portfolio.

Scott Burns, author of Spend ‘Til the End: The Revolutionary Guide to Raising Your Living Standard is a newspaper columnist and author who has covered personal finance and investments for over 30 years. He is known for creating the “Couch Potato Portfolio” investment strategy. In addition to the now-famous couch potato portfolio, he suggests 9 other portfolios on his AssetBuilder asset manager site. The 9 portfolios have a hierarchical nature to them each adding another asset class.

# 4 reason why you should use a lazy portfolio – they are proven and tested

All of the lazy portfolios have stood the test of time. They have survived the out-of-sample test. Meaning that they have proved viable after their initial construction, thereby excusing them of backtest bias or data snooping.

These lazy portfolios are portfolios that will serve you well for many years to come

# 5 reason why you should use a lazy portfolio – it keeps you from doing stupid things

We are investors.

But we are human. We are subject to a host of biases when it comes to investing and money.

Some of them include:

Recency bias. We tend to attribute more importance to recent events (like recent stock returns). But recent data may not and certainly is not in investing representative of the long-term performance of investing.
Overconfidence bias. We simply think that we are better than we are.
Information bias. Information bias is a cognitive bias to seek information when it does not affect action. People can often make better predictions or choices with less information: more information is not always better.

There are many more biases and most of them are detailed fantastically by Jason Zweig in his fabulous book Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich.

We are all affected by biases and they help us navigate the world. They are one of the reasons why so many active managers repeatedly, continuously and consistently fail to beat the market.

James Montier has also written 2 great books on behavioral investing, one is The Little Book of Behavioral Investing: How not to be your own worst enemy and the other and more in-depth is Behavioural Investing: A Practitioner’s Guide to Applying Behavioural Finance.

If you are concerned with managing your own personality or even know that you are prone to making dumb things with your money, know that you are not alone! The lazy portfolios can help you with this, however. Allocate money to one of the portfolios and stick with it and you will dodge all those nasty biases!

If you want to go to the source of the discovery and documentation of the human bias I recommend Nobel laureate Daniel Kahneman’s undisputed authority on bias’s Thinking, Fast and Slow and if you are eager for more why not also read another Nobel laureate who helped shape the field of behavioral finance, Richard Thaler’s Misbehaving: The Making of Behavioral Economics.

Alternatives to lazy portfolios

So you’re intrigued but not convinced of the benefits of the lazy portfolio?

There are many alternatives to a lazy portfolio.

Remember, a lazy portfolio is really just a portfolio with a hands-off approach. As such most portfolios on portfolioeinstein are lazy portfolios. The hardest part (which isn’t so hard) is buying the ETFs or mutual funds.

Go here to see all the portfolios on portfolioeinstein.com and here to see the allocations.

If you need help with rebalancing we got you covered with this cheat-sheet so you can rebalance every year and get it just right!

Other than that we recommend looking at the many one-fund solutions that will get you a well-diversified portfolio in one fund. Target-date funds are an example of this. The article What Is The Best Target Date Fund? will help you here. iShares also has one-fund ETFs: AOR, AOM, AOA, AOK.

Should you have a lazy portfolio?

By now you can answer this question. Only you can answer it, however.

Here are some questions to make your choice easier:

Do you want an easy investment portfolio?
Do you want an easy to maintain an investment portfolio?
Do you want a great overview?
Do you want less risk but also less return?

Summary and next steps

Listen, I know investing can be hard. It can be hard to grasp all the details and technical terms. That’s why I made portfolioeinstein.com and why I wrote this article.

Lazy portfolios offer an easy solution to the complicated question of investing. Lazy portfolios offer good returns with low risk. They are made by reputable well knows members of the investing community.

If you’re just starting out or has become disillusioned by the financial industry then go with a lazy portfolio.

Don’t miss our next great tip on how you can get more money from your portfolio.

What Is The Best Target Date Fund?

October 4, 2018 Leave a Comment

The best target date fund (TDA) can be a hard choice. You have 10 to 60 years of savings in front of you so you absolutely need to pick the right target date fund. You only get one shot at retirement so picking the right fund means retiring in style instead of looking over your shoulder for bill collectors!

What Is The Best Target Date Fund?

Updated with 2018 returns.

Why you need a target date fund

Target date funds offer an easy way to manage your money. Investment companies offer them often as a 1-fund-solution. The date mentioned in the fund is the date (year) in the future where you are planning to retire. Let us take the example of Vanguard. Their 2050 target date fund is called: Vanguard Target Retirement 2050 Fund. This means that if you are planning to retire at 65 years old in the year 2050 you should buy this fund.

All target date funds have one characteristic feature. They all make use of a glide path to guide the asset allocation within the fund. All target date funds make use of two main components in order to build their assets allocation and the glide path. The two components are risky assets and safe assets. These two components can be broken down into individual asset classes.

The risky assets include the following asset classes:

Equities (stocks) (large-cap, small-cap, value, growth etc.)
High yield bonds
REITs
Private equity
Emerging market bonds
Commodities

The safe assets include the following asset classes:

Government bonds (from developed economies)
High-grade bonds (investment grade corporate bonds)
Cash (money market accounts)
Municipal bonds
TIPS

The glide path determines the ratio of risky assets to safe assets in the fund. The longer you have until retirement the more risky assets should be in your portfolio. For example, if you plan on retiring in 2060 you will have many risky assets in your portfolio (at least 90 % will be in risky assets). They offer the best returns over long periods but are more volatile. On the other hand, if you plan on retirement in 2030 you will have less in risky assets and more in safe assets (maybe closer to 50% in each).

Now here is the smart thing about target-date funds: They all balance their ratio of a risky and safe asset for each year you grow closer to retirement. You don’t have to do a thing, it all happens automatically. This is the glide path feature.

Source: JPMorgan

Now that you know what a target date fund is, let us have a look at the contenders for the best target date fund.

These are the best target date fund, contenders

Below are the contending portfolios. The list includes both individual funds from fund companies and portfolios using a glide path approach. The difference is that at a mutual fund company you can buy one fund and be done (the 1-fund-solution). In the DIY portfolios, you need to maintain the portfolio yourself and rebalance every year. This is not any different or any more difficult than a standard rebalancing. We have a post and a spreadsheet describing it.

Vanguard Target Date Funds (1 fund solution)
Paul Merriman’s Target Date Portfolios (DIY portfolio)
iShares LifePath Index Funds (1 fund solution)
Fidelity Freedom Index Funds (1 fund solution)
Schwab Target Date Funds (1 fund solution)
Morningstar Lifetime Indices (DIY portfolio)
Dimensional 2030 Target Date Retirement Income Fund (1 fund solution)
TIAA-CREF Lifecycle Funds (1 fund solution)

Our methodology

The basis for our measurement is the portfolios that are tracked by portfolioeinstein.com. As per 13/09/2018, we are tracking 235 portfolios. All the portfolios are buy-and-hold and assume a lump sum investing in 1989 along with yearly rebalances.

The years tracked are from 1989 to 2018.

We are only looking at the compound annual growth rate of the investments (CAGR). This is the standard way of measuring returns of investments on portfolios. CAGR takes interest-on-interest into account.

For example, $1 earning 10 percent interest this year would be worth $1.10 by the end of the year. ($1 times 1.1) Next year the $1.10 grows to $1.21. ($1.1 times 1.1). In ten years that $1 grows to $2.5. This is the compounding effect in action.

All the portfolios are using the same data. Here are the sources for the data.

The individual target date funds all list their asset allocations on their web pages. These are benchmarked against our historical asset class database.

The funds all start in 1989 with an initial $10,000 investment.

The best target date fund

We are listing 4 target dates and compare the portfolios. The 4 target dates are:

2060 (25 years old)
2050 (35 years old)
2040 (45 years old)
2030 (55 years old)

Here are the results grouped by target date:

2060 Target Date Retirement Portfolios

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
Paul Merriman Target Date Portfolio (25 year old)	4	-14.91%	11.77%	10.66%	5 - very high risk	0.78	$208,879.80
iShares LifePath Index 2060 Fund (25 year old)	5	-7.97%	10.75%	8.39%	5 - very high risk	0.95	$112,270.53
Fidelity Freedom Index 2060 (25 year old and younger)	5	-7.30%	10.22%	8.20%	5 - very high risk	0.97	$106,498.52
Vanguard Target Retirement 2060 (25 year old)	4	-7.97%	9.84%	7.78%	5 - very high risk	0.95	$94,566.58
Schwab Target Date Fund 2060 (25 year old)	7	-8.12%	10.59%	8.67%	5 - very high risk	0.95	$121,276.86
Morningstar Lifetime Allocation Index Aggressive, 2060	18	-9.92%	9.90%	8.69%	5 - very high risk	0.91	$121,837.52
TIAA-CREF Lifecycle 2060	4	-7.57%	10.88%	8.81%	5 - very high risk	0.97	$125,752.82

2050 Target Date Retirement Portfolios

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
Paul Merriman Target Date Portfolio (35 year old)	11	-14.34%	11.73%	10.50%	5 - very high risk	0.79	$199,704.11
iShares LifePath Index 2050 Fund (35 year old)	6	-7.93%	10.76%	8.40%	5 - very high risk	0.95	$112,567.78
Fidelity Freedom Index 2050 (35 year old)	5	-7.30%	10.22%	8.20%	5 - very high risk	0.97	$106,498.52
Vanguard Target Retirement 2050 (35 year old)	4	-7.95%	9.85%	7.78%	5 - very high risk	0.96	$94,771.32
Morningstar Lifetime Allocation Index Aggressive, 2050	18	-9.68%	10.07%	8.74%	5 - very high risk	0.92	$123,631.03
Morningstar Lifetime Allocation Index Moderate, 2050	18	-9.16%	9.82%	8.70%	5 - very high risk	0.93	$122,307.82
Morningstar Lifetime Allocation Index Conservative, 2050	18	-8.01%	9.27%	8.57%	4 - high risk	0.93	$117,838.75
Dimensional 2050 Target Date Retirement Income Fund	7	-8.03%	10.30%	8.33%	5 - very high risk	0.96	$110,277.76
TIAA-CREF Lifecycle 2050	4	-7.37%	10.71%	8.77%	5 - very high risk	0.97	$124,411.43

2040 Target Date Retirement Portfolios

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Std	Sharpe	Drawdown	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	17.46%	0.48	-37.71%	5 - very high risk	0.99	$167,045.76
60/40 Portfolio	2	-3.20%	9.35%	8.64%	11.00%	0.57	-20.20%	2 - low risk	0.98	$120,261.40
Three Fund Portfolio (50-30-20)	3	-6.99%	9.30%	7.82%	13.95%	0.41	-30.74%	4 - high risk	0.96	$95,687.88
4 Fund Portfolio	4	-4.91%	8.14%	7.80%	10.27%	0.51	-21.47%	3 - medium risk	0.96	$95,122.94
7Twelve Portfolio	12	-5.94%	6.61%	7.57%	10.32%	0.49	-23.19%	3 - medium risk	0.79	$89,255.65
David Swensen's Portfolio	6	-5.77%	8.86%	8.55%	11.47%	0.53	-26.20%	3 - medium risk	0.89	$117,264.69
The Permanent Portfolio	4	-1.69%	5.75%	6.60%	5.66%	0.63	-3.23%	1 - very low risk	0.57	$68,075.83
Tony Robbins / Ray Dalio Portfolio	5	-3.36%	6.23%	8.00%	7.25%	0.75	-3.69%	1 - very low risk	0.6	$100,531.42
Merrimans Ultimate Portfolio	10	-12.38%	10.33%	8.75%	18.10%	0.4	-41.53%	5 - very high risk	0.83	$123,701.16
Meb Faber Ivy 5 Portfolio	5	-8.07%	6.01%	7.05%	11.71%	0.41	-31.56%	4 - high risk	0.79	$77,175.93
Meb Faber Ivy 10 Portfolio	9	-8.56%	6.25%	7.75%	13.14%	0.43	-33.41%	4 - high risk	0.73	$93,889.37
Bill Schultheis Coffeehouse Portfolio	7	-5.29%	8.48%	8.29%	10.07%	0.56	-20.21%	2 - low risk	0.9	$108,918.59
Warren Buffett Portfolio	2	-3.94%	11.83%	9.46%	15.72%	0.49	-32.65%	4 - high risk	0.99	$150,709.29
Index Fund Advisors, Portfolio 100	12	-11.16%	11.68%	10.08%	18.12%	0.47	-39.64%	5 - very high risk	0.87	$178,425.61
Index Fund Advisors, Portfolio 80	16	-8.62%	9.81%	9.27%	14.49%	0.49	-30.64%	4 - high risk	0.87	$143,039.05
Index Fund Advisors, Portfolio 60	16	-6.09%	7.85%	8.31%	10.92%	0.53	-21.64%	3 - medium risk	0.87	$109,713.66
Index Fund Advisors, Portfolio 50	16	-4.82%	6.85%	7.78%	9.18%	0.56	-17.14%	2 - low risk	0.87	$94,581.82
The Andrew Tobias Portfolio	3	-7.04%	7.95%	7.24%	12.14%	0.4	-28.09%	4 - high risk	0.92	$81,473.03
The Talmud Portfolio	3	-3.84%	9.68%	9.04%	10.79%	0.6	-24.14%	3 - medium risk	0.85	$133,974.38
Muhammad El-Erian Portfolio	8	-8.64%	6.66%	7.93%	13.20%	0.44	-31.28%	4 - high risk	0.79	$98,575.79
The Marc Faber Portfolio	6	-4.25%	7.56%	7.59%	9.22%	0.51	-16.87%	2 - low risk	0.64	$89,821.58
Ted Aronson Family Taxable Portfolio	11	-7.66%	9.14%	8.36%	13.09%	0.46	-26.53%	3 - medium risk	0.89	$111,316.36
Allan Roth Second Grader High Risk Portfolio	3	-7.50%	10.23%	8.10%	15.60%	0.4	-34.95%	5 - very high risk	0.97	$103,558.43
Allan Roth Second Grader Medium Risk Portfolio	3	-5.04%	8.06%	7.66%	10.66%	0.49	-21.61%	3 - medium risk	0.97	$91,494.37
Allan Roth Second Grader Low Portfolio	3	-2.58%	5.76%	6.90%	6.37%	0.67	-8.28%	1 - very low risk	0.87	$74,079.11
Allan Roth Second Grader Five-Fund High Risk Portfolio	5	-7.51%	10.12%	8.27%	15.12%	0.42	-35.31%	5 - very high risk	0.95	$108,524.20
Allan Roth Second Grader Five-Fund Medium Risk Portfolio	4	-5.08%	8.03%	7.68%	10.39%	0.5	-21.61%	3 - medium risk	0.96	$92,172.04
Allan Roth Second Grader Five-Fund Low Risk Portfolio	4	-2.60%	5.74%	6.91%	6.26%	0.68	-8.28%	1 - very low risk	0.86	$74,207.04
Allan Roth Second Grader High Risk with CDs Portfolio	3	-7.31%	9.93%	7.80%	15.56%	0.38	-35.24%	5 - very high risk	0.97	$95,291.75
Allan Roth Second Grader Medium Risk with CDs Portfolio	3	-4.27%	6.86%	6.48%	10.43%	0.38	-22.79%	3 - medium risk	0.97	$65,706.27
Allan Roth Second Grader Low Risk with CDs Portfolio	3	-1.24%	3.66%	4.85%	5.49%	0.38	-10.34%	1 - very low risk	0.94	$41,458.74
Frank Armstrong Ideal Index Portfolio	7	-6.86%	7.48%	7.19%	11.40%	0.41	-25.74%	3 - medium risk	0.9	$80,199.22
Scott Adams Dilbert Portfolio	2	-9.98%	10.62%	10.39%	22.70%	0.43	-44.93%	5 - very high risk	0.8	$194,183.00
Scott Burns Couch Potato	2	-3.37%	8.48%	8.29%	9.70%	0.6	-19.94%	2 - low risk	0.94	$109,009.84
Scott Burns Margaritaville	3	-7.04%	7.95%	7.24%	12.14%	0.4	-28.09%	4 - high risk	0.92	$81,473.03
Scott Burns Four Square	4	-4.57%	6.95%	6.99%	9.32%	0.46	-19.60%	2 - low risk	0.91	$75,832.27
Scott Burns Five Fold	5	-4.88%	8.00%	7.72%	9.94%	0.51	-23.09%	3 - medium risk	0.86	$93,030.88
Scott Burns Six Ways from Sunday	6	-6.92%	7.44%	8.26%	11.06%	0.53	-26.39%	3 - medium risk	0.81	$108,065.61
Scott Burns Seven Value Portfolio	7	-6.72%	8.09%	8.49%	11.57%	0.53	-27.78%	4 - high risk	0.86	$115,111.95
Scott Burns Seven Value 2 Portfolio	8	-7.43%	8.66%	8.80%	12.12%	0.53	-28.29%	4 - high risk	0.86	$125,505.84
Scott Burns Nine Emerging Portfolio	9	-8.24%	8.65%	9.15%	13.60%	0.52	-31.02%	4 - high risk	0.83	$138,106.14
Scott Burns 10 Speed Portfolio	10	-8.90%	8.34%	8.76%	13.97%	0.48	-32.31%	4 - high risk	0.84	$124,155.75
Larry Swedroe Simple Portfolio	6	-7.03%	8.09%	8.27%	11.11%	0.52	-23.85%	3 - medium risk	0.86	$108,435.35
Larry Swedroe, The Larry Portfolio 1	7	-4.33%	5.83%	7.25%	6.90%	0.64	-8.49%	1 - very low risk	0.81	$81,645.53
Larry Swedroe, The Larry Portfolio 2	3	-3.70%	4.93%	7.40%	5.60%	0.83	-3.70%	1 - very low risk	0.47	$85,141.52
Larry Swedroe, Eliminate Fat Tails Portfolio	4	-3.51%	4.87%	6.76%	8.24%	0.5	-13.59%	2 - low risk	0.68	$71,215.30
Larry Swedroe, Big Rocks Portfolio	11	-5.71%	7.35%	7.77%	10.04%	0.52	-20.68%	2 - low risk	0.9	$94,284.50
William Bernstein No Brainer Portfolio	4	-6.76%	8.68%	7.68%	12.90%	0.42	-27.63%	4 - high risk	0.95	$91,983.79
William Bernstein Cowards Portfolio	9	-4.88%	7.38%	7.88%	9.89%	0.54	-19.93%	2 - low risk	0.93	$97,354.23
William Bernstein Four Pillars High Risk Portfolio	11	-7.60%	7.74%	7.94%	12.71%	0.45	-28.32%	4 - high risk	0.88	$99,067.16
William Bernstein Four Pillars Medium Portfolio	6	-4.31%	7.60%	7.73%	9.67%	0.54	-19.65%	2 - low risk	0.96	$93,369.08
William Bernstein Four Pillars Low Risk Portfolio	4	-2.91%	6.58%	7.14%	8.31%	0.55	-15.89%	2 - low risk	0.97	$79,194.72
Rob Arnott Portfolio	8	-4.04%	5.65%	7.06%	7.30%	0.6	-14.88%	2 - low risk	0.71	$77,380.64
The Global Market Portfolio, GMP CREDIT SUISSE	8	-4.35%	7.64%	7.97%	8.76%	0.6	-15.83%	2 - low risk	0.87	$99,897.22
The Global Market Portfolio, Financial Engines 2007	15	-5.48%	8.16%	8.04%	11.30%	0.5	-23.12%	3 - medium risk	0.96	$101,637.13
Meb Faber Risk Parity Portfolio	7	-2.83%	5.28%	6.80%	6.06%	0.67	-7.82%	1 - very low risk	0.6	$71,945.61
Robo Advisor Betterment 100	6	-10.24%	10.45%	8.89%	17.77%	0.42	-40.13%	5 - very high risk	0.92	$128,734.87
Robo Advisor Betterment 80	10	-8.05%	9.20%	8.55%	14.50%	0.45	-31.68%	4 - high risk	0.92	$117,253.29
Robo Advisor Betterment 60	10	-5.79%	7.93%	8.08%	11.31%	0.5	-23.25%	3 - medium risk	0.91	$102,835.26
Robo Advisor Betterment 40	11	-3.48%	6.45%	7.39%	8.17%	0.57	-14.52%	2 - low risk	0.87	$84,982.92
Robo Advisor Wealthfront 100	7	-9.49%	9.52%	9.23%	18.09%	0.43	-39.45%	5 - very high risk	0.8	$141,384.10
Robo Advisor Wealthfront 80	7	-8.01%	9.89%	8.93%	15.49%	0.45	-36.03%	5 - very high risk	0.88	$130,253.32
Robo Advisor Wealthfront 60	7	-6.80%	9.40%	8.67%	13.43%	0.48	-31.03%	4 - high risk	0.9	$121,214.80
Robo Advisor Wealthfront 40	7	-5.45%	8.96%	8.40%	11.51%	0.52	-25.94%	3 - medium risk	0.91	$112,287.77
Gibson Five Asset Classes	6	-7.86%	6.07%	7.08%	11.92%	0.4	-32.09%	4 - high risk	0.79	$77,859.18
Harry Markowitz, Father of Modern Portfolio Theory, Portfolio	2	-2.69%	8.38%	8.26%	9.46%	0.61	-15.99%	2 - low risk	0.97	$108,052.29
Rick Ferri Early Saver Moderate Basic Portfolio	4	-5.64%	8.94%	8.08%	11.63%	0.49	-25.82%	3 - medium risk	0.96	$103,026.08
Rick Ferri Early Saver Moderate Multi Asset Portfolio	11	-7.61%	9.39%	8.90%	12.46%	0.52	-27.23%	4 - high risk	0.9	$128,912.98
Rick Ferri Midlife Moderate Basic Portfolio	4	-4.83%	8.19%	7.86%	10.16%	0.52	-21.40%	3 - medium risk	0.96	$96,757.11
Rick Ferri Midlifer Moderate Multi Asset Portfolio	11	-7.01%	8.92%	8.63%	11.41%	0.54	-24.53%	3 - medium risk	0.89	$119,738.71
Rick Ferri Transitional Moderate Basic Portfolio	5	-4.07%	7.31%	7.49%	8.78%	0.55	-17.11%	2 - low risk	0.95	$87,324.19
Rick Ferri Transitional Moderate Multi Asset Portfolio	12	-5.81%	8.25%	8.24%	10.00%	0.56	-20.84%	3 - medium risk	0.88	$107,694.17
Rick Ferri Mature Retired Saver Moderate Basic Portfolio	6	-2.84%	6.24%	7.08%	7.15%	0.62	-12.26%	1 - very low risk	0.93	$77,807.40
Rick Ferri Mature Retired Saver Moderate Multi Asset Portfolio	10	-3.33%	6.28%	7.30%	7.23%	0.64	-12.61%	2 - low risk	0.9	$82,677.75
Balanced Portfolio 10/90	2	-0.64%	4.35%	6.40%	4.97%	0.81	-2.41%	1 - very low risk	0.46	$64,395.11
Balanced Portfolio 20/80	2	-1.15%	5.38%	6.91%	5.63%	0.79	-3.37%	1 - very low risk	0.72	$74,264.67
Balanced Portfolio 30/70	2	-1.67%	6.39%	7.39%	6.70%	0.73	-7.57%	1 - very low risk	0.86	$84,899.95
Balanced Portfolio 40/60	2	-2.18%	7.39%	7.84%	8.01%	0.66	-11.78%	1 - very low risk	0.93	$96,206.80
Balanced Portfolio 50/50	2	-2.69%	8.38%	8.26%	9.46%	0.61	-15.99%	2 - low risk	0.97	$108,052.29
Balanced Portfolio 70/30	2	-3.72%	10.31%	9.00%	12.60%	0.54	-24.41%	3 - medium risk	0.99	$132,614.65
Balanced Portfolio 80/20	2	-4.23%	11.26%	9.32%	14.23%	0.51	-28.62%	4 - high risk	1	$144,847.01
Balanced Portfolio 90/10	2	-4.74%	12.20%	9.61%	15.88%	0.49	-32.83%	4 - high risk	1	$156,648.41
Index Fund Advisors, Portfolio 90	16	-9.92%	10.67%	9.60%	16.04%	0.48	-34.32%	5 - very high risk	0.87	$156,382.38
Index Fund Advisors, Portfolio 70	16	-7.35%	8.76%	8.58%	12.47%	0.5	-25.65%	3 - medium risk	0.87	$118,307.61
Index Fund Advisors, Portfolio 40	16	-3.50%	5.76%	6.81%	7.25%	0.55	-12.64%	2 - low risk	0.87	$72,087.68
Index Fund Advisors, Portfolio 30	16	-2.21%	4.71%	6.15%	5.61%	0.59	-8.31%	1 - very low risk	0.84	$59,900.62
Index Fund Advisors, Portfolio 20	16	-0.93%	3.65%	5.46%	4.13%	0.64	-3.97%	1 - very low risk	0.77	$49,276.08
Index Fund Advisors, Portfolio 10	16	0.36%	2.57%	4.74%	3.04%	0.71	-0.31%	1 - very low risk	0.53	$40,126.43
Total US Stock Market	1	-5.26%	13.13%	9.85%	17.56%	0.48	-37.07%	5 - very high risk	1	$167,666.29
The Jack Bogle Portfolio	2	-3.20%	9.35%	8.64%	11.00%	0.57	-20.20%	2 - low risk	0.98	$120,261.40
Paul Merriman Best-in-Class ETFs Portfolio (Aggressive)	12	-12.05%	10.54%	8.96%	17.24%	0.42	-38.78%	5 - very high risk	0.85	$131,206.74
Paul Merriman Best-in-Class ETFs Portfolio (Moderate)	15	-6.99%	7.48%	8.03%	10.21%	0.53	-20.03%	2 - low risk	0.85	$101,511.15
Paul Merriman Best-in-Class ETFs Portfolio (Conservative)	15	-4.45%	5.82%	7.34%	7.10%	0.64	-10.65%	1 - very low risk	0.79	$83,794.82
Paul Merriman Target Date Portfolio (25 year old)	4	-14.91%	11.77%	10.66%	18.55%	0.49	-37.29%	5 - very high risk	0.78	$208,879.80
Paul Merriman Target Date Portfolio (35 year old)	11	-14.34%	11.73%	10.50%	18.29%	0.49	-37.11%	5 - very high risk	0.79	$199,704.11
Paul Merriman Target Date Portfolio (45 year old)	14	-12.38%	11.09%	10.00%	16.58%	0.49	-34.01%	5 - very high risk	0.82	$174,635.70
Paul Merriman Target Date Portfolio (55 year old)	14	-8.98%	9.54%	9.10%	13.11%	0.52	-26.44%	3 - medium risk	0.85	$136,442.55
Paul Merriman Target Date Portfolio (65 year old)	14	-5.25%	7.13%	7.96%	8.61%	0.61	-14.68%	2 - low risk	0.84	$99,510.95
iShares Lifepath Fund	7	-3.59%	6.56%	7.21%	7.68%	0.59	-13.57%	2 - low risk	0.92	$80,698.80
iShares LifePath Index 2060 Fund (25 year old)	5	-7.97%	10.75%	8.39%	15.88%	0.42	-38.86%	5 - very high risk	0.95	$112,270.53
iShares LifePath Index 2050 Fund (35 year old)	6	-7.93%	10.76%	8.40%	15.85%	0.42	-38.79%	5 - very high risk	0.95	$112,567.78
iShares LifePath Index 2040 Fund (45 year old)	7	-7.16%	10.11%	8.29%	14.42%	0.43	-34.54%	5 - very high risk	0.96	$109,036.34
iShares LifePath Index 2030 Fund (55 year old)	7	-5.75%	8.72%	7.93%	11.62%	0.48	-26.20%	3 - medium risk	0.96	$98,750.68
iShares Model Portfolio 100% Stocks	2	-9.21%	10.28%	7.66%	17.42%	0.35	-40.07%	5 - very high risk	0.94	$91,490.15
iShares Model Portfolio 91% Stocks	3	-8.56%	9.59%	7.55%	15.91%	0.36	-36.15%	5 - very high risk	0.94	$88,696.63
iShares Model Portfolio 85% Stocks	3	-7.89%	9.30%	7.60%	14.86%	0.38	-33.34%	4 - high risk	0.95	$89,949.07
iShares Model Portfolio 80% Stocks	4	-7.39%	8.93%	7.49%	14.04%	0.38	-31.14%	4 - high risk	0.95	$87,403.88
iShares Model Portfolio 70% Stocks	4	-6.14%	8.47%	7.54%	12.32%	0.42	-26.42%	3 - medium risk	0.96	$88,449.95
iShares Model Portfolio 65% Stocks	4	-5.45%	8.27%	7.57%	11.48%	0.45	-24.02%	3 - medium risk	0.96	$89,214.11
iShares Model Portfolio 55% Stocks	4	-4.03%	7.28%	7.28%	9.25%	0.5	-17.73%	2 - low risk	0.96	$82,397.36
iShares Model Portfolio 51% Stocks	4	-4.61%	7.51%	7.35%	9.88%	0.48	-19.59%	2 - low risk	0.96	$83,904.16
iShares Model Portfolio 40% Stocks	4	-4.03%	7.28%	7.28%	9.25%	0.5	-17.73%	2 - low risk	0.96	$82,397.36
iShares Model Portfolio 36% Stocks	4	-2.61%	6.74%	7.22%	7.62%	0.59	-12.51%	2 - low risk	0.94	$81,005.57
iShares Model Portfolio 20% Stocks	4	-2.19%	6.48%	7.14%	7.07%	0.63	-10.68%	1 - very low risk	0.93	$79,268.19
iShares Model Portfolio 15% Stocks	4	-0.85%	5.19%	6.64%	5.22%	0.77	-3.58%	1 - very low risk	0.76	$68,797.92
iShares Model Portfolio 10% Stocks	3	-0.11%	5.00%	6.63%	4.99%	0.83	-2.85%	1 - very low risk	0.65	$68,653.33
Ben Stein Portfolio	7	-7.21%	8.38%	8.01%	14.13%	0.42	-32.19%	4 - high risk	0.92	$100,800.42
JL Collins, Simple Path To Wealth, Wealth Building Portfolio	1	-5.26%	13.13%	9.85%	17.56%	0.48	-37.07%	5 - very high risk	1	$167,666.29
JL Collins, Simple Path To Wealth, Wealth Preservation Portfolio	2	-3.97%	10.79%	9.16%	13.41%	0.53	-26.52%	3 - medium risk	1	$138,764.28
Paul Merriman FundAdvice Ultimate Buy and Hold	13	-7.18%	7.37%	7.95%	10.70%	0.5	-21.68%	3 - medium risk	0.83	$99,272.22
Fidelity Freedom Index 2030 (55 year old)	6	-6.13%	9.10%	7.99%	12.93%	0.45	-28.24%	4 - high risk	0.98	$100,246.61
Fidelity Freedom Index 2040 (45 year old)	5	-7.30%	10.22%	8.20%	15.43%	0.41	-34.85%	5 - very high risk	0.97	$106,498.52
Fidelity Freedom Index 2050 (35 year old)	5	-7.30%	10.22%	8.20%	15.43%	0.41	-34.85%	5 - very high risk	0.97	$106,498.52
Fidelity Freedom Index 2060 (25 year old and younger)	5	-7.30%	10.22%	8.20%	15.43%	0.41	-34.85%	5 - very high risk	0.97	$106,498.52
TD Ameritrade Core Portfolio Conservative	5	-1.97%	5.33%	6.68%	5.72%	0.7	-6.09%	1 - very low risk	0.82	$69,550.36
TD Ameritrade Core Portfolio Moderate	5	-3.36%	6.44%	7.07%	7.61%	0.58	-12.84%	2 - low risk	0.93	$77,553.64
TD Ameritrade Core Portfolio Moderate Growth	5	-4.27%	7.15%	7.28%	9.09%	0.51	-17.34%	2 - low risk	0.96	$82,438.53
TD Ameritrade Core Portfolio Growth	5	-6.09%	8.55%	7.62%	12.29%	0.43	-26.33%	3 - medium risk	0.96	$90,521.11
TD Ameritrade Core Portfolio Aggressive	5	-7.35%	9.62%	7.83%	14.79%	0.4	-33.00%	4 - high risk	0.96	$95,918.48
Morningstar Conservative Retirement Saver Portfolio	7	-4.51%	7.65%	7.91%	9.53%	0.56	-18.49%	2 - low risk	0.95	$98,077.76
Morningstar Moderate Retirement Saver Portfolio	5	-7.13%	9.67%	8.49%	13.85%	0.46	-29.87%	4 - high risk	0.97	$115,229.73
Morningstar Aggressive Retirement Saver Portfolio	5	-8.97%	10.36%	8.39%	16.27%	0.41	-36.51%	5 - very high risk	0.96	$112,197.13
Vanguard Target Retirement 2030 (55 year old)	4	-6.03%	8.56%	7.59%	12.34%	0.43	-26.42%	3 - medium risk	0.96	$89,870.99
Vanguard Target Retirement 2040 (45 year old)	4	-7.47%	9.54%	7.76%	14.83%	0.39	-33.14%	4 - high risk	0.96	$94,018.21
Vanguard Target Retirement 2050 (35 year old)	4	-7.95%	9.85%	7.78%	15.65%	0.38	-35.31%	5 - very high risk	0.96	$94,771.32
Vanguard Target Retirement 2060 (25 year old)	4	-7.97%	9.84%	7.78%	15.67%	0.38	-35.36%	5 - very high risk	0.95	$94,566.58
Merrill Lynch Edge Select Portfolio, Conservative	12	-2.14%	5.89%	6.82%	6.23%	0.64	-10.80%	1 - very low risk	0.83	$72,420.35
Merrill Lynch Edge Select Portfolio, Moderately Conservative	12	-4.26%	8.34%	8.27%	9.46%	0.59	-19.74%	2 - low risk	0.9	$108,323.20
Merrill Lynch Edge Select Portfolio, Moderately	12	-5.47%	9.15%	8.59%	11.48%	0.54	-25.30%	3 - medium risk	0.94	$118,343.20
Merrill Lynch Edge Select Portfolio, Moderately Aggressive	12	-6.35%	9.84%	8.78%	13.60%	0.49	-30.53%	4 - high risk	0.95	$124,804.39
Merrill Lynch Edge Select Portfolio, Aggressive	12	-7.23%	10.34%	8.88%	15.58%	0.45	-34.96%	5 - very high risk	0.95	$128,238.64
David Booth (DFA) Fixed Income Portfolio	4	1.56%	1.80%	4.38%	3.28%	0.56	-1.53%	1 - very low risk	-0.07	$36,177.71
David Booth (DFA) Conservative Portfolio	15	-0.73%	3.87%	5.71%	4.06%	0.73	-2.85%	1 - very low risk	0.73	$52,906.86
David Booth (DFA) Moderate Portfolio	15	-3.02%	5.87%	6.92%	6.91%	0.6	-12.06%	1 - very low risk	0.88	$74,434.21
David Booth (DFA) Normal Portfolio	15	-5.31%	7.80%	8.00%	10.24%	0.53	-21.28%	3 - medium risk	0.9	$100,732.35
David Booth (DFA) Aggressive Portfolio	15	-7.59%	9.66%	8.95%	13.69%	0.49	-30.49%	4 - high risk	0.9	$130,969.26
David Booth (DFA) Equity Portfolio	11	-9.88%	11.46%	9.75%	17.19%	0.47	-39.70%	5 - very high risk	0.9	$163,155.23
Rick Ferri's Core 4 fund Portfolio (80/20)	4	-6.50%	9.64%	8.20%	13.36%	0.45	-30.32%	4 - high risk	0.97	$106,362.82
Rick Ferri's Core 4 fund Portfolio (40/60))	4	-3.32%	6.58%	7.27%	7.44%	0.62	-12.63%	2 - low risk	0.92	$82,091.39
Rick Ferri's Core 4 fund Portfolio (20/80)	4	-1.72%	4.98%	6.62%	5.30%	0.76	-3.79%	1 - very low risk	0.7	$68,507.11
Vanguard LifeStrategy Income Fund (20/80)	4	-1.16%	5.00%	6.49%	5.13%	0.74	-3.80%	1 - very low risk	0.76	$66,028.60
Vanguard LifeStrategy Conservative Growth (40/60)	4	-3.12%	6.47%	7.03%	7.61%	0.57	-12.87%	2 - low risk	0.93	$76,708.39
Vanguard LifeStrategy Moderate Growth (60/40)	4	-5.07%	7.88%	7.44%	10.71%	0.46	-21.92%	3 - medium risk	0.96	$86,020.81
Vanguard LifeStrategy Growth Fund (80/20)	4	-6.98%	9.21%	7.71%	13.98%	0.4	-30.84%	4 - high risk	0.96	$92,791.68
William Bernstein Sheltered Sam Portfolio	12	-5.21%	7.57%	7.99%	9.96%	0.55	-21.69%	3 - medium risk	0.91	$100,223.07
Tim Maurer Simple Money Portfolio	7	-7.00%	7.38%	7.62%	10.17%	0.49	-19.40%	2 - low risk	0.88	$90,621.29
T. Rowe Price ActivePlus Portfolio, Model 10	5	-0.99%	3.95%	6.13%	4.86%	0.76	-2.36%	1 - very low risk	0.43	$59,589.77
T. Rowe Price ActivePlus Portfolio, Model 20	4	-1.88%	4.99%	6.61%	5.52%	0.73	-5.20%	1 - very low risk	0.69	$68,300.70
T. Rowe Price ActivePlus Portfolio, Model 30	4	-2.78%	5.84%	6.94%	6.49%	0.66	-9.54%	1 - very low risk	0.85	$74,858.76
T. Rowe Price ActivePlus Portfolio, Model 40	4	-3.53%	6.63%	7.23%	7.71%	0.59	-13.64%	2 - low risk	0.92	$81,209.95
T. Rowe Price ActivePlus Portfolio, Model 50	4	-4.23%	7.44%	7.53%	9.19%	0.54	-18.00%	2 - low risk	0.95	$88,292.57
T. Rowe Price ActivePlus Portfolio, Model 60	4	-4.95%	8.21%	7.76%	10.70%	0.5	-22.03%	3 - medium risk	0.97	$94,224.73
T. Rowe Price ActivePlus Portfolio, Model 70	4	-5.69%	8.96%	7.96%	12.28%	0.46	-26.13%	3 - medium risk	0.98	$99,620.29
T. Rowe Price ActivePlus Portfolio, Model 80	3	-6.44%	9.70%	8.13%	13.91%	0.43	-30.31%	4 - high risk	0.98	$104,308.51
T. Rowe Price ActivePlus Portfolio, Model 90	3	-7.22%	10.43%	8.26%	15.58%	0.41	-34.74%	5 - very high risk	0.98	$108,136.02
T. Rowe Price ActivePlus Portfolio, Model 100	2	-8.01%	11.15%	8.35%	17.26%	0.39	-39.16%	5 - very high risk	0.97	$110,873.71
Schwab Target Date Fund 2030 (55 year old)	8	-5.49%	8.60%	8.03%	11.84%	0.48	-25.67%	3 - medium risk	0.96	$101,528.93
Schwab Target Date Fund 2040 (45 year old)	8	-6.93%	9.71%	8.41%	14.38%	0.45	-32.53%	4 - high risk	0.96	$112,877.40
Schwab Target Date Fund 2050 (35 year old)	8	-7.68%	10.25%	8.57%	15.73%	0.43	-36.12%	5 - very high risk	0.95	$117,912.78
Schwab Target Date Fund 2060 (25 year old)	7	-8.12%	10.59%	8.67%	16.54%	0.42	-38.22%	5 - very high risk	0.95	$121,276.86
Schwab Managed Portfolio, Conservative Income	6	-0.24%	3.51%	5.53%	4.21%	0.68	-2.02%	1 - very low risk	0.33	$50,300.56
Schwab Managed Portfolio, Income With Growth	10	-2.05%	4.80%	6.16%	5.29%	0.64	-8.31%	1 - very low risk	0.81	$60,096.35
Schwab Managed Portfolio, Balanced	11	-4.42%	5.70%	6.83%	8.07%	0.52	-17.24%	2 - low risk	0.89	$72,502.11
Schwab Managed Portfolio, Balanced With Growth	11	-6.44%	7.03%	7.42%	10.86%	0.46	-25.07%	3 - medium risk	0.92	$85,575.51
Schwab Managed Portfolio, Growth	9	-8.08%	8.08%	7.71%	13.63%	0.41	-32.44%	4 - high risk	0.92	$92,913.64
Schwab Managed Portfolio, Aggressive Growth	7	-9.34%	9.24%	7.98%	16.11%	0.39	-38.11%	5 - very high risk	0.92	$100,053.89
Time.Inc Money Portfolio 1, Simple and Cheap	5	-4.82%	8.02%	7.70%	10.07%	0.51	-21.56%	3 - medium risk	0.94	$92,573.39
Time.Inc Money Portfolio 2, Tilt Toward Value	7	-4.73%	8.26%	7.98%	9.94%	0.54	-20.91%	3 - medium risk	0.94	$100,083.92
Gibson Four Asset Classes	4	-10.12%	6.26%	6.96%	14.40%	0.35	-40.45%	5 - very high risk	0.76	$75,282.02
Alpha Architect Robust	8	-6.57%	8.86%	9.70%	12.32%	0.61	-29.92%	4 - high risk	0.91	$160,622.37
Meb Faber GTAA Conservative	11	-6.03%	6.10%	8.10%	9.83%	0.58	-21.92%	3 - medium risk	0.73	$103,537.79
Meb Faber GTAA Moderate	11	-8.06%	6.57%	8.35%	12.71%	0.49	-32.09%	4 - high risk	0.74	$110,802.81
Meb Faber GAA	10	-4.71%	6.80%	7.56%	8.31%	0.59	-15.98%	2 - low risk	0.84	$88,903.62
All Seasons Portfolio	8	-4.20%	5.70%	7.77%	7.20%	0.72	-4.20%	1 - very low risk	0.58	$94,312.86
TrevH	4	-12.56%	10.19%	7.98%	17.54%	0.36	-40.84%	5 - very high risk	0.87	$100,109.95
Morningstar Lifetime Allocation Index Aggressive, 2060	18	-9.92%	9.90%	8.69%	16.98%	0.42	-39.58%	5 - very high risk	0.91	$121,837.52
Morningstar Lifetime Allocation Index Aggressive, 2050	18	-9.68%	10.07%	8.74%	16.84%	0.42	-39.34%	5 - very high risk	0.92	$123,631.03
Morningstar Lifetime Allocation Index Aggressive, 2040	18	-9.34%	10.17%	8.79%	16.54%	0.43	-38.68%	5 - very high risk	0.93	$125,053.25
Morningstar Lifetime Allocation Index Aggressive, 2030	18	-8.05%	9.58%	8.64%	14.61%	0.46	-33.69%	4 - high risk	0.94	$120,145.92
Morningstar Lifetime Allocation Index Aggressive, Income	18	-4.27%	6.95%	7.62%	8.60%	0.58	-17.81%	2 - low risk	0.91	$90,425.62
Morningstar Lifetime Allocation Index Moderate, 2060	18	-9.43%	9.70%	8.67%	16.24%	0.43	-37.69%	5 - very high risk	0.92	$121,094.82
Morningstar Lifetime Allocation Index Moderate, 2050	18	-9.16%	9.82%	8.70%	16.03%	0.43	-37.23%	5 - very high risk	0.93	$122,307.82
Morningstar Lifetime Allocation Index Moderate, 2040	18	-8.40%	9.59%	8.65%	14.99%	0.45	-34.58%	5 - very high risk	0.94	$120,477.91
Morningstar Lifetime Allocation Index Moderate, 2030	18	-6.38%	8.34%	8.24%	11.76%	0.5	-26.08%	3 - medium risk	0.94	$107,427.03
Morningstar Lifetime Allocation Index Moderate, Income	18	-3.29%	5.96%	7.16%	7.05%	0.64	-13.00%	2 - low risk	0.85	$79,623.70
Morningstar Lifetime Allocation Index Conservative, 2060	18	-8.48%	9.37%	8.60%	14.93%	0.45	-33.85%	4 - high risk	0.92	$118,850.00
Morningstar Lifetime Allocation Index Conservative, 2050	18	-8.01%	9.27%	8.57%	14.32%	0.46	-32.36%	4 - high risk	0.93	$117,838.75
Morningstar Lifetime Allocation Index Conservative, 2040	18	-6.43%	8.35%	8.25%	11.85%	0.5	-25.86%	3 - medium risk	0.94	$107,858.87
Morningstar Lifetime Allocation Index Conservative, 2030	18	-4.26%	6.78%	7.59%	8.44%	0.59	-16.47%	2 - low risk	0.91	$89,725.31
Morningstar Lifetime Allocation Index Conservative, Income	18	-2.21%	4.85%	6.60%	5.69%	0.7	-7.65%	1 - very low risk	0.68	$68,098.57
Burton Malkiel Portfolio, Mid-Twenties	8	-7.58%	9.76%	9.01%	15.47%	0.46	-34.95%	5 - very high risk	0.9	$133,157.53
Burton Malkiel Portfolio, Late Thirties to Early Forties	8	-7.14%	9.71%	9.06%	14.88%	0.48	-33.66%	4 - high risk	0.91	$134,960.30
Burton Malkiel Portfolio, Mid-Fifties	8	-6.36%	9.53%	9.06%	13.70%	0.51	-31.13%	4 - high risk	0.91	$135,001.91
Burton Malkiel Portfolio, Late Sixties and Beyond	8	-4.94%	8.98%	8.83%	11.71%	0.55	-26.55%	4 - high risk	0.91	$126,498.47
Dimensional 2030 Target Date Retirement Income Fund	8	-5.13%	7.39%	7.35%	10.37%	0.47	-23.00%	3 - medium risk	0.93	$83,928.30
Dimensional 2040 Target Date Retirement Income Fund	7	-6.89%	9.12%	7.69%	14.62%	0.39	-32.72%	4 - high risk	0.96	$92,411.83
Dimensional 2050 Target Date Retirement Income Fund	7	-8.03%	10.30%	8.33%	16.76%	0.4	-37.84%	5 - very high risk	0.96	$110,277.76
Dimensional 2060 Target Date Retirement Income Fund	7	-8.03%	10.30%	8.33%	16.76%	0.4	-37.84%	5 - very high risk	0.96	$110,277.76
Dimensional Retirement Income Fund	7	-1.84%	4.28%	5.50%	5.00%	0.52	-8.22%	1 - very low risk	0.7	$49,881.16
Paul Merriman 2-Fund-Value-Portfolio	2	-8.94%	12.16%	10.15%	16.81%	0.5	-36.32%	5 - very high risk	0.87	$181,628.39
Paul Merriman 4-Fund-Portfolio	4	-7.96%	12.71%	10.13%	16.90%	0.5	-35.35%	5 - very high risk	0.94	$180,685.17
Paul Merriman 5-Fund-Value-Portfolio	5	-13.30%	10.15%	9.42%	18.41%	0.43	-40.36%	5 - very high risk	0.82	$148,767.07
7-Twelve Portfolio Age Based 50-60 by Craig Israelsen	12	-4.39%	5.40%	6.73%	8.32%	0.49	-18.12%	2 - low risk	0.79	$70,557.65
7-Twelve Portfolio Age Based 60-70 by Craig Israelsen	12	-2.84%	4.18%	5.85%	6.37%	0.49	-13.07%	2 - low risk	0.78	$55,058.12
7-Twelve Portfolio Age Based 70 Plus by Craig Israelsen	12	-1.30%	2.92%	4.93%	4.53%	0.49	-8.02%	1 - very low risk	0.74	$42,365.62
Dan Solin SuperSmart Portfolio, Low Risk	8	-1.18%	3.30%	5.84%	4.47%	0.77	-2.57%	1 - very low risk	0.64	$54,852.25
Dan Solin SuperSmart Portfolio, Medium-Low Risk	8	-3.71%	5.44%	7.05%	7.07%	0.62	-11.82%	1 - very low risk	0.84	$77,140.41
Dan Solin SuperSmart Portfolio, Medium	8	-6.24%	7.50%	8.13%	10.29%	0.54	-21.06%	3 - medium risk	0.88	$104,316.36
Dan Solin SuperSmart Portfolio, Medium-High Risk	8	-8.77%	9.50%	9.08%	13.70%	0.5	-30.31%	4 - high risk	0.88	$135,465.72
Dan Solin SuperSmart Portfolio, High Risk	7	-11.30%	11.42%	9.87%	17.19%	0.48	-39.56%	5 - very high risk	0.88	$168,455.69
Dan Solin The Smartest ETF Portfolio, Low Risk	2	-0.86%	2.90%	5.24%	4.20%	0.66	-3.03%	1 - very low risk	0.73	$46,268.08
Dan Solin The Smartest ETF Portfolio, Medium-Low Risk	2	-3.08%	4.64%	5.84%	6.93%	0.45	-12.74%	2 - low risk	0.91	$54,819.79
Dan Solin The Smartest ETF Portfolio, Medium Risk	2	-5.30%	6.31%	6.29%	10.34%	0.36	-22.46%	3 - medium risk	0.91	$62,282.75
Dan Solin The Smartest ETF Portfolio, Medium-High Risk	2	-7.51%	7.92%	6.58%	13.94%	0.32	-32.17%	4 - high risk	0.91	$67,641.97
Dan Solin The Smartest ETF Portfolio, High Risk	1	-9.73%	9.47%	6.69%	17.61%	0.3	-41.88%	5 - very high risk	0.9	$69,869.99
Dan Solin The Smartest Index Portfolio, Low Risk	3	-1.70%	5.00%	6.62%	5.38%	0.76	-3.79%	1 - very low risk	0.73	$68,435.86
Dan Solin The Smartest Index Portfolio, Medium-Low Risk	3	-3.28%	6.63%	7.25%	7.68%	0.6	-12.63%	2 - low risk	0.93	$81,715.18
Dan Solin The Smartest Index Portfolio, Medium Risk	3	-4.86%	8.19%	7.76%	10.67%	0.5	-21.47%	3 - medium risk	0.97	$94,109.79
Dan Solin The Smartest Index Portfolio, Medium-High Risk	3	-6.44%	9.70%	8.13%	13.91%	0.43	-30.31%	4 - high risk	0.98	$104,308.51
Dan Solin The Smartest Index Portfolio, High Risk	2	-8.01%	11.15%	8.35%	17.26%	0.39	-39.16%	5 - very high risk	0.97	$110,873.71
TIAA-CREF Lifecycle 2030	6	-5.56%	8.97%	8.30%	12.35%	0.49	-25.56%	3 - medium risk	0.97	$109,386.11
TIAA-CREF Lifecycle 2040	4	-6.85%	10.21%	8.65%	15.05%	0.45	-32.62%	4 - high risk	0.97	$120,538.59
TIAA-CREF Lifecycle 2050	4	-7.37%	10.71%	8.77%	16.18%	0.43	-35.57%	5 - very high risk	0.97	$124,411.43
TIAA-CREF Lifecycle 2060	4	-7.57%	10.88%	8.81%	16.60%	0.43	-36.65%	5 - very high risk	0.97	$125,752.82
TIAA-CREF Lifecycle Index Retirement Income	6	-3.28%	6.50%	7.35%	7.81%	0.61	-13.33%	2 - low risk	0.92	$83,980.01
William Bernstein Taxable Ted 100% Stocks	4	-8.55%	11.43%	8.76%	16.30%	0.43	-37.92%	5 - very high risk	0.95	$124,146.79
William Bernstein Taxable Ted 90/10	5	-7.70%	10.67%	8.61%	14.72%	0.45	-33.62%	4 - high risk	0.95	$119,095.91
William Bernstein Taxable Ted 80/20	5	-6.86%	9.91%	8.42%	13.16%	0.47	-29.32%	4 - high risk	0.95	$113,156.60
William Bernstein Taxable Ted 70/30	5	-6.02%	9.13%	8.21%	11.62%	0.5	-25.03%	3 - medium risk	0.95	$106,534.84
William Bernstein Taxable Ted 60/40	5	-5.18%	8.34%	7.96%	10.12%	0.53	-20.73%	2 - low risk	0.95	$99,425.41
William Bernstein Taxable Ted 50/50	5	-4.34%	7.53%	7.68%	8.69%	0.57	-16.43%	2 - low risk	0.93	$92,008.47
William Bernstein Taxable Ted 40/60	5	-3.49%	6.72%	7.37%	7.35%	0.63	-12.13%	1 - very low risk	0.9	$84,447.13
William Bernstein Taxable Ted 30/70	5	-2.65%	5.89%	7.04%	6.18%	0.7	-7.84%	1 - very low risk	0.83	$76,885.81
William Bernstein Taxable Ted 20/80	5	-1.81%	5.04%	6.67%	5.28%	0.77	-3.54%	1 - very low risk	0.69	$69,449.30
William Bernstein Taxable Ted 10/90	5	-0.97%	4.19%	6.28%	4.80%	0.8	-2.17%	1 - very low risk	0.44	$62,242.48
William Bernstein Taxable Ted 100% Bonds	1	-0.13%	3.31%	5.87%	4.87%	0.72	-2.66%	1 - very low risk	0.12	$55,350.68
William Bernstein Sheltered Sam 100% Stocks	10	-8.83%	10.97%	9.34%	16.15%	0.47	-38.06%	5 - very high risk	0.92	$145,530.74
William Bernstein Sheltered Sam 90/10	12	-7.96%	10.27%	9.06%	14.71%	0.48	-34.65%	5 - very high risk	0.92	$134,750.55
William Bernstein Sheltered Sam 80/20	12	-7.08%	9.56%	8.75%	13.28%	0.49	-31.25%	4 - high risk	0.92	$123,801.51
William Bernstein Sheltered Sam 70/30	12	-6.21%	8.84%	8.41%	11.88%	0.51	-27.84%	4 - high risk	0.91	$112,887.14
William Bernstein Sheltered Sam 60/40	12	-5.33%	8.10%	8.06%	10.51%	0.53	-24.43%	3 - medium risk	0.9	$102,180.70
William Bernstein Sheltered Sam 50/50	12	-4.46%	7.36%	7.67%	9.19%	0.55	-21.02%	3 - medium risk	0.89	$91,825.66
William Bernstein Sheltered Sam 40/60	12	-3.58%	6.60%	7.26%	7.94%	0.58	-17.62%	2 - low risk	0.86	$81,936.79
William Bernstein Sheltered Sam 30/70	12	-2.70%	5.83%	6.83%	6.80%	0.6	-14.21%	2 - low risk	0.8	$72,601.99
William Bernstein Sheltered Sam 20/80	12	-1.83%	5.05%	6.38%	5.84%	0.63	-10.80%	1 - very low risk	0.69	$63,884.40
William Bernstein Sheltered Sam 10/90	12	-0.95%	4.26%	5.90%	5.16%	0.63	-7.39%	1 - very low risk	0.52	$55,824.90
William Bernstein Sheltered Sam 100% Bonds	2	-0.08%	3.46%	5.40%	4.88%	0.57	-3.99%	1 - very low risk	0.26	$48,444.77
William Bernstein Young Yvonne Portfolio	11	-5.35%	8.06%	8.29%	10.13%	0.57	-20.82%	2 - low risk	0.91	$109,029.07
William Bernstein Charlie Cringe Portfolio	4	-2.92%	6.55%	7.11%	8.26%	0.55	-15.61%	2 - low risk	0.97	$78,560.57
William Bernstein Wendy Wonk Portfolio	11	-7.60%	7.74%	7.94%	12.71%	0.45	-28.32%	4 - high risk	0.88	$99,067.16
William Bernstein Between Charlie and Wendy Portfolio	6	-4.32%	7.57%	7.70%	9.62%	0.53	-19.37%	2 - low risk	0.96	$92,643.31
Goldman Sachs Target Date 2055 Portfolio	10	-8.03%	10.09%	8.48%	15.36%	0.43	-35.20%	5 - very high risk	0.94	$114,954.25
Goldman Sachs Target Date 2045 Portfolio	12	-7.59%	9.88%	8.46%	14.58%	0.44	-33.25%	4 - high risk	0.94	$114,466.39
Goldman Sachs Target Date 2035 Portfolio	12	-5.90%	8.72%	8.07%	11.69%	0.49	-26.10%	3 - medium risk	0.94	$102,602.09
Goldman Sachs Target Date 2025 Portfolio	13	-4.25%	7.68%	7.62%	9.18%	0.54	-19.22%	2 - low risk	0.91	$90,512.98
Robo Advisor Betterment 90	11	-9.24%	9.81%	8.73%	16.15%	0.43	-35.97%	5 - very high risk	0.92	$123,249.30
Robo Advisor Betterment 70	10	-7.18%	8.54%	8.34%	12.90%	0.47	-27.45%	4 - high risk	0.92	$110,497.55
Robo Advisor Betterment 50	10	-5.13%	7.23%	7.81%	9.79%	0.53	-19.01%	2 - low risk	0.89	$95,337.73
Robo Advisor Betterment 30	12	-2.70%	5.22%	6.76%	6.51%	0.62	-9.88%	1 - very low risk	0.83	$71,114.48
Robo Advisor Betterment 20	12	-1.38%	4.02%	6.08%	5.00%	0.69	-5.10%	1 - very low risk	0.74	$58,695.62
Robo Advisor Betterment 10	12	-0.05%	2.79%	5.36%	3.97%	0.78	-0.82%	1 - very low risk	0.49	$47,911.68
Robo Advisor Betterment 0	2	1.26%	1.56%	4.62%	3.80%	0.67	-0.48%	1 - very low risk	0.05	$38,762.57
Rick Ferri Total Economy Core-4 Portfolio Low-Risk	4	-2.08%	4.86%	6.54%	5.16%	0.75	-3.84%	1 - very low risk	0.68	$66,817.92
Rick Ferri Total Economy Core-4 Portfolio Conservative	4	-4.03%	6.34%	7.09%	7.21%	0.6	-12.74%	2 - low risk	0.88	$78,153.53
Rick Ferri Total Economy Core-4 Portfolio Moderate	4	-5.98%	7.76%	7.54%	9.99%	0.49	-21.64%	3 - medium risk	0.92	$88,454.32
Rick Ferri Total Economy Core-4 Portfolio Agressive	4	-7.94%	9.12%	7.86%	13.04%	0.43	-30.53%	4 - high risk	0.92	$96,658.59
Rick Ferri Global Markets Core-4 Low-Risk	4	-1.10%	5.09%	6.58%	5.18%	0.76	-3.52%	1 - very low risk	0.76	$67,630.48
Rick Ferri Global Markets Core-4 Conservative	4	-2.84%	6.68%	7.20%	7.57%	0.6	-12.22%	1 - very low risk	0.95	$80,453.23
Rick Ferri Global Markets Core-4 Moderate	4	-4.58%	8.20%	7.69%	10.57%	0.49	-20.92%	3 - medium risk	0.98	$92,424.63
Rick Ferri Global Markets Core-4 Aggressive	4	-6.31%	9.67%	8.06%	13.79%	0.43	-29.62%	4 - high risk	0.98	$102,325.27
Rick Ferri Inflation Fighter Core-4 Portfolio Low-Risk	4	-3.17%	6.04%	6.78%	6.83%	0.58	-12.21%	1 - very low risk	0.65	$71,544.28
Rick Ferri Inflation Fighter Core-4 Portfolio Conservative	4	-4.72%	7.06%	7.05%	8.53%	0.51	-19.51%	2 - low risk	0.84	$77,177.34
Rick Ferri Inflation Fighter Core-4 Portfolio Moderate	4	-6.27%	8.02%	7.20%	10.99%	0.43	-26.80%	4 - high risk	0.9	$80,618.53
Rick Ferri Inflation Fighter Core-4 Portfolio Aggressive	4	-7.82%	8.93%	7.24%	13.81%	0.37	-34.10%	5 - very high risk	0.9	$81,381.81
Rick Ferri Income Seeker Core-4 Portfolio Low-Risk	4	-3.20%	7.45%	7.39%	7.70%	0.6	-13.38%	2 - low risk	0.72	$84,908.24
Rick Ferri Income Seeker Core-4 Portfolio Conservative	4	-4.56%	8.19%	7.74%	9.14%	0.56	-19.01%	2 - low risk	0.84	$93,487.81
Rick Ferri Income Seeker Core-4 Portfolio Moderate	4	-5.92%	8.90%	8.01%	11.00%	0.51	-24.65%	3 - medium risk	0.9	$100,971.27
Rick Ferri Income Seeker Core-4 Portfolio Aggressive	4	-7.28%	9.57%	8.22%	13.12%	0.46	-30.29%	4 - high risk	0.92	$106,905.31
Rick Ferri Socially Conscious ESG Core-4 Portfolio Low-Risk	4	-1.91%	5.93%	7.10%	6.02%	0.73	-5.13%	1 - very low risk	0.68	$78,239.90
Rick Ferri Socially Conscious ESG Core-4 Portfolio Conservative	4	-3.44%	7.31%	7.59%	7.98%	0.61	-13.43%	2 - low risk	0.91	$89,764.19
Rick Ferri Socially Conscious ESG Core-4 Portfolio Moderate	4	-4.98%	8.62%	7.96%	10.75%	0.51	-21.73%	3 - medium risk	0.97	$99,441.33
Rick Ferri Socially Conscious ESG Core-4 Portfolio Aggressive	4	-7.57%	8.84%	7.29%	13.56%	0.38	-32.48%	4 - high risk	0.91	$82,540.47
3 Fund Portfolio 80/20	3	-6.46%	9.65%	8.07%	13.78%	0.43	-29.65%	4 - high risk	0.98	$102,585.66
3 Fund Portfolio 60/40	3	-4.88%	8.15%	7.71%	10.57%	0.5	-20.97%	3 - medium risk	0.98	$92,841.07
3 Fund Portfolio 40/60	3	-3.30%	6.60%	7.22%	7.61%	0.6	-12.30%	2 - low risk	0.94	$80,927.86
3 Fund Portfolio 20/80	3	-1.71%	4.99%	6.60%	5.35%	0.76	-3.62%	1 - very low risk	0.73	$68,085.89
3 Fund Portfolio Equal Weight	3	-6.63%	7.81%	7.16%	11.67%	0.41	-24.56%	3 - medium risk	0.95	$79,501.32
Meb Faber IVY 20 portfolio	16	-9.53%	6.73%	8.05%	13.85%	0.44	-34.34%	5 - very high risk	0.76	$102,050.67
Paul Merriman Ultimate Buy & Hold Strategy 2010	12	-8.05%	8.10%	8.33%	11.39%	0.51	-23.69%	3 - medium risk	0.83	$110,415.22
FPL Capital Management Portfolio 10	9	-1.07%	4.19%	6.43%	4.87%	0.82	-2.08%	1 - very low risk	0.41	$64,789.37
FPL Capital Management Portfolio 20	9	-2.16%	5.04%	6.95%	5.42%	0.81	-3.78%	1 - very low risk	0.65	$75,167.30
FPL Capital Management Portfolio 30	9	-3.17%	5.88%	7.46%	6.41%	0.75	-8.19%	1 - very low risk	0.78	$86,462.60
FPL Capital Management Portfolio 40	9	-4.18%	6.70%	7.93%	7.67%	0.68	-12.60%	2 - low risk	0.84	$98,595.21
FPL Capital Management Portfolio 50	9	-5.20%	7.51%	8.37%	9.09%	0.63	-17.02%	2 - low risk	0.87	$111,450.48
FPL Capital Management Portfolio 60	9	-6.21%	8.30%	8.78%	10.60%	0.59	-21.43%	3 - medium risk	0.88	$124,868.36
FPL Capital Management Portfolio 70	9	-7.23%	9.07%	9.16%	12.17%	0.56	-25.85%	3 - medium risk	0.89	$138,638.78
FPL Capital Management Portfolio 80	9	-8.24%	9.82%	9.51%	13.78%	0.53	-30.26%	4 - high risk	0.89	$152,497.82
FPL Capital Management Portfolio 90	9	-9.26%	10.56%	9.82%	15.41%	0.51	-34.67%	5 - very high risk	0.88	$166,124.77
FPL Capital Management Portfolio 100	9	-10.27%	11.28%	10.10%	17.07%	0.49	-39.09%	5 - very high risk	0.88	$179,140.61
Fundamentum Enhanced Index Focus Moderate	5	-4.10%	8.82%	8.19%	10.92%	0.53	-21.63%	3 - medium risk	0.99	$106,053.17
Fundamentum Enhanced Index Focus Growth	6	-8.08%	8.78%	7.00%	14.63%	0.34	-34.52%	5 - very high risk	0.92	$76,028.26
Assetbuilder.com Portfolio 5	11	-1.53%	4.27%	6.50%	4.71%	0.78	-1.97%	1 - very low risk	0.56	$66,179.15
Assetbuilder.com Portfolio 6	12	-2.66%	5.27%	7.14%	6.05%	0.7	-6.82%	1 - very low risk	0.69	$79,176.23
Assetbuilder.com Portfolio 7	14	-3.92%	6.24%	7.66%	7.71%	0.63	-12.11%	1 - very low risk	0.76	$91,521.64
Assetbuilder.com Portfolio 8	14	-5.36%	7.15%	8.09%	9.73%	0.56	-17.83%	2 - low risk	0.78	$103,199.04
Assetbuilder.com Portfolio 9	14	-6.93%	8.02%	8.52%	11.81%	0.51	-23.05%	3 - medium risk	0.77	$116,331.42
Assetbuilder.com Portfolio 10	12	-8.13%	8.81%	8.81%	13.92%	0.47	-28.59%	4 - high risk	0.76	$126,033.03
Assetbuilder.com Portfolio 11	12	-9.66%	9.81%	9.50%	16.13%	0.47	-33.43%	4 - high risk	0.76	$152,226.40
Assetbuilder.com Portfolio 12	11	-11.13%	10.79%	10.17%	18.51%	0.47	-38.45%	5 - very high risk	0.75	$182,798.84
Alexander Green Gone Fishin' Portfolio	10	-7.97%	8.67%	8.23%	14.03%	0.43	-30.72%	4 - high risk	0.84	$107,304.68
Robo Advisor Wealthsimple Portfolio Conservative	7	-2.50%	5.68%	7.33%	6.38%	0.75	-6.18%	1 - very low risk	0.76	$83,471.98
Robo Advisor Wealthsimple Portfolio Balanced	9	-6.11%	8.39%	8.30%	11.58%	0.52	-24.58%	3 - medium risk	0.95	$109,381.53
Robo Advisor Wealthsimple Portfolio Growth	9	-8.68%	9.66%	8.68%	16.19%	0.43	-36.24%	5 - very high risk	0.96	$121,340.42
Robo Advisor WiseBanyan 90% stocks	9	-8.17%	10.10%	8.26%	15.96%	0.41	-35.86%	5 - very high risk	0.95	$108,040.45
Robo Advisor WiseBanyan 80% stocks	9	-7.34%	9.61%	8.20%	14.36%	0.43	-32.22%	4 - high risk	0.95	$106,400.63
Robo Advisor WiseBanyan 70% stocks	9	-6.47%	9.05%	8.09%	12.73%	0.46	-28.37%	4 - high risk	0.95	$103,035.68
Robo Advisor WiseBanyan 60% stocks	9	-5.62%	8.52%	7.95%	11.23%	0.49	-24.77%	3 - medium risk	0.94	$99,111.63
Robo Advisor WiseBanyan 50% stocks	9	-4.76%	7.93%	7.75%	9.75%	0.53	-20.92%	3 - medium risk	0.92	$93,863.28
Robo Advisor WiseBanyan 40% stocks	9	-3.93%	7.30%	7.53%	8.41%	0.57	-16.94%	2 - low risk	0.89	$88,247.02
Robo Advisor WiseBanyan 30% stocks	9	-3.09%	6.58%	7.25%	7.19%	0.62	-12.93%	2 - low risk	0.82	$81,568.12
Robo Advisor WiseBanyan 20% stocks	9	-2.06%	5.73%	6.84%	6.05%	0.67	-8.80%	1 - very low risk	0.69	$72,861.34
Robo Advisor WiseBanyan 13% stocks	9	-0.98%	4.55%	6.24%	5.01%	0.72	-4.70%	1 - very low risk	0.54	$61,449.77

2030 Target Date Retirement Portfolios

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
Paul Merriman Target Date Portfolio (55 year old)	14	-8.98%	9.54%	9.10%	3 - medium risk	0.85	$136,442.55
iShares LifePath Index 2030 Fund (55 year old)	7	-5.75%	8.72%	7.93%	3 - medium risk	0.96	$98,750.68
Fidelity Freedom Index 2030 (55 year old)	6	-6.13%	9.10%	7.99%	4 - high risk	0.98	$100,246.61
Vanguard Target Retirement 2030 (55 year old)	4	-6.03%	8.56%	7.59%	3 - medium risk	0.96	$89,870.99
Schwab Target Date Fund 2030 (55 year old)	8	-5.49%	8.60%	8.03%	3 - medium risk	0.96	$101,528.93
Morningstar Lifetime Allocation Index Aggressive, 2030	18	-8.05%	9.58%	8.64%	4 - high risk	0.94	$120,145.92
Morningstar Lifetime Allocation Index Moderate, 2030	18	-6.38%	8.34%	8.24%	3 - medium risk	0.94	$107,427.03
Morningstar Lifetime Allocation Index Conservative, 2030	18	-4.26%	6.78%	7.59%	2 - low risk	0.91	$89,725.31
Dimensional 2030 Target Date Retirement Income Fund	8	-5.13%	7.39%	7.35%	3 - medium risk	0.93	$83,928.30
TIAA-CREF Lifecycle 2030	6	-5.56%	8.97%	8.30%	3 - medium risk	0.97	$109,386.11

Target Date Retirement Income Portfolios

These are for when you have already entered retirement and need a steady safe income stream.

Portfolio Name	Number of asset classes	1 year return 2018	10 year return	CAGR since 1989	Risk Level	Market Correlation	Dollar Value
S&P 500 (Benchmark)	1	-4.52%	12.97%	9.84%	5 - very high risk	0.99	$167,045.76
Paul Merriman Target Date Portfolio (65 year old)	14	-5.25%	7.13%	7.96%	2 - low risk	0.84	$99,510.95
David Booth (DFA) Fixed Income Portfolio	4	1.56%	1.80%	4.38%	1 - very low risk	-0.07	$36,177.71
Vanguard LifeStrategy Income Fund (20/80)	4	-1.16%	5.00%	6.49%	1 - very low risk	0.76	$66,028.60
Schwab Managed Portfolio, Conservative Income	6	-0.24%	3.51%	5.53%	1 - very low risk	0.33	$50,300.56
Morningstar Lifetime Allocation Index Aggressive, Income	18	-4.27%	6.95%	7.62%	2 - low risk	0.91	$90,425.62
Morningstar Lifetime Allocation Index Moderate, Income	18	-3.29%	5.96%	7.16%	2 - low risk	0.85	$79,623.70
Morningstar Lifetime Allocation Index Conservative, Income	18	-2.21%	4.85%	6.60%	1 - very low risk	0.68	$68,098.57
Dimensional Retirement Income Fund	7	-1.84%	4.28%	5.50%	1 - very low risk	0.7	$49,881.16
TIAA-CREF Lifecycle Index Retirement Income	6	-3.28%	6.50%	7.35%	2 - low risk	0.92	$83,980.01

Comments on the best target date fund

Measuring the performance of target date funds are literally shooting at a moving target. When benchmarking a target date fund you must remember that you will not get the returns for the entire period. Instead, the glide path feature of the fund ensures that the fund is decreasing the risk of the fund over time. That is the entire point of the target date fund! The number of risky assets will decrease over time lowering your return but decreasing your risk as well. Most target-date funds rebalance their allocations each year (some each month).

So what stands out from the above comparison? 3 things surprised me when comparing the target date funds:

The Paul Merriman target-date portfolios blew everyone else out of the water. Paul Merriman’s target date retirement portfolios are heavily weighted towards small-cap and small-cap value. Historically two of the best performing asset classes.
I was surprised that the Vanguard funds came in last. However, I am equally surprised that the Morningstar Lifetime Allocation Index did so well. The difference between the two comes down to slicing and dicing the portfolio. Vanguard takes a simple approach to portfolio construction. Vanguard typically only have 4 funds in their target date funds:

US Total Stock Market (VTI)
International All-World ex-US (VEU)
Total US Bond Market (BND)
Non-US Bonds (BNDX)

Compare that to Morningstar Lifetime Allocation Indices:

US Large Cap Value (VTV)
US Large Cap (VV)
US Large Cap Growth (VUG)
US Mid Cap Value (JKI)
US Mid Cap (IJH)
US Mid Cap Growth (IJK)
US Small Cap Value (VIOV)
US Small Cap (VIOO)
US Small Cap Growth (IJT)
REITs (VNQ)
International Developed Blend (VEA)
Emerging Markets (VWO)
Total US Bond Market (BND)
Commodities (DBC / GSG)

They are both massively diversified, but the Morningstar Lifetime Allocation Indices can make better use of rebalancing because of its slicing and dicing.

There is a VERY LARGE difference among the target date funds, which are magnified by the compounding effect. Here is the difference in dollar amounts between the best performing and worst performing in each bracket:

2030 Target Date Retirement Portfolios – $95,637 vs. $130,666 or a 37% difference
2040 Target Date Retirement Portfolios – $101,611 vs. $194,370 or a 93% difference
2050 Target Date Retirement Portfolios – $102,950 $230,855 or a 124% difference
2060 Target Date Retirement Portfolios – $102,758 vs. $245,490 or a 139% difference

The reason for the difference is partly the amount of slicing and dicing of the portfolios but mostly due to the number of bonds in proportion to stocks the target date fund is holding. Very often the target date funds are too conservative and not aggressive enough which hurts their performance. Quite simply, they hold too many bonds for too long. A good rule of thumb is for each 10% bonds in proportion to stocks you are giving up 0.5% return each year.

Do you need a target date fund?

That depends. Do you want it easy or do you want to pick up a few extra thousands of dollars when you retire?

In my opinion, managing your own portfolio by following one of the portfolios on portfolioeinstein.com is very easy and you will come out ahead of the target date fund. It only requires a few hours of work every year as well as setting up the initial portfolio. That’s a fantastic hourly wage!

A target date fund is a great starting point and for some a great endpoint. It automates your investing and makes it easy. If you want to pick up a couple more percentage points you could tilt towards historically stronger performing asset classes like value stocks, small-caps, and small-cap value.

Summary and next steps

A target date fund is an easy solution when investing for retirement. There are large differences in the performance of the portfolios of the funds so make sure you carefully research the fund you want to invest in. The best target date fund is Paul Merriman’s portfolios that rely on small-caps and small-cap value.

If you have come across a target date fund that you want a second opinion on, let me know in the comments!

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238 Investment Portfolios Tested: This Is #1

September 14, 2018 Leave a Comment

Do you know that you can earn $100,000’s of additional of dollars just by implementing the right investment portfolio? It isn’t more expensive and it isn’t more complicated. AND you are going to beat out 99% of everyone else in the investment community – even the hedge funds! We have tested 238 Investment portfolios – this is #1!

238 Investment Portfolios Tested: This Is #1

Which funds should I buy – the question that trips up investors (you and me!)

The right portfolio mix is what trips up investors. Which funds should I buy? Should I invest in tech stocks, what about dividend stocks?

The right asset allocation is the best determinant of the success of your portfolio. This is why you should focus most of your energy on getting your asset allocation right so that it jives with your situation.

Luckily there have been tons of research done on the topic and tons of portfolios have been constructed to serve every need – your’s too!

There’s no need to make your own portfolio. The portfolio you can get from the professionals is just that: Professional!

Don’t pick the allocation yourself and don’t pick the funds yourself.

DO pick a portfolio constructed by investing professional.

But how do you pick the right portfolio? One way and definitely not the best way is to look for solid performing portfolios.

In this post, we’ll cover some of these best performing portfolios.

What do you mean by “the best investment portfolio”?

The best investment portfolio is a moving target. Taking cues from Einstein and the Theory of Relativity we know that the speed of light is just about the only constant in the universe.

We’ll make things simple and present the best investment portfolio by its cumulative returns. This means we will be ignoring a swathe of factors, among these:

Risk-adjusted returns (e.g. Sharpe ratio)
Risk of the portfolio (e.g. standard deviation, ulcer index, Sortino ratio)
The investor’s tolerance for risk
The timeframe of the investment (what is best for a 20-year portfolio is not best for a 1-year portfolio)
The starting year of the investment (the starting year plays a big part when measuring performance)
Rolling returns (looking at rolling returns gives yet another perspective of best investment portfolio)
Drawdowns (a portfolio can have huge drawdowns and still have the best returns)
Diversification analysis (have the portfolio earned its returns by concentration and if so, is it replicable?)
Income requirements (does the portfolio need to sustain a constant stream of income?)
Expense ratios (how expensive is the portfolio to implement and maintain?)

Investment returns are very important when viewed over a long time frame. In the short term, however, the most important factor in reaching your financial goals is your ability to save money.

Our methodology

The years tracked are from 1989 to 2017.

All the portfolios are using the same data. Here are the sources for the data.

How did the US stock market do?

The benchmark in investing is normally the US stock market, either the S&P500 or the Wilshire 5000.

We use the total stock market index. It has a marginally higher return than the S&P 500 due to the inclusion of small, mid-cap stocks and value stocks. All of which has historically done slightly better than large-cap growth stocks which comprise the S&P 500.

The US total stock market is the benchmark because it is extremely easy to gain exposure to through mutual funds (e.g. VTSMX) or through ETFs (VTI, ITOT, SCHB) (see our best-in-class recommendations for ETFs and mutual funds).

There are several authors that recommend holding the total stock market portfolio as the only fund making up the entire portfolio. Among these are JL Collins of The Simple Path to Wealth: Your road map to financial independence and a rich, free life and John Bogle, Supreme hero of the investing world in his book The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns.

Here are the stats for the US Total Stock Market 1989-2017.

Name	Return	Risk	Drawdown
Total US Stock Market	10.42%	17.58%	-37.07%

That is a great return and is the reason why active managers and individual investors cannot hope to beat the market. In the most recent SPIVA study, only 8% of active managers beat the market over 15 years. This number decreases when the timeframe increases to the point where outperformance becomes an impossibility. See Why Does All Active Management Suck for details and check out Rick Ferri’s book The Power of Passive Investing: More Wealth with Less Work which has tons more data and evidence backing up why active management is a loser’s game.

If we go further back to 1871. The longest back we have data the return for the total stock market is 8.71%. The return for our measurement is thus higher than the average on record.

The best investment portfolio, the #1 investment portfolio

So here is the #1 investing portfolio:

Name	Return	Risk	Drawdown
Paul Merriman’s Target Date Portfolio (25-year-old)	11.67%	18.14%	-37.29%

Paul Merriman’s Target Date Portfolio (25-year-old)

Paul Merriman’s portfolio is characterized by tilting heavily into small-cap value stocks. Historically the best performing asset class. It is the most aggressive and concentrated of all his target date funds. Together with Chris Pedersen, Paul Merriman has constructed what he calls the ultimate target-date fund. These are characterized by tilting heavily into small-cap value, historically the best performing asset class. This is what the allocation looks like:

70.00% US Small Cap Value (VIOV)
5.00% Emerging Markets (VWO)
20.00% International Small Cap Value (DLS)
5.00% Emerging Markets Small Cap (EWX)

You can find the allocation for this portfolio here. I also strongly recommend you read his article and listen to his podcast on this particular portfolio.

Paul Merriman, educator, entrepreneur and all-around good in investing have a host of portfolios. They all express massive diversification and a slight to an extreme bias towards value and small cap, especially small-cap value which historically has been the best performing asset, class. Paul Merriman’s podcast is highly recommended, as are the many articles on his site. His personal finance book Get Smart or Get Screwed: How To Select The Best and Get The Most From Your Financial Advisor easily wins as the best-titled book on personal finance. His book Financial Fitness Forever: 5 Steps to More Money, Less Risk, and More Peace of Mind is fantastic and stuffed with sage advice, statics, and evidence-based best-investing practices.

The second best investment portfolio

At second place we find the next tier of Paul Merriman’s target date funds.

Portfolio Name	Return	Risk	Drawdown
Paul Merriman’s Target Date Portfolio (35-year-old)	11.43%	17.90%	-37.13%

It is more diversified than the one above but still has a lot of concentration of small cap value.

See the allocation here.

The rest of the best investment portfolios (#3-8)

Portfolio Name	Return	Risk	Drawdown
Scott Adams Dilbert’s Portfolio	11.17%	22.68%	-44.93%
Index Fund Advisors, Portfolio 100	10.90%	17.91%	-39.64%
Paul Merriman 2-Fund-Value-Portfolio	10.87%	16.65%	-36.32%
Paul Merriman 4-Fund-Portfolio	10.81%	16.79%	-35.35%
Paul Merriman’s Target Date Portfolio (45-year-old)	10.77%	16.23%	-34.03%
Dan Solin SuperSmart Portfolio, High Risk	10.68%	16.94%	-39.56%

Scott Adams, the author of the comic strip, Dilbert, proposed a portfolio consisting of 50% emerging markets and 50% total stock market. This is the result. The portfolio is gonna have massive drawdowns but also massive upswings. You are going to feel like a failure a lot of the time if you hold this portfolio. Something Scott Adams is quite accustomed to failing according to his fantastic little book How to Fail at Almost Everything and Still Win Big: Kind of the Story of My Life that teaches that failure is really the preamble to success. This goes for investing as well.

At the #4 spot, we find Index Fund Advisors. IFA’s portfolios are all highly diversified and with a large tilt towards small-cap and value. Mark Hebner heads up IFA and is on a mission to educate about index investing, his book Index Funds: The 12-Step Recovery Program for Active Investors is very recommended.

At spot number 5-6 we find 2 portfolios by Paul Merriman again. The #5 spot is a portfolio consisting of 50% small value and 50% large value. The #6 is an attempt to build The Ultimate Portfolio by using only value funds.

At spot #7 we find yet another(!) Paul Merriman portfolio. (No I’m not getting paid by Paul).

Finally, at spot number 8 we find one of Dan Solin’s many portfolios. I consider Dan Solin one of the good guys in investing. Promoting evidence-based, sound principles in investing. He has a history with Index Fund Advisors which probably influenced his investing methodology. Or maybe he was just attracted by IFA’s reliance on academic work done by Fama/French. His SuperSmart portfolios have a tilt towards small-cap and value. All of IFA’s portfolios have this as well, as does DFA’s David Booth’s. They all rely on the work by Eugene Fama and Kenneth French. Dan Solin is the author of some great books on investing most notably The Smartest Portfolio You’ll Ever Own: A Do-It-Yourself Breakthrough Strategy and The Smartest Investment Book You’ll Ever Read: The Proven Way to Beat the “Pros” and Take Control of Your Financial Future.

Why these portfolios?

As can be seen in the above portfolios containing a tilt towards value and small-cap has outperformed the broader market so any portfolio that has a strong tilt towards value and small-cap will have outperformed the broader market.

How much money would the best investment portfolio have given me?

There is 0.99% difference (less than 1%) between the number 8 and the best portfolio. Can that really make that much of a difference?

Yes, it can! That 1% difference can make a HUGE difference over long periods of time. So how much money would the 8 portfolios have given us over these over 29 years?

#	Portfolio Name	Final Amount
#1	Paul Merriman’s Target Date Portfolio (25 year old)	$ 245,490.26
#2	Paul Merriman’s Target Date Portfolio (35 year old)	$ 230,855.90
#3	Scott Burns Dilbert’s Portfolio	$ 215,721.79
#4	Index Fund Advisors, Portfolio 100	$ 200,832.99
#5	Paul Merriman 2-Fund-Value-Portfolio	$ 199,466.89
#6	Paul Merriman 4-Fund-Portfolio	$ 196,310.86
#7	Paul Merriman’s Target Date Portfolio (45 year old)	$ 194,370.70
#8	Dan Solin SuperSmart Portfolio, High Risk	$ 189,917.12

The difference of $55,573.14 underscores the power of compounding but also of choosing the right portfolio. The end amount is a 29% increase in the number of dollars from the lowest to the highest!

In comparison, the worst performing portfolio on portfolioeinstein.com is David Booth (DFA) Fixed Income Portfolio with a CAGR of 4.48%. This is not bad at all considering its extremely low risk. David Booth (DFA) Fixed Income Portfolio’s final amount would have been $35,622.63.

How do I build these portfolios?

So you saw the numbers and now you want to implement the portfolio.

But hold on a minute!

Remember when I said there were a lot of factors that I did not take into account when presenting the best portfolios? I’m talking about these guys:

Risk-adjusted returns (e.g. Sharpe ratio, )
Risk of the portfolio (e.g. standard deviation, ulcer index, Sortino ratio)
The investor’s tolerance for risk
The timeframe of the investment (what is best for a 20-year portfolio is not best for a 1-year portfolio)
The starting year of the investment (the starting year plays a big part when measuring performance)
Rolling returns (looking at rolling returns gives another perspective of best investment portfolio)
Drawdowns (a portfolio can have huge drawdowns and still have the best returns)
Diversification analysis (have the portfolio earned its returns by concentration and if so, is it replicable?)
Income requirements (does the portfolio need to sustain a constant stream of income?)
Expense ratios (how expensive is the portfolio to implement and maintain?)
Tracking error.

Because we are all unique just like everyone else, your situation might call for a different portfolio than what is considered the best performing investment portfolio.

Now, this is important. The Dilbert portfolio, #3, is extremely volatile and may not be up when you want it to be up. It might have a large drawdown just when you need the money. Same goes for #1 and #2 but emerging markets is a very volatile asset class.

Also note, past performance is not indicative of future returns. What we have recorded in history will NOT come to pass in the future. History may rhyme and it may look a lot like the past. But it will not be the past.

Let me repeat that: The returns you see on the portfolios and everywhere else in the financial media are NOT the returns you will actually experience. But it is our best guess!

Do your due diligence or wait a few weeks for our forthcoming best risk-adjust-article.

If you want to see the allocations for the above portfolios go here.

Summary and your next steps

Whether you are saving for retirement or building a nest egg the returns on your investment play a huge role. But so does saving money regularly. Money can only compound on other money.

There is a large difference in returns and dollar amount between the best investment portfolio and number eight. The difference is almost 30%.

All investing decisions should be made in comparison to a benchmark, for example, the total US stock market.

Still confused or more confused?

Hang tight and sign up for my newsletter. I’ll make you smarter week-by-week

Asset Allocation of 332 Investment Portfolios

September 7, 2018 Leave a Comment

This is the asset allocation of the portfolios found on portfolioeinstein.com.

We are currently tracking asset allocation and performance of ~~208~~ ~~235~~ 332 investment portfolios!

Asset Allocation of 332 Investment Portfolios

This is the asset allocation of the portfolios found on portfolioeinstein.com.

We are currently tracking asset allocation and performance of ~~208~~ ~~235~~ 332 investment portfolios!

You can find the best-in-class ETFs here.

The rebalance tool is here.

You can find the returns and risk metrics here.

You can find the best target date retirement fund in the article What Is The Best ETF And Mutual Fund?

To get an overview of the many target date fund providers we track you should read the article Target Date Fund Portfolios

If you are looking for lazy portfolios you should read 5 Reasons Why A Lazy Portfolio Is Right For You and Lazy Portfolios to get an overview.

7Twelve Portfolio by Craig Israelsen

You can find them in the article Craig Israelsen: 7Twelve Portfolio: Too Much Diversification?

Allan Roth Second Grader Portfolios

You can find them in the article Allan Roth Second Grader Portfolio: Beating The Hell Outa Wall Street?

Alpha Architect Robust Portfolio

7.50% US Large Cap Value (VTV)
7.50% US Small Cap Value (VIOV)
10.00% REITs (VNQ)
7.50% International Large Cap Value (EFV)
20.00% Intermediate-Term Treasuries (VGIT)
10.00% Commodities (DBC / GSG)
30.00% Momentum Factor (MTUM)
7.50% International Small Cap Value (DLS)

They are all three extremely well researched and all evidence-based approaches to go beyond the buy and hold methodology. Their books are a nerd’s heaven.

Balanced Portfolios

You can find them in the article The Balanced Portfolio: Portfolio Grand Daddy

Ben Stein’s Perfect Portfolio

20.00% US Total Stock Market (VTI)
20.00% US Large Cap (VV)
4.00% REITs (VNQ)
20.00% International Developed Blend (VEA)
12.00% Emerging Markets (VWO)
20.00% Cash (money market fund) (BIL)
4.00% Energy (XLE)

Bill Schultheis’ “Coffeehouse” Portfolio

You can find them in the article Bill Schultheis: Coffeehouse Portfolio: Relax And Get On With Your Life Portfolio?

Bridgewater All Seasons Portfolio

18.00% US Large Cap (VV)
3.00% US Small Cap (VIOO)
6.00% International Developed Blend (VEA)
3.00% Emerging Markets (VWO)
40.00% Long Term Treasuries (TLT)
15.00% Intermediate-Term Treasuries (VGIT)
7.50% Commodities (DBC / GSG)
7.50% Gold (IAU)

Burton Malkiel Portfolios

You can find them in the article Burton Malkiel Portfolio: No Random Returns Here

David Booth (DFA) Portfolios

You can find them in the article David Booth Portfolios: Home Runs For Days

David Swensen’s Portfolio

You can find it in the article David Booth Portfolios: Home Runs For Days

Dimensional 2030 Target Date Retirement Income Fund

17.50% US Total Stock Market (VTI)
17.50% US Large Cap (VV)
10.50% International Developed Blend (VEA)
5.20% Emerging Markets (VWO)
5.20% International All-World ex-US (VEU)
6.10% Short-Term Investment Grade (VCSH)
31.90% TIPS (VTIP)
6.10% 2 Year Global Fixed Income (BNDX)

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

Dimensional 2040 Target Date Retirement Income Fund

26.00% US Total Stock Market (VTI)
26.00% US Large Cap (VV)
15.50% International Developed Blend (VEA)
7.60% Emerging Markets (VWO)
7.70% International All-World ex-US (VEU)
8.60% Short-Term Investment Grade (VCSH)
8.60% 2 Year Global Fixed Income (BNDX)

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

Dimensional 2050 Target Date Retirement Income Fund

29.80% US Total Stock Market (VTI)
29.80% US Large Cap (VV)
17.80% International Developed Blend (VEA)
8.70% Emerging Markets (VWO)
8.90% International All-World ex-US (VEU)
2.50% Short-Term Investment Grade (VCSH)
2.50% 2 Year Global Fixed Income (BNDX)

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

Dimensional 2060 Target Date Retirement Income Fund

29.80% US Total Stock Market (VTI)
29.80% US Large Cap (VV)
17.80% International Developed Blend (VEA)
8.70% Emerging Markets (VWO)
8.90% International All-World ex-US (VEU)
2.50% Short-Term Investment Grade (VCSH)
2.50% 2 Year Global Fixed Income (BNDX)

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

Dimensional Retirement Income Fund

6.40% US Total Stock Market (VTI)
6.40% US Large Cap (VV)
3.80% International Developed Blend (VEA)
1.90% Emerging Markets (VWO)
1.90% International All-World ex-US (VEU)
47.60% TIPS (VTIP)
32.00% 1 Year Fixed Income (BSV)

Fidelity Freedom Index 2030 (55 years old)

51.46% US Total Stock Market (VTI)
22.11% International All-World ex-US (VEU)
24.03% Total US Bond Market (BND)
0.05% Cash (money market fund) (BIL)
1.29% Commodities (DBC / GSG)
1.06% TIPS (VTIP)

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

Fidelity Freedom Index 2040 (45 years old)

62.11% US Total Stock Market (VTI)
26.58% International All-World ex-US (VEU)
9.97% Total US Bond Market (BND)
0.02% Cash (money market fund) (BIL)
1.32% Commodities (DBC / GSG)

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

Fidelity Freedom Index 2050 (35 years old)

62.11% US Total Stock Market (VTI)
26.58% International All-World ex-US (VEU)
9.97% Total US Bond Market (BND)
0.02% Cash (money market fund) (BIL)
1.32% Commodities (DBC / GSG)

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

Fidelity Freedom Index 2060 (25 years old and younger)

62.11% US Total Stock Market (VTI)
26.58% International All-World ex-US (VEU)
9.97% Total US Bond Market (BND)
0.02% Cash (money market fund) (BIL)
1.32% Commodities (DBC / GSG)

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

Frank Armstrong Ideal Index Portfolio

9.25% US Large Cap Value (VTV)
6.25% US Large Cap (VV)
9.25% US Small Cap Value (VIOV)
6.25% US Small Cap Growth (IJT)
8.00% REITs (VNQ)
31.00% International All-World ex-US (VEU)
30.00% Short Term Treasuries (VGSH)

Frank Armstrong is the author of The Informed Investor: A Hype-Free Guide to Constructing a Sound Financial Portfolio. In his book he presents a the Ideal Index Portfolio. Frank Armstrong’s portfolio is tilted towards small-cap and value stocks.

Gibson Five Asset Classes

20.00% US Total Stock Market (VTI)
20.00% REITs (VNQ)
20.00% International All-World ex-US (VEU)
14.00% Total US Bond Market (BND)
20.00% Commodities (DBC / GSG)
6.00% Non-US Bonds (BNDX)

Gibson Four Asset Classes

25.00% US Large Cap Value (VTV)
25.00% REITs (VNQ)
25.00% International Developed Blend (VEA)
25.00% Commodities (DBC / GSG)

Harry Markowitz’s “Father of Modern Portfolio Theory” Portfolio

50.00% US Total Stock Market (VTI)
50.00% Total US Bond Market (BND)

Index Fund Advisors Portfolios

You can find them in the article Index Fund Advisors: Market Beating Portfolios.

iShares Lifepath Fund

22.09% US Large Cap (VV)
4.15% US Small Cap (VIOO)
0.51% REITs (VNQ)
13.67% International All-World ex-US (VEU)
50.82% Total US Bond Market (BND)
8.76% TIPS (VTIP)

The iShares target-date funds are no-fuzz straight up simple funds that give you broad exposure with a glide path towards retirement. You can see them here.
iShares is the boutique of ETFs owned by Blackrock Inc. Blackrock is the world largest asset manager in the world (6.3 trillion dollars in 2017).
You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

iShares LifePath Index 2030 Fund (55-year-old)

36.98% US Large Cap (VV)
2.32% US Small Cap (VIOO)
7.77% REITs (VNQ)
1.56% International Developed Blend (VEA)
21.20% International All-World ex-US (VEU)
26.03% Total US Bond Market (BND)
4.14% TIPS (VTIP)

The iShares target-date funds are no-fuzz straight up simple funds that give you broad exposure with a glide path towards retirement. You can see them here.
iShares is the boutique of ETFs owned by Blackrock Inc. Blackrock is the world largest asset manager in the world (6.3 trillion dollars in 2017).
You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

iShares LifePath Index 2040 Fund (45-year-old)

46.60% US Large Cap (VV)
1.08% US Small Cap (VIOO)
13.03% REITs (VNQ)
2.19% International Developed Blend (VEA)
26.32% International All-World ex-US (VEU)
9.40% Total US Bond Market (BND)
1.38% TIPS (VTIP)

The iShares target-date funds are no-fuzz straight up simple funds that give you broad exposure with a glide path towards retirement. You can see them here.
iShares is the boutique of ETFs owned by Blackrock Inc. Blackrock is the world largest asset manager in the world (6.3 trillion dollars in 2017).
You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

iShares LifePath Index 2050 Fund (35-year-old)

50.02% US Large Cap (VV)
0.76% US Small Cap (VIOO)
16.24% REITs (VNQ)
1.13% International Developed Blend (VEA)
30.76% International All-World ex-US (VEU)
1.09% Total US Bond Market (BND)

The iShares target-date funds are no-fuzz straight up simple funds that give you broad exposure with a glide path towards retirement. You can see them here.
iShares is the boutique of ETFs owned by Blackrock Inc. Blackrock is the world largest asset manager in the world (6.3 trillion dollars in 2017).
You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

iShares LifePath Index 2060 Fund (25-year-old)

49.69% US Large Cap (VV)
0.97% US Small Cap (VIOO)
16.17% REITs (VNQ)
32.15% International All-World ex-US (VEU)
1.02% Total US Bond Market (BND)

The iShares target-date funds are no-fuzz straight up simple funds that give you broad exposure with a glide path towards retirement. You can see them here.
iShares is the boutique of ETFs owned by Blackrock Inc. Blackrock is the world largest asset manager in the world (6.3 trillion dollars in 2017).
You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

BlackRock Model Portfolio 10% Stocks

15.00% US Total Stock Market (VTI)
59.00% Total US Bond Market (BND)
26.00% Non-US Bonds (BNDX)

BlackRock Model Portfolio 15% Stocks

15.00% US Total Stock Market (VTI)
5.00% International All-World ex-US (VEU)
55.00% Total US Bond Market (BND)
25.00% Non-US Bonds (BNDX)

BlackRock Model Portfolio 20% Stocks

26.00% US Total Stock Market (VTI)
10.00% International All-World ex-US (VEU)
41.00% Total US Bond Market (BND)
23.00% Non-US Bonds (BNDX)

BlackRock Model Portfolio 36% Stocks

28.00% US Total Stock Market (VTI)
12.00% International All-World ex-US (VEU)
38.00% Total US Bond Market (BND)
22.00% Non-US Bonds (BNDX)

BlackRock Model Portfolio 40% Stocks

31.00% US Total Stock Market (VTI)
20.00% International All-World ex-US (VEU)
31.00% Total US Bond Market (BND)
18.00% Non-US Bonds (BNDX)

BlackRock Model Portfolio 51% Stocks

33.00% US Total Stock Market (VTI)
22.00% International All-World ex-US (VEU)
33.00% Total US Bond Market (BND)
12.00% Non-US Bonds (BNDX)

BlackRock Model Portfolio 55% Stocks

31.00% US Total Stock Market (VTI)
20.00% International All-World ex-US (VEU)
31.00% Total US Bond Market (BND)
18.00% Non-US Bonds (BNDX)

BlackRock Model Portfolio 65% Stocks

40.00% US Total Stock Market (VTI)
25.00% International All-World ex-US (VEU)
25.00% Total US Bond Market (BND)
10.00% Non-US Bonds (BNDX)

BlackRock Model Portfolio 70% Stocks

41.00% US Total Stock Market (VTI)
29.00% International All-World ex-US (VEU)
22.00% Total US Bond Market (BND)
8.00% Non-US Bonds (BNDX)

BlackRock Model Portfolio 80% Stocks

44.00% US Total Stock Market (VTI)
36.00% International All-World ex-US (VEU)
15.00% Total US Bond Market (BND)
5.00% Non-US Bonds (BNDX)

BlackRock Model Portfolio 85% Stocks

48.00% US Total Stock Market (VTI)
37.00% International All-World ex-US (VEU)
15.00% Total US Bond Market (BND)

BlackRock Model Portfolio 91% Stocks

50.00% US Total Stock Market (VTI)
41.00% International All-World ex-US (VEU)
9.00% Total US Bond Market (BND)

BlackRock Model Portfolio 100% Stocks

57.00% US Total Stock Market (VTI)
43.00% International All-World ex-US (VEU)

JL Collins, Simple Path to Wealth, Wealth Building Portfolio

100.00% US Total Stock Market (VTI)

JL Collins, Simple Path to Wealth, Wealth Preservation Portfolio

75.00% US Total Stock Market (VTI)
25.00% Total US Bond Market (BND)

The Larry Swedroe Portfolios

These have all gotten a new home over at Larry Swedroe Portfolio: Nemesis of Low Returns

Meb Faber’s Global Asset Allocation Portfolio (GAA)

18.00% US Large Cap (VV)
4.50% REITs (VNQ)
13.50% International Developed Blend (VEA)
4.50% Emerging Markets (VWO)
13.50% Long Term Treasuries (TLT)
19.80% Corporate Bonds (LQD)
5.00% Commodities (DBC / GSG)
5.00% Gold (IAU)
1.80% TIPS (VTIP)
14.40% Non-US Bonds (BNDX)

Meb Faber’s Global Tactical Asset Allocation (GTAA) Conservative

3.75% US Large Cap Value (VTV)
3.75% US Small Cap Value (VIOV)
15.00% REITs (VNQ)
7.50% International Developed Blend (VEA)
7.50% Emerging Markets (VWO)
10.00% Long Term Treasuries (TLT)
10.00% Intermediate-Term Treasuries (VGIT)
10.00% Corporate Bonds (LQD)
15.00% Commodities (DBC / GSG)
10.00% Non-US Bonds (BNDX)
7.50% Momentum Factor (MTUM)

In his very popular paper A Quantitative Approach to Tactical Asset Allocation Meb Faber, quant and co-founder of Cambria, suggests multiple buy-and-hold portfolios in addition to his now trademark trend following strategy. Meb is known for favoring value and momentum strategies. I recommend all of Meb Faber’s books as he doesn’t waste your time. Some of the best ones include Global Asset Allocation: A Survey of the World’s Top Asset Allocation Strategies and The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets.

Meb Faber’s Global Tactical Asset Allocation (GTAA) Moderate

5.00% US Large Cap Value (VTV)
5.00% US Small Cap Value (VIOV)
20.00% REITs (VNQ)
10.00% International Developed Blend (VEA)
10.00% Emerging Markets (VWO)
5.00% Long Term Treasuries (TLT)
5.00% Intermediate-Term Treasuries (VGIT)
5.00% Corporate Bonds (LQD)
20.00% Commodities (DBC / GSG)
5.00% Non-US Bonds (BNDX)
10.00% Momentum Factor (MTUM)

Meb Faber’s Ivy 10 Portfolio

You can find them in the article Meb Faber: Ivy 10 Portfolio: Expand And Conquer Yale And Harvard

Meb Faber’s Ivy 5 Portfolio

You can find them in the article Meb Faber’s Ivy 10 Portfolio: Expand And Conquer Yale And Harvard

Meb Faber IVY 20 portfolio

5.00% US Large Cap (VV)
5.00% US Mid Cap (IJH)
5.00% US Small Cap (VIOO)
5.00% US Micro Cap (IWC)
5.00% REITs (Real Estate) (VNQ)
5.00% Int. Developed Blend (VEA)
5.00% Emerging Markets (VWO)
5.00% Intl Sm Cap Blend (VSS)
5.00% Total US Bond Market (BND)
5.00% Timber (TREE)
5.00% Infrastructure
20.00% Commodities (DBC / GSG)
5.00% TIPS (VTIP)
5.00% Non-US Bonds (BNDX)
5.00% Emerging Markets Small Cap (EWX)
5.00% Emerging Market Bonds (VWOB)
5.00% International REITs (Real Estate) (VNQI)

Co-written with Eric Anderson, Meb Faber’s book The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets lays out a strategy that attempts to mirror the investment portfolios of the Ivy Leagues Endowment fund like Yale, Harvard, and Princeton. Especially Yale’s performance has been envious. Yale’s Endowment is led by David Swensen who also has a recommend portfolio on this site.

Meb Faber’s Risk Parity Portfolio

7.50% US Total Stock Market (VTI)
5.00% REITs (VNQ)
7.50% International All-World ex-US (VEU)
35.00% Intermediate-Term Treasuries (VGIT)
35.00% Corporate Bonds (LQD)
5.00% Commodities (DBC / GSG)
5.00% Gold (IAU)

Meb Faber’s risk parity portfolio from his blog where he compares it to Ray Dalio’s All Weather Portfolio (also on this site). All of Meb Faber’s books are worth a read and especially Global Asset Allocation: A Survey of the World’s Top Asset Allocation Strategies and The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets.

Merrill Lynch Edge Select Portfolio, Conservative

8.00% US Large Cap Value (VTV)
5.00% US Large Cap Growth (VUG)
1.00% US Small Cap Value (VIOV)
1.00% US Small Cap Growth (IJT)
1.00% Emerging Markets (VWO)
5.00% International All-World ex-US (VEU)
17.00% Intermediate-Term Treasuries (VGIT)
24.00% Cash (money market fund) (BIL)
10.00% Corporate Bonds (LQD)
4.00% High Yield Corporate Bonds (HYG / JNK)
12.00% Non-US Bonds (BNDX)
12.00% Mortgages (VMBS)

Merrill Lynch offers these portfolios through their Select Edge Portfolios. Their portfolios are some of the more complex ones with many asset classes. They are also the only ones including mortgages in their portfolios as a distinct asset class. In addition, their most aggressive portfolio holds 16% in bonds/cash which is unusual for that level of risk.

Merrill Lynch Edge Select Portfolio, Moderately Conservative

9.00% US Large Cap Value (VTV)
14.00% US Large Cap Growth (VUG)
1.00% US Small Cap Value (VIOV)
1.00% US Small Cap Growth (IJT)
3.00% Emerging Markets (VWO)
9.00% International All-World ex-US (VEU)
17.00% Intermediate-Term Treasuries (VGIT)
2.00% Cash (money market fund) (BIL)
15.00% Corporate Bonds (LQD)
5.00% High Yield Corporate Bonds (HYG / JNK)
9.00% Non-US Bonds (BNDX)
15.00% Mortgages (VMBS)

Merrill Lynch offers these portfolios through their Select Edge Portfolios. Their portfolios are some of the more complex ones with many asset classes. They are also the only ones including mortgages in their portfolios as a distinct asset class. In addition, their most aggressive portfolio holds 16% in bonds/cash which is unusual for that level of risk.

Merrill Lynch Edge Select Portfolio, Moderate

12.00% US Large Cap Value (VTV)
19.00% US Large Cap Growth (VUG)
2.00% US Small Cap Value (VIOV)
2.00% US Small Cap Growth (IJT)
5.00% Emerging Markets (VWO)
13.00% International All-World ex-US (VEU)
14.00% Intermediate-Term Treasuries (VGIT)
2.00% Cash (money market fund) (BIL)
14.00% Corporate Bonds (LQD)
4.00% High Yield Corporate Bonds (HYG / JNK)
2.00% Non-US Bonds (BNDX)
11.00% Mortgages (VMBS)

Merrill Lynch offers these portfolios through their Select Edge Portfolios. Their portfolios are some of the more complex ones with many asset classes. They are also the only ones including mortgages in their portfolios as a distinct asset class. In addition, their most aggressive portfolio holds 16% in bonds/cash which is unusual for that level of risk.

Merrill Lynch Edge Select Portfolio, Moderately Aggressive

16.00% US Large Cap Value (VTV)
25.00% US Large Cap Growth (VUG)
2.00% US Small Cap Value (VIOV)
2.00% US Small Cap Growth (IJT)
7.00% Emerging Markets (VWO)
17.00% International All-World ex-US (VEU)
9.00% Intermediate-Term Treasuries (VGIT)
2.00% Cash (money market fund) (BIL)
9.00% Corporate Bonds (LQD)
3.00% High Yield Corporate Bonds (HYG / JNK)
1.00% Non-US Bonds (BNDX)
7.00% Mortgages (VMBS)

Merrill Lynch offers these portfolios through their Select Edge Portfolios. Their portfolios are some of the more complex ones with many asset classes. They are also the only ones including mortgages in their portfolios as a distinct asset class. In addition, their most aggressive portfolio holds 16% in bonds/cash which is unusual for that level of risk.

Merrill Lynch Edge Select Portfolio, Aggressive

19.00% US Large Cap Value (VTV)
29.00% US Large Cap Growth (VUG)
3.00% US Small Cap Value (VIOV)
3.00% US Small Cap Growth (IJT)
9.00% Emerging Markets (VWO)
21.00% International All-World ex-US (VEU)
5.00% Intermediate-Term Treasuries (VGIT)
2.00% Cash (money market fund) (BIL)
4.00% Corporate Bonds (LQD)
1.00% High Yield Corporate Bonds (HYG / JNK)
1.00% Non-US Bonds (BNDX)
3.00% Mortgages (VMBS)

Merrill Lynch offers these portfolios through their Select Edge Portfolios. Their portfolios are some of the more complex ones with many asset classes. They are also the only ones including mortgages in their portfolios as a distinct asset class. In addition, their most aggressive portfolio holds 16% in bonds/cash which is unusual for that level of risk.

Morningstar Portfolios, including portfolios made by Christine Benz

You can find all the Morningstar portfolios over at Morningstar Portfolios: A Laser Beam On Your Returns

Muhammad El-Erian’s Portfolio

18.00% US Total Stock Market (VTI)
13.00% REITs (VNQ)
18.00% International Developed Blend (VEA)
15.00% Emerging Markets (VWO)
6.00% Long Term Treasuries (TLT)
11.00% Total US Bond Market (BND)
13.00% Commodities (DBC / GSG)
6.00% TIPS (VTIP)

Paul Merriman’s Portfolios

You can find them in the article Paul Merriman Portfolios: Unbiased Outperformance

Paul Merriman’s Ultimate Portfolio

You can find them in the article Paul Merriman Portfolios: Unbiased Outperformance and Paul Merriman’s Ultimate Portfolio: 10 X 10 = Winner?

This is the portfolio that Paul Merriman features on MarketWatch. It shows the power of diversification that brings home very good returns while keeping risk in check.

Rick Ferri Portfolios

You can find them in the article Rick Ferri Portfolio, Can It Bring You Enough Returns?

Rob Arnott’s Portfolio

10.00% US Large Cap (VV)
10.00% REITs (VNQ)
10.00% International All-World ex-US (VEU)
10.00% Long Term Treasuries (TLT)
20.00% Corporate Bonds (LQD)
10.00% Commodities (DBC / GSG)
10.00% TIPS (VTIP)
20.00% Non-US Bonds (BNDX)

Robo advisor Betterment 100

34.60% US Total Stock Market (VTI)
9.20% US Large Cap Value (VTV)
7.50% US Mid Cap Value (JKI)
6.40% US Small Cap Value (VIOV)
27.30% International Developed Blend (VEA)
15.00% Emerging Markets (VWO)

Betterment is probably the most well-known fin-tech company. It started the robo-advisor phenomenon. They have 13 Billion assets under management as per 2017. Their portfolios are well diversified and are some of the few that have emerging market bonds as an asset class. If you want to gain a greater insight into the robo-advisory phenomenon I recommend picking up FinTech Innovation: From Robo-Advisors to Goal-Based Investing and Gamification.

Robo Advisor Betterment 90

30.90% US Total Stock Market (VTI)
8.20% US Large Cap Value (VTV)
6.70% US Mid Cap Value (JKI)
5.70% US Small Cap Value (VIOV)
24.60% Int. Developed Blend (VEA)
14.00% Emerging Markets (VWO)
3.50% Total US Bond Market (BND)
0.60% Cash (money market fund) (BIL)
1.20% TIPS (VTIP)
2.90% Non-US Bonds (BNDX)
1.70% Emerging Market Bonds (VWOB)

Robo advisor Betterment 80

27.00% US Total Stock Market (VTI)
7.20% US Large Cap Value (VTV)
5.90% US Mid Cap Value (JKI)
5.00% US Small Cap Value (VIOV)
22.10% International Developed Blend (VEA)
12.80% Emerging Markets (VWO)
6.80% Total US Bond Market (BND)
2.40% TIPS (VTIP)
7.20% Non-US Bonds (BNDX)
3.60% Emerging Market Bonds (EMB / VWOB)

Betterment is probably the most well-known fin-tech company. It started the robo advisor phenomenon. They have 13 Billion assets under management as per 2017. Their portfolios are well diversified and are some of the few that have emerging market bonds as an asset class. If you want to gain a greater insight into the robo advisor phenomenon I recommend picking up FinTech Innovation: From Robo-Advisors to Goal-Based Investing and Gamification.

Robo Advisor Betterment 70

23.40% US Total Stock Market (VTI)
6.30% US Large Cap Value (VTV)
5.10% US Mid Cap Value (JKI)
4.30% US Small Cap Value (VIOV)
19.30% Int. Developed Blend (VEA)
11.60% Emerging Markets (VWO)
9.80% Total US Bond Market (BND)
3.80% TIPS (VTIP)
10.90% Non-US Bonds (BNDX)
5.50% Emerging Market Bonds (VWOB)

Robo advisor Betterment 60

19.80% US Total Stock Market (VTI)
5.30% US Large Cap Value (VTV)
4.30% US Mid Cap Value (JKI)
3.60% US Small Cap Value (VIOV)
16.70% International Developed Blend (VEA)
10.30% Emerging Markets (VWO)
12.30% Total US Bond Market (BND)
5.00% TIPS (VTIP)
14.70% Non-US Bonds (BNDX)
8.00% Emerging Market Bonds (EMB / VWOB)

Betterment is probably the most well-known fin-tech company. It started the robo advisor phenomenon. They have 13 Billion assets under management as per 2017. Their portfolios are well diversified and are some of the few that have emerging market bonds as an asset class. If you want to gain a greater insight into the robo advisor phenomenon I recommend picking up FinTech Innovation: From Robo-Advisors to Goal-Based Investing and Gamification.

Robo Advisor Betterment 50

16.20% US Total Stock Market (VTI)
4.40% US Large Cap Value (VTV)
3.60% US Mid Cap Value (JKI)
3.00% US Small Cap Value (VIOV)
13.70% Int. Developed Blend (VEA)
9.00% Emerging Markets (VWO)
14.70% Total US Bond Market (BND)
6.30% TIPS (VTIP)
18.40% Non-US Bonds (BNDX)
10.70% Emerging Market Bonds (VWOB)

Robo advisor Betterment 40

12.90% US Total Stock Market (VTI)
3.40% US Large Cap Value (VTV)
2.80% US Mid Cap Value (JKI)
2.40% US Small Cap Value (VIOV)
11.10% International Developed Blend (VEA)
7.40% Emerging Markets (VWO)
7.00% Short Term Treasuries (VGSH)
15.10% Total US Bond Market (BND)
6.60% TIPS (VTIP)
19.50% Non-US Bonds (BNDX)
11.80% Emerging Market Bonds (EMB / VWOB)

Betterment is probably the most well-known fin-tech company. It started the robo advisor phenomenon. They have 13 Billion assets under management as per 2017. Their portfolios are well diversified and are some of the few that have emerging market bonds as an asset class. If you want to gain a greater insight into the robo advisor phenomenon I recommend picking up FinTech Innovation: From Robo-Advisors to Goal-Based Investing and Gamification.

Robo Advisor Betterment 30

9.50% US Total Stock Market (VTI)
2.60% US Large Cap Value (VTV)
2.10% US Mid Cap Value (JKI)
1.80% US Small Cap Value (VIOV)
8.30% Int. Developed Blend (VEA)
5.60% Emerging Markets (VWO)
24.20% Short Term Treasury (VGSH)
11.40% Total US Bond Market (BND)
6.10% Short-Term Bonds
6.10% Short-Term Investment Grade (VCSH)
5.00% TIPS (VTIP)
14.60% Non-US Bonds (BNDX)
8.80% Emerging Market Bonds (VWOB)

Robo Advisor Betterment 20

6.30% US Total Stock Market (VTI)
1.70% US Large Cap Value (VTV)
1.40% US Mid Cap Value (JKI)
1.20% US Small Cap Value (VIOV)
5.60% Int. Developed Blend (VEA)
3.70% Emerging Markets (VWO)
42.80% Short Term Treasury (VGSH)
7.60% Total US Bond Market (BND)
10.70% Short-Term Bonds
10.70% Short-Term Investment Grade (VCSH)
3.30% TIPS (VTIP)
9.80% Non-US Bonds (BNDX)
5.90% Emerging Market Bonds (VWOB)

Robo Advisor Betterment 10

3.20% US Total Stock Market (VTI)
0.90% US Large Cap Value (VTV)
0.50% US Mid Cap Value (JKI)
0.60% US Small Cap Value (VIOV)
2.80% Int. Developed Blend (VEA)
1.90% Emerging Markets (VWO)
61.40% Short Term Treasury (VGSH)
3.80% Total US Bond Market (BND)
15.40% Short-Term Bonds
15.40% Short-Term Investment Grade (VCSH)
1.70% TIPS (VTIP)
4.90% Non-US Bonds (BNDX)
2.90% Emerging Market Bonds (VWOB)

Robo Advisor Betterment 0 = 100% Bonds

80.00% Short Term Treasury (VGSH)
20.00% Short-Term Bonds
20.00% Short-Term Investment Grade (VCSH)

Robo advisor Wealthfront 100

20.00% US Total Stock Market (VTI)
5.00% US Large Cap Value (VTV)
16.00% REITs (VNQ)
18.00% International Developed Blend (VEA)
31.00% Emerging Markets (VWO)
5.00% Corporate Bonds (LQD)
5.00% Emerging Market Bonds (EMB / VWOB)

The robo advisor firm came late to the robo advisor party but have enjoyed an immense amount of success. One of the giant of the investment world, Burton Malkiel, author of A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, is the Chief Investment Officer at Wealthfront. Charles Ellis, another investing giant, and author of Winning the Loser’s Game, Seventh Edition: Timeless Strategies for Successful Investing is on the advisory board. If you want to gain a greater insight into the robo-advisory phenomenon I recommend picking up FinTech Innovation: From Robo-Advisors to Goal-Based Investing and Gamification.

Robo advisor Wealthfront 80

22.00% US Total Stock Market (VTI)
15.00% US Large Cap Value (VTV)
15.00% REITs (VNQ)
19.00% International Developed Blend (VEA)
16.00% Emerging Markets (VWO)
6.00% Corporate Bonds (LQD)
7.00% Emerging Market Bonds (EMB / VWOB)

Robo advisor Wealthfront 60

19.00% US Total Stock Market (VTI)
15.00% US Large Cap Value (VTV)
11.00% REITs (VNQ)
16.00% International Developed Blend (VEA)
12.00% Emerging Markets (VWO)
19.00% Corporate Bonds (LQD)
8.00% Emerging Market Bonds (EMB / VWOB)

Robo advisor Wealthfront 40

18.00% US Total Stock Market (VTI)
15.00% US Large Cap Value (VTV)
6.00% REITs (VNQ)
12.00% International Developed Blend (VEA)
8.00% Emerging Markets (VWO)
31.00% Corporate Bonds (LQD)
10.00% Emerging Market Bonds (EMB / VWOB)

S&P 500

100.00% US Large Cap (VOO)

This is the most common benchmark. This is what active managers are trying to beat when they are trying to beat the “market”. It consists of the 500 largest companies in the U.S. based on market capitalization. It was the first index to be passively indexed and tracked by a fund. This was done by the Vanguard Index Trust, later renamed to Vanguard 500 Index Fund. John Bogle founder of Vanguard describes this it in his book Common Sense on Mutual Funds.

Schwab Managed Portfolio, Aggressive Growth

33.00% US Large Cap (VV)
13.00% US Small Cap (VIOO)
5.00% REITs (VNQ)
31.00% International Developed Blend (VEA)
9.00% Emerging Markets (VWO)
5.00% Cash (money market fund) (BIL)
4.00% Commodities (DBC / GSG)

Schwab Managed Portfolio, Balanced With Growth

22.00% US Large Cap (VV)
7.00% US Small Cap (VIOO)
5.00% REITs (VNQ)
20.00% International Developed Blend (VEA)
5.00% Emerging Markets (VWO)
26.00% Total US Bond Market (BND)
5.00% Cash (money market fund) (BIL)
6.00% Commodities (DBC / GSG)
1.00% High Yield Corporate Bonds (HYG / JNK)
2.00% TIPS (VTIP)
1.00% Non-US Bonds (BNDX)

Schwab Managed Portfolio, Growth

29.00% US Large Cap (VV)
9.00% US Small Cap (VIOO)
5.00% REITs (VNQ)
26.00% International Developed Blend (VEA)
7.00% Emerging Markets (VWO)
12.00% Total US Bond Market (BND)
5.00% Cash (money market fund) (BIL)
6.00% Commodities (DBC / GSG)
1.00% TIPS (VTIP)

Schwab Managed Portfolio, Balanced

15.00% US Large Cap (VV)
5.00% US Small Cap (VIOO)
5.00% REITs (VNQ)
13.00% International Developed Blend (VEA)
4.00% Emerging Markets (VWO)
33.00% Total US Bond Market (BND)
15.00% Cash (money market fund) (BIL)
5.00% Commodities (DBC / GSG)
1.00% High Yield Corporate Bonds (HYG / JNK)
2.00% TIPS (VTIP)
2.00% Non-US Bonds (BNDX)

Schwab Managed Portfolio, Income with Growth

9.00% US Large Cap (VV)
2.00% US Small Cap (VIOO)
5.00% REITs (VNQ)
8.00% International Developed Blend (VEA)
37.00% Total US Bond Market (BND)
20.00% Cash (money market fund) (BIL)
1.00% Commodities (DBC / GSG)
4.00% High Yield Corporate Bonds (HYG / JNK)
10.00% TIPS (VTIP)
4.00% Non-US Bonds (BNDX)

Schwab Managed Portfolio, Conservative Income

5.00% REITs (VNQ)
40.00% Total US Bond Market (BND)
25.00% Cash (money market fund) (BIL)
7.00% High Yield Corporate Bonds (HYG / JNK)
18.00% TIPS (VTIP)
5.00% Non-US Bonds (BNDX)

Schwab Target Date Fund 2020 (25 years old)

50.32% US Large Cap (VV)
6.84% US Small Cap (VIOO)
4.82% REITs (VNQ)
7.63% Emerging Markets (VWO)
26.13% International All-World ex-US (VEU)
0.18% Short Term Treasuries (VGSH)
4.08% Total US Bond Market (BND)

This is part of Charles Schwab’s target date funds. The can be bought as one-fund solutions.

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

Schwab Target Date Fund 2030 (35 years old)

48.43% US Large Cap (VV)
6.24% US Small Cap (VIOO)
4.57% REITs (VNQ)
6.90% Emerging Markets (VWO)
25.02% International All-World ex-US (VEU)
0.30% Short Term Treasuries (VGSH)
7.73% Total US Bond Market (BND)
0.81% Cash (money market fund) (BIL)

This is part of Charles Schwab’s target date funds. The can be bought as one-fund solutions.

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

Schwab Target Date Fund 2030 (55 years old)

39.28% US Large Cap (VV)
3.65% US Small Cap (VIOO)
3.44% REITs (VNQ)
3.49% Emerging Markets (VWO)
18.65% International All-World ex-US (VEU)
1.92% Short Term Treasuries (VGSH)
26.46% Total US Bond Market (BND)
3.11% Cash (money market fund) (BIL)

This is part of Charles Schwab’s target date funds. The can be bought as one-fund solutions.

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

Schwab Target Date Fund 2040 (45 years old)

45.46% US Large Cap (VV)
5.15% US Small Cap (VIOO)
4.20% REITs (VNQ)
5.64% Emerging Markets (VWO)
22.95% International All-World ex-US (VEU)
0.74% Short Term Treasuries (VGSH)
14.62% Total US Bond Market (BND)
1.24% Cash (money market fund) (BIL)

This is part of Charles Schwab’s target date funds. The can be bought as one-fund solutions.

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

Scott Adams Dilbert’s Portfolio

50.00% US Total Stock Market (VTI)
50.00% Emerging Markets (VWO)

Scott Burns Couch Potato

You can find them in the article The Couch Potato Portfolio: Two Fund Supremacy?

Scott Burns Margaritaville

33.33% US Total Stock Market (VTI)
33.33% International All-World ex-US (VEU)
33.33% TIPS (VTIP)

Scott Burns, author of Spend ‘Til the End: The Revolutionary Guide to Raising Your Living Standard is a newspaper columnist and author who has covered personal finance and investments for over 30 years. He is known for creating the Couch Potato Portfolio investment strategy. In addition to the now-famous Couch Potato Portfolio, he suggests 8 other portfolios on his AssetBuilder asset manager site. The 9 portfolios have a hierarchical nature to them each adding another asset class. We have them profiles in the article The Couch Potato Portfolio: Two Fund Supremacy?

Scott Burns Four Square

25.00% US Total Stock Market (VTI)
25.00% International All-World ex-US (VEU)
25.00% TIPS (VTIP)
25.00% Non-US Bonds (BNDX)

Scott Burns, author of Spend ‘Til the End: The Revolutionary Guide to Raising Your Living Standard is a newspaper columnist and author who has covered personal finance and investments for over 30 years. He is known for creating the Couch Potato Portfolio investment strategy. In addition to the now-famous Couch Potato Portfolio, he suggests 8 other portfolios on his AssetBuilder asset manager site. The 9 portfolios have a hierarchical nature to them each adding another asset class. We have them profiles in the article The Couch Potato Portfolio: Two Fund Supremacy?

Scott Burns Five Fold

20.00% US Total Stock Market (VTI)
20.00% REITs (VNQ)
20.00% International All-World ex-US (VEU)
20.00% TIPS (VTIP)
20.00% Non-US Bonds (BNDX)

Scott Burns, author of Spend ‘Til the End: The Revolutionary Guide to Raising Your Living Standard is a newspaper columnist and author who has covered personal finance and investments for over 30 years. He is known for creating the Couch Potato Portfolio investment strategy. In addition to the now-famous Couch Potato Portfolio, he suggests 8 other portfolios on his AssetBuilder asset manager site. The 9 portfolios have a hierarchical nature to them each adding another asset class. We have them profiles in the article The Couch Potato Portfolio: Two Fund Supremacy?

Scott Burns Six Ways from Sunday

16.70% US Total Stock Market (VTI)
16.66% REITs (VNQ)
16.66% International All-World ex-US (VEU)
16.66% Energy (XLE)
16.66% TIPS (VTIP)
16.66% Non-US Bonds (BNDX)

Scott Burns, author of Spend ‘Til the End: The Revolutionary Guide to Raising Your Living Standard is a newspaper columnist and author who has covered personal finance and investments for over 30 years. He is known for creating the Couch Potato Portfolio investment strategy. In addition to the now-famous Couch Potato Portfolio, he suggests 8 other portfolios on his AssetBuilder asset manager site. The 9 portfolios have a hierarchical nature to them each adding another asset class. We have them profiles in the article The Couch Potato Portfolio: Two Fund Supremacy?

Scott Burns Seven Value Portfolio

14.50% US Total Stock Market (VTI)
14.25% US Large Cap Value (VTV)
14.25% REITs (VNQ)
14.25% International All-World ex-US (VEU)
14.25% Energy (XLE)
14.25% TIPS (VTIP)
14.25% Non-US Bonds (BNDX)

Scott Burns, author of Spend ‘Til the End: The Revolutionary Guide to Raising Your Living Standard is a newspaper columnist and author who has covered personal finance and investments for over 30 years. He is known for creating the “Couch Potato Portfolio” investment strategy. In addition to the now-famous couch potato portfolio, he suggests 9 other portfolios on his AssetBuilder asset manager site. The 9 portfolios have a hierarchical nature to them each adding another asset class.

Scott Burns Seven Value 2 Portfolio

12.50% US Total Stock Market (VTI)
12.50% US Large Cap Value (VTV)
12.50% US Small Cap Value (VIOV)
12.50% REITs (VNQ)
12.50% International All-World ex-US (VEU)
12.50% Energy (XLE)
12.50% TIPS (VTIP)
12.50% Non-US Bonds (BNDX)

Scott Burns, author of Spend ‘Til the End: The Revolutionary Guide to Raising Your Living Standard is a newspaper columnist and author who has covered personal finance and investments for over 30 years. He is known for creating the Couch Potato Portfolio investment strategy. In addition to the now-famous Couch Potato Portfolio, he suggests 8 other portfolios on his AssetBuilder asset manager site. The 9 portfolios have a hierarchical nature to them each adding another asset class. We have them profiles in the article The Couch Potato Portfolio: Two Fund Supremacy?

Scott Burns Nine Emerging Portfolio

11.12% US Total Stock Market (VTI)
11.11% US Large Cap Value (VTV)
11.11% US Small Cap Value (VIOV)
11.11% REITs (VNQ)
11.11% Emerging Markets (VWO)
11.11% International All-World ex-US (VEU)
11.11% Energy (XLE)
11.11% TIPS (VTIP)
11.11% Non-US Bonds (BNDX)

Scott Burns, author of Spend ‘Til the End: The Revolutionary Guide to Raising Your Living Standard is a newspaper columnist and author who has covered personal finance and investments for over 30 years. He is known for creating the Couch Potato Portfolio investment strategy. In addition to the now-famous Couch Potato Portfolio, he suggests 8 other portfolios on his AssetBuilder asset manager site. The 9 portfolios have a hierarchical nature to them each adding another asset class. We have them profiles in the article The Couch Potato Portfolio: Two Fund Supremacy?

Scott Burns 10 Speed Portfolio

10.00% US Total Stock Market (VTI)
10.00% US Large Cap Value (VTV)
10.00% US Small Cap Value (VIOV)
10.00% REITs (VNQ)
10.00% Emerging Markets (VWO)
10.00% International All-World ex-US (VEU)
10.00% International Large Cap Value (EFV)
10.00% Energy (XLE)
10.00% TIPS (VTIP)
10.00% Non-US Bonds (BNDX)

Scott Burns, author of Spend ‘Til the End: The Revolutionary Guide to Raising Your Living Standard is a newspaper columnist and author who has covered personal finance and investments for over 30 years. He is known for creating the Couch Potato Portfolio investment strategy. In addition to the now-famous Couch Potato Portfolio, he suggests 8 other portfolios on his AssetBuilder asset manager site. The 9 portfolios have a hierarchical nature to them each adding another asset class. We have them profiles in the article The Couch Potato Portfolio: Two Fund Supremacy?

T. Rowe Price ActivePlus Portfolio, Model 10

7.00% US Large Cap (VV)
3.00% International Developed Blend (VEA)
10.00% Short Term Treasuries (VGSH)
60.00% Total US Bond Market (BND)
20.00% TIPS (VTIP)

T. Rowe Price ActivePlus Portfolio, Model 20

14.00% US Large Cap (VV)
6.00% International Developed Blend (VEA)
60.00% Total US Bond Market (BND)
20.00% TIPS (VTIP)

T. Rowe Price ActivePlus Portfolio, Model 30

21.00% US Total Stock Market (VTI)
9.00% International Developed Blend (VEA)
50.00% Total US Bond Market (BND)
20.00% TIPS (VTIP)

T. Rowe Price Rowe Price is a US-based asset management company with 900 Billion dollars under management (2017). They offer a host of services. Managed portfolios being one of them. The portfolios presented here are the asset allocations which the model portfolios are benchmarked against. The managed portfolios would most likely be using their own actively managed funds to achieve similar portfolios.

T. Rowe Price ActivePlus Portfolio, Model 40

28.00% US Total Stock Market (VTI)
12.00% International Developed Blend (VEA)
43.00% Total US Bond Market (BND)
17.00% TIPS (VTIP)

T. Rowe Price ActivePlus Portfolio, Model 50

35.00% US Total Stock Market (VTI)
15.00% International All-World ex-US (VEU)
38.00% Total US Bond Market (BND)
12.00% TIPS (VTIP)

T. Rowe Price ActivePlus Portfolio, Model 60

42.00% US Total Stock Market (VTI)
18.00% International All-World ex-US (VEU)
33.00% Total US Bond Market (BND)
7.00% TIPS (VTIP)

T. Rowe Price ActivePlus Portfolio, Model 70

49.00% US Total Stock Market (VTI)
21.00% International All-World ex-US (VEU)
27.00% Total US Bond Market (BND)
3.00% TIPS (VTIP)

T. Rowe Price ActivePlus Portfolio, Model 80

56.00% US Total Stock Market (VTI)
24.00% International All-World ex-US (VEU)
20.00% Total US Bond Market (BND)

T. Rowe Price ActivePlus Portfolio, Model 90

63.00% US Total Stock Market (VTI)
27.00% International All-World ex-US (VEU)
10.00% Total US Bond Market (BND)

T. Rowe Price ActivePlus Portfolio, Model 100

70.00% US Total Stock Market (VTI)
30.00% International All-World ex-US (VEU)

TD Ameritrade Core Portfolio Aggressive

53.00% US Total Stock Market (VTI)
32.00% International All-World ex-US (VEU)
12.00% Total US Bond Market (BND)
1.00% Cash (money market fund) (BIL)
2.00% Non-US Bonds (BNDX)

TD Ameritrade is a US brokerage that also offers to manage your portfolios. These are the asset allocations of those portfolios.

TD Ameritrade Core Portfolio Growth

43.00% US Total Stock Market (VTI)
27.00% International All-World ex-US (VEU)
26.00% Total US Bond Market (BND)
1.00% Cash (money market fund) (BIL)
3.00% Non-US Bonds (BNDX)

TD Ameritrade is a US brokerage that also offers to manage your portfolios. These are the asset allocations of those portfolios.

TD Ameritrade Core Portfolio Moderate Growth

31.00% US Total Stock Market (VTI)
19.00% International All-World ex-US (VEU)
44.00% Total US Bond Market (BND)
1.00% Cash (money market fund) (BIL)
5.00% Non-US Bonds (BNDX)

TD Ameritrade is a US brokerage that also offers to manage your portfolios. These are the asset allocations of those portfolios.

TD Ameritrade Core Portfolio Moderate

25.00% US Total Stock Market (VTI)
15.00% International All-World ex-US (VEU)
53.00% Total US Bond Market (BND)
1.00% Cash (money market fund) (BIL)
6.00% Non-US Bonds (BNDX)

TD Ameritrade is a US brokerage that also offers to manage your portfolios. These are the asset allocations of those portfolios.

TD Ameritrade Core Portfolio Conservative

16.00% US Total Stock Market (VTI)
9.00% International All-World ex-US (VEU)
66.00% Total US Bond Market (BND)
1.00% Cash (money market fund) (BIL)
8.00% Non-US Bonds (BNDX)

TD Ameritrade is a US brokerage that also offers to manage your portfolios. These are the asset allocations of those portfolios.

Ted Aronson Family Taxable Portfolio

5.00% US Total Stock Market (VTI)
15.00% US Large Cap (VV)
5.00% US Small Cap Value (VIOV)
10.00% US Small Cap (VIOO)
5.00% US Small Cap Growth (IJT)
10.00% Emerging Markets (VWO)
15.00% Pacific Stocks (VPL)
5.00% European Stocks (VGK)
10.00% Long Term Treasuries (TLT)
5.00% High Yield Corporate Bonds (HYG / JNK)
15.00% TIPS (VTIP)

Ted Aronson and his AJO Partners manage about $25 billion of institutional assets. Aronson puts his family’s taxable money in this well-diversified portfolio of no-load index funds.

The Andrew Tobias Portfolio

33.33% US Total Stock Market (VTI)
33.33% International All-World ex-US (VEU)
33.33% TIPS (VTIP)

Andrew Tobias of the best-selling book The Only Investment Guide You’ll Ever Need recommends this 3-fund portfolio in his book. It is very similar to the Bogleheads 3-fund portfolio detailed in the post Three Fund Portfolio: Did Awesomeness Find Trinity?

The Global Market Portfolio, (“GMP”) CREDIT SUISSE

20.00% US Large Cap (VV)
5.00% REITs (VNQ)
5.00% Emerging Markets (VWO)
15.00% International All-World ex-US (VEU)
15.00% Long Term Treasuries (TLT)
22.00% Corporate Bonds (LQD)
2.00% TIPS (VTIP)
16.00% Non-US Bonds (BNDX)

This is how the all the global market are divided according to Credit Suisse courtesy of Mab Faber in his book Global Asset Allocation: A Survey of the World’s Top Asset Allocation Strategies.

The Global Market Portfolio, Financial Engines 2007

13.00% US Large Cap Value (VTV)
13.10% US Large Cap Growth (VUG)
3.70% US Mid Cap Value (JKI)
3.70% US Mid Cap Growth (IJK)
1.80% US Small Cap Value (VIOV)
1.80% US Small Cap Growth (IJT)
2.40% Emerging Markets (VWO)
8.10% Pacific Stocks (VPL)
15.80% European Stocks (VGK)
1.10% Long Term Treasuries (TLT)
5.30% Intermediate-Term Treasuries (VGIT)
6.20% Total US Bond Market (BND)
2.60% Cash (money market fund) (BIL)
3.40% Corporate Bonds (LQD)
18.00% Non-US Bonds (BNDX)

Based on data working within Financial Engines Christopher Jones, Chief Investment Officer at the firm presented this portfolio in his book The Intelligent Portfolio: Practical Wisdom on Personal Investing from Financial Engines. Financial Engines is the investment advisory firm you have never heard about. They are however the largest independent advisory firm in the US. It was taken private in 2018 and merged with Edelman financial services.

The Jack Bogle Portfolio

60.00% US Total Stock Market (VTI)
40.00% Total US Bond Market (BND)

The Marc Faber Portfolio

13.00% US Large Cap (VV)
25.00% REITs (VNQ)
8.00% International Developed Blend (VEA)
4.00% Emerging Markets (VWO)
25.00% Total US Bond Market (BND)
25.00% Gold (IAU)

Faber is the legendary permabear and author of the Gloom Boom & Doom Report.

The Permanent Portfolio by Harry Browne

You can find them in the article The Permanent Portfolio: Do Well No Matter What Happens.

The Talmud Portfolio

34.00% US Total Stock Market (VTI)
33.00% REITs (VNQ)
33.00% Total US Bond Market (BND)

Tim Maurer Simple Money Portfolio

7.50% US Large Cap Value (VTV)
7.50% US Large Cap (VV)
7.50% US Small Cap Value (VIOV)
7.50% US Small Cap (VIOO)
15.00% International Large Cap Value (EFV)
15.00% International Small Cap Blend (VSS)
40.00% Intermediate-Term Treasuries (VGIT)

Time.Inc Money Portfolio 1, Simple and Cheap

30.00% US Total Stock Market (VTI)
10.00% REITs (VNQ)
20.00% International All-World ex-US (VEU)
30.00% Total US Bond Market (BND)
10.00% Non-US Bonds (BNDX)

This portfolio along with the one below appeared on Timeinc.com money blog. It’s basically a 60/40 portfolio.

Time.Inc Money Portfolio 2, Tilt Toward Value

25.00% US Total Stock Market (VTI)
5.00% US Large Cap Value (VTV)
5.00% US Small Cap Value (VIOV)
10.00% REITs (VNQ)
15.00% International All-World ex-US (VEU)
30.00% Total US Bond Market (BND)
10.00% Non-US Bonds (BNDX)

This portfolio along with the one below appeared on Timeinc.com money blog. It’s basically a 60/40 portfolio with a tilt toward value.

Tony Robbins / Ray Dalio Portfolio

You can find them in the article Tony Robbins and Ray Dalio Portfolio: Master Your Portfolio

Total US Stock Market

100.00% US Total Stock Market (VTI)

Not so much a portfolio as a single stock fund. The total stock market is often a benchmark for fund managers tracking the Wilshire 5000. The difference between the S&P 500 and the total stock market is minuscule but noticeable due to the inclusion of value and small cap stocks in the total stock market which increases returns marginally. The is the portfolio of JL Collins of The Simple Path to Wealth: Your road map to financial independence and a rich, free life recommends as well as the one that John Bogle, supreme commander, and hero of the investing world recommend in Common Sense on Mutual Funds.

TrevH from Bogleheads Portfolio

25.00% US Large Cap (VV)
25.00% US Small Cap Value (VIOV)
25.00% International Large Cap Value (EFV)
25.00% International Small Cap Blend (VSS)

Vanguard LifeStrategy Conservative Growth (40/60)

24.00% US Total Stock Market (VTI)
16.10% International All-World ex-US (VEU)
42.00% Total US Bond Market (BND)
17.90% Non-US Bonds (BNDX)

This one-stop shop fund from Vanguard gives you full divarication in one fund. It is not a target-date fund as the asset allocation does not have a glide path. Vanguard has 5.1 Trillion dollars under management. The founder John Bogle is the supreme commander and hero of the investing world. If you only read two books on investing the second one would be Bogle’s Common Sense on Mutual Funds.

Vanguard LifeStrategy Growth Fund (80/20)

48.10% US Total Stock Market (VTI)
31.90% International All-World ex-US (VEU)
14.00% Total US Bond Market (BND)
6.00% Non-US Bonds (BNDX)

Vanguard LifeStrategy Income Fund (20/80)

12.00% US Total Stock Market (VTI)
8.00% International All-World ex-US (VEU)
56.00% Total US Bond Market (BND)
24.00% Non-US Bonds (BNDX)

Vanguard LifeStrategy Moderate Growth (60/40)

36.10% US Total Stock Market (VTI)
24.10% International All-World ex-US (VEU)
27.90% Total US Bond Market (BND)
11.90% Non-US Bonds (BNDX)

Vanguard Target Retirement 2030 (55 years old)

42.20% US Total Stock Market (VTI)
28.00% International All-World ex-US (VEU)
20.90% Total US Bond Market (BND)
8.90% Non-US Bonds (BNDX)

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

Vanguard Target Retirement 2040 (45 years old)

51.20% US Total Stock Market (VTI)
33.90% International All-World ex-US (VEU)
10.50% Total US Bond Market (BND)
4.40% Non-US Bonds (BNDX)

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

Vanguard Target Retirement 2050 (35 years old)

54.00% US Total Stock Market (VTI)
35.90% International All-World ex-US (VEU)
7.10% Total US Bond Market (BND)
3.00% Non-US Bonds (BNDX)

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

Vanguard Target Retirement 2060 (25 years old)

53.90% US Total Stock Market (VTI)
36.10% International All-World ex-US (VEU)
7.10% Total US Bond Market (BND)
2.90% Non-US Bonds (BNDX)

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

Warren Buffett’s Portfolio

90.00% US Large Cap (VV)
10.00% Short Term Treasuries (VGSH)

William Bernstein’s Portfolios

You can find asset allocation for all of William Bernstein’s portfolios over at William Bernstein Portfolios: The Portfolio Giant

Dan Solin Portfolios

These fantastic and varied portfolios have a new home over at Daniel Solin Portfolios: Smart Investing, Simple

TIAA-CREF Lifecycle 2030

48.70% US Total Stock Market (VTI)
14.90% Int. Developed Blend (VEA)
5.40% Emerging Markets (VWO)
1.30% Short Term Treasury (VGSH)
28.40% Total US Bond Market (BND)
1.30% TIPS (VTIP)

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

TIAA-CREF Lifecycle 2040

59.90% US Total Stock Market (VTI)
18.50% Int. Developed Blend (VEA)
6.70% Emerging Markets (VWO)
14.90% Total US Bond Market (BND)

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

TIAA-CREF Lifecycle 2050

64.70% US Total Stock Market (VTI)
19.90% Int. Developed Blend (VEA)
7.20% Emerging Markets (VWO)
8.20% Total US Bond Market (BND)

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

TIAA-CREF Lifecycle 2060

66.30% US Total Stock Market (VTI)
20.40% Int. Developed Blend (VEA)
7.50% Emerging Markets (VWO)
5.80% Total US Bond Market (BND)

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

TIAA-CREF Lifecycle Index Retirement Income

28.20% US Total Stock Market (VTI)
8.70% Int. Developed Blend (VEA)
3.20% Emerging Markets (VWO)
10.00% Short Term Treasury (VGSH)
39.90% Total US Bond Market (BND)
10.00% TIPS (VTIP)

You can compare different Target Date Funds in the article What Is The Best Target Date Fund?

Goldman Sachs Target Date 2055 Portfolio

41.90% US Large Cap (VV)
6.10% US Small Cap (VIOO)
3.80% REITs (Real Estate) (VNQ)
21.10% Int. Developed Blend (VEA)
9.20% Emerging Markets (VWO)
3.30% Intl Sm Cap Blend (VSS)
3.80% Cash (money market fund) (BIL)
4.50% Corporate Bonds (LQD)
3.20% High Yield Corporate Bonds (HYG)
3.10% Long-Term Corporate Bonds (VCLT)

This is Goldman Sachs’ stab at the high growth area of target date funds. Goldman Sachs’ funds use some complex instruments which cannot be replicated and it is doubtful that they provide more return (the data is in – they don’t) See more in this post.

Goldman Sachs Target Date 2045 Portfolio

39.60% US Large Cap (VV)
5.70% US Small Cap (VIOO)
3.50% REITs (Real Estate) (VNQ)
19.90% Int. Developed Blend (VEA)
8.60% Emerging Markets (VWO)
3.00% Intl Sm Cap Blend (VSS)
2.24% Cash (money market fund) (BIL)
8.20% Corporate Bonds (LQD)
2.70% High Yield Corporate Bonds (HYG)
1.46% TIPS (VTIP)
2.00% Non-US Bonds (BNDX)
3.10% Long-Term Corporate Bonds (VCLT)

Goldman Sachs Target Date 2035 Portfolio

31.50% US Large Cap (VV)
2.40% US Small Cap (VIOO)
2.80% REITs (Real Estate) (VNQ)
15.80% Int. Developed Blend (VEA)
6.90% Emerging Markets (VWO)
2.10% Intl Sm Cap Blend (VSS)
4.59% Cash (money market fund) (BIL)
20.90% Corporate Bonds (LQD)
1.01% High Yield Corporate Bonds (HYG)
3.60% TIPS (VTIP)
5.60% Non-US Bonds (BNDX)
2.80% Long-Term Corporate Bonds (VCLT)

Goldman Sachs Target Date 2025 Portfolio

22.47% US Large Cap (VV)
1.53% US Small Cap (VIOO)
1.97% REITs (Real Estate) (VNQ)
11.32% Int. Developed Blend (VEA)
5.00% Emerging Markets (VWO)
1.69% Intl Sm Cap Blend (VSS)
1.62% Total US Bond Market (BND)
5.84% Cash (money market fund) (BIL)
29.03% Corporate Bonds (LQD)
1.18% High Yield Corporate Bonds (HYG)
3.91% TIPS (VTIP)
12.26% Non-US Bonds (BNDX)
2.18% Long-Term Corporate Bonds (VCLT)

3 Fund Portfolio

You can find all of these in the article Three Fund Portfolio: Did Awesomeness Find Trinity?

FPL Capital Management Portfolio 10

2.00% US Large Cap Value (VTV)
2.00% US Large Cap (VV)
2.00% US Small Cap Value (VIOV)
0.50% REITs (Real Estate) (VNQ)
1.00% International Lg Cap Value (EFV)
90.00% Total US Bond Market (BND)
0.50% Intl Sm Cap Value (DLS)
1.00% Emerging Markets Value (FNDE)
1.00% International REITs (Real Estate) (VNQI)