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  "documentTitle": "Private Markets Asset Allocation Guide May 2023  002",
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  "notes": "The chart demonstrates the impact of applying an unsmoothing multiplier to reported return volatility, showing higher volatility in the unsmoothed data.",
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      "text": "Grouped bar chart showing Unsmoothed vs Unadjusted volatility for 9 asset classes",
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      "text": "Return volatility: 38.6%",
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      "text": "Source: UBS WM USA Asset Allocation Committee, as of 13 Feb 2023. Strategic compound return Capital Market Assumptions (CMAs). Secondaries and co-investment CMA mapped to US Private Equity. Distressed credit CMA mapped to direct lending. Core / core + and opportunistic CMA mapped to private real estate. Multipliers are based on return data from Cambridge Associates and Cliffwater Direct Lending Index.",
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      "text": "Comparing UBS CMA for reported return volatility & applying an unsmoothing multiplier",
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      "text": "Reported returns for private markets tend to exhibit smoothing",
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