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      "text": "Estimated Mean Return is our estimate of the average annual return of the asset class over long periods of time. Each asset class' Estimated Mean Return is the sum of two components: (1) the theoretical rate of return on a riskless investment, or the \"Risk-Free Rate,\" and (2) the estimated long-term return on an annual basis in excess of the Risk-Free Rate, or the \"Risk Premium\"\nEstimated Ranges of Risk Premia. We express the Risk Premium of each asset class as a specified percentage plus or minus an estimated range. For example, U.S. Investment Grade Bonds have a Risk Premium of 1.7% +/- 0.8%. The estimated range for each asset class reflects the level of certainty we have regarding our Risk Premium estimate. A larger range reflects a lower level of certainty.\nLong-term Risk. We use two primary measures to quantify the risk of each asset class: volatility and correlation. Volatility measures the possible fluctuation in the return of each asset class. Correlations measure the linear relationships of each asset class' return with the returns of other asset classes. Volatilities of, and correlations across, asset classes included in a portfolio are used together to determine the overall risk of a portfolio.",
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      "text": "We run our robust optimization process using the investment goals and risk tolerance you have shared with your Private Wealth Management team and the asset class attributes described above. The process considers all potential asset allocation alternatives before arriving at the allocation that offers the greatest expected return with the greatest level of certainty given your investment goals and risk tolerance. The output of the optimization process is the target strategic asset allocation that we share with you. The results shown reflect the reinvestment of dividends and other earnings but do not reflect advisory fees, transaction costs, and other expenses a client would have paid, which would reduce return.",
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      "text": "Our approach begins by establishing the risk and return characteristics for each asset class that could potentially be included in your portfolio. We use representative indices for asset classes to arrive at all estimates. We have identified several factors that we believe drive long-term risk and return, including systematic equity risk, inflation and interest rate risk, and market-wide liquidity risk. By estimating each factor's contribution to the risk and return of each asset class, we establish three key attributes:",
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      "text": "Description of Factor Model and Robust Optimization. We use our proprietary factor model and robust optimization process to construct a long-term asset allocation that has the potential to provide clients with the greatest long-term expected return given your investment goals and risk tolerance.",
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      "text": "The Investment Strategy Group (ISG) is focused on asset allocation strategy formation and market analysis for Private Wealth Management. Any information that references ISG, including their model portfolios, represents the views of ISG, is not research and is not a product of Global Investment Research. If shown, ISG Model Portfolios are provided for illustrative purposes only. Your actual asset allocation may look significantly different based on your particular circumstances and risk tolerance",
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