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      "text": "It seems clear that asset class names are merely labels for different sets of underlying factor exposures that ultimately drive their returns.",
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      "text": "Equity Premium, Term Premium, Funding Premium, Liquidity Premium, FX Premium, EM Premium",
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      "text": "Risk Premium: 3.0%",
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      "text": "Exhibit 3 provides an example for two hypothetical portfolios. From an asset allocation perspective, the portfolio on the left appears more diversified than the portfolio on the right. However, by inspecting the risk premia that underlie the return-generating power of each portfolio, it is clear that the portfolio on the right is substantially more diversified.",
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      "text": "Since each asset class can be represented as a combination of our six factors, and each factor represents a distinct source of long-term return, the factor approach provides us with a new way to understand the diversification benefits of different asset classes.",
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      "text": "ROBUST OPTIMIZATION IN STRATEGIC ASSET ALLOCATION",
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      "text": "EXHIBIT 2: Examples of Risk Premium Profiles for Selected Asset Classes",
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