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  "documentTitle": "mi guide to alternatives",
  "authorId": "JPMorgan",
  "authorName": "J.P. Morgan Asset Management",
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      "text": "Scatter plot of annualized volatility vs annualized returns",
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      "text": "Annualized returns: 8.8%",
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      "text": "Alternatives and portfolio risk/return\nAnnualized volatility and total return, 1Q98 – 3Q25",
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      "kind": "source-note",
      "text": "Source: Bloomberg, Burgiss, FactSet, NCREIF, PivotalPath, Standard & Poor's, J.P. Morgan Asset Management. The alternatives allocation includes hedge funds, real estate and private equity, with each receiving an equal weight. Portfolios are rebalanced at the start of the year. Equities are represented by the S&P 500 Total Return Index. Bonds are represented by the Bloomberg U.S. Aggregate Total Return Index. Volatility is calculated as the annualized standard deviation of quarterly returns. Past performance is not a reliable indicator of current and future results. Guide to Alternatives. Data are based on availability as of January 31, 2026.",
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      "text": "Portfolio diversification",
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