Strategic Asset Allocations (SAA), derived through traditional methods, are increasingly strained by the complexity facing today’s asset owners. While the Total Portfolio Approach (TPA) offers a compelling alternative, it demands significant changes in governance, culture, and data infrastructure that many organizations are not yet ready to undertake.
This report introduces two closely related concepts that fill the gap between traditional SAA and full TPA.
- Total Portfolio Lens (TPL) is the framework that redefines risk from a whole-fund lens, capturing the distribution of outcomes for key metrics across a wide range of plausible scenarios.
- SAA+ is the implementation layer that puts a TPL strategy into practice, extending traditional SAA with scenario-based multi-objective optimization without requiring an overhaul of existing governance structures or a move to full security-level modeling.
Together, TPL and SAA+ define a transitional model that is more rigorous and outcome-oriented than traditional SAA, yet more accessible and proportionate than a full TPA - serving as both a pragmatic bridge toward more integrated decision-making and a credible destination in its own right.
Contact
Elwin Molenbroek
Director, ALM Services
Abdel Brahim
Director, Pension Risk, EMEA and USRelated Insights
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19 May 2026Total Portfolio LensThis report introduces two closely related concepts that fill the gap between traditional SAA and full TPA.
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