#3 How the DC peers invest
Listed equities are the main work-horse of the growth portfolio and will be the dominant component of the risk budget. However, the overall allocation of 60 | 20 | 20 (equities, alternatives, bonds) and the underlying diversification suggests that the investment sophistication of the DC peers continues to grow. Private markets are a valuable part of the mix but come with challenges. A group of peers have already made the shift to a total portfolio approach, and the desire is to move further in this direction.
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