NYAIR Episode 67
Asset Allocation & COVID-19
How can institutional and alternative investors break free from outdated asset allocation models? In this episode, global multi-asset strategist Henrik Lumholtz joins the New York Alternative Investment Roundtable to unpack his innovative four-phase asset allocation framework, tackle the myth of “passive” investing, and decode today’s cycle-driven macro risks. From the persistent shadow of COVID-19 and inflation to the crucial role of diversification and regional dynamics, discover the practical strategies leaders need for resilient allocation and long-term value creation in today’s market.
Featured Guests
Henrik Lumholdt
Partner, Copenhagen Allocation Partners; Author, “Strategic and Tactical Asset Allocation: An Integrated Approach”
Henrik Lumholdt is an internationally recognized authority on asset allocation, macro strategy, and investment philosophy. As Partner at Copenhagen Allocation Partners, Henrik leverages decades of experience at leading European institutions—including BBVA Asset Management, Bank of America Spain, and Merrill Lynch—to pioneer research-driven frameworks for institutional investors. His acclaimed book challenges outdated conventions, blending strategic and tactical approaches to deliver actionable, cycle-aware solutions for asset owners and portfolio managers. Henrik's expertise has empowered global clients to navigate volatility, regime change, and cyclical risk with discipline and clarity.
Britt Erica Tunick
Senior Consultant, Media Relations & Content Strategy; Former Director of Operations, New York Alternative Investment Roundtable
Britt Erica Tunick is an award-winning financial journalist and senior consultant specializing in media relations, content creation, and high-impact event programming for the alternative investment sector. With two decades covering hedge funds, private equity, and global finance for AR Magazine, Institutional Investor, and KPMG, Britt is a trusted voice for industry leaders seeking nuanced communication and strategic positioning. Her role as Director of Operations at NY-ALT and frequent collaborations with the sector’s top organizations have solidified her reputation for elevating financial media and crafting content that educates, informs, and drives engagement among senior professionals.
Key Insights From This Episode
Cycle-Aware Asset Allocation
Lumholtz’s four-phase macro framework lets investors identify optimal windows for equities, bonds, and alternatives—emphasizing that economic cycles “rhyme, not repeat,” and timing is critical for performance.
The Myth of Passive Allocation
Strategic (SAA) asset allocation isn’t passive; every allocation embeds active decisions. There’s no universal benchmark, so managers must move beyond simplistic active/passive debates.
Risk Becomes Regime-Dependent
Diversification, traditionally seen as a safety net, can fail in crisis conditions. COVID-19 defied expectations as government bonds did not rally; regime shifts make short-term views and flexible strategies essential.
Focus on Regional, Not Just Asset, Diversification
Both risk and hedge assets look “expensive” today. To mitigate portfolio risk, Lumholtz urges diversification by region and currency, not just across asset classes.
Macro Fundamentals and Valuation Extremes
Despite strong macro support and earnings, valuations—especially for US equities—sit at historic premiums, making discipline around risk management and valuation monitoring vital.
Resilience of Alternatives and Illiquids
Alternative equity and illiquid asset classes have thrived post-pandemic, providing diversification when traditional hedges seem limited. Managers see expanded opportunity, not just added risk.
Access the Full Conversation
Unlock Henrik Lumholtz’s actionable framework and post-pandemic perspective—ideal for alternative, institutional, and family office investors. The episode includes a downloadable insights deck and full audio for practical use. Reimagine allocation strategy and seize global opportunities by accessing the full interview and resource suite now.
Soundbites Worth Saving
“Cycles don’t repeat, but they rhyme. The patterns are logical—ignore them, and you lose half the analysis.”
— Henrik Lumholdt
“Diversification fails in crisis; risk becomes regime-dependent. That’s why regional strategies matter now more than ever.”
— Henrik Lumholdt
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