How to update your 60/40 with a 'total portfolio approach' to navigate volatility
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Read the original article: https://www.cnbc.com/2026/05/18/update-your-60/40-with-a-total-portfolio-approac…
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3 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.
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3
“its dismal performance in 2022 when stocks and bonds saw their prices decline in tandem”
CORROBORATED
Multiple independent web sources confirm that in 2022, both stocks and bonds experienced simultaneous price declines, noting that they 'declined together' and 'tumble in April 2022'.
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— The Bottom Line: Stocks and bonds experienced the worst month so far this year while the relative performance of sustainable equity and bond indices improve.Longer dated corporate bonds posted almost …
https://sustainableinvest.com/both-stocks-and-bonds-tumble-i…
https://sustainableinvest.com/both-stocks-and-bonds-tumble-i…
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— For much of the past 40 years, that held true. But in 2022, stocks and bonds declined together — sharply, and without the cushion that a balanced allocation was designed to provide.
https://wm.calamos.com/newsinsights/investment-insights/the-…
https://wm.calamos.com/newsinsights/investment-insights/the-…
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— The rationale is that stocks and bond prices are usually negatively correlated (when one goes up, the other goes down), so this mix will balance a portfolio’s risks and returns.
https://www.project-syndicate.org/commentary/inflation-will-…
https://www.project-syndicate.org/commentary/inflation-will-…
“Jason Kephart, senior principal of multi-asset manager research for Morningstar”
CORROBORATED
Three separate sources, including Morningstar's own author bio and Jason Kephart's LinkedIn profile, confirm his role as Senior Principal on the multi-asset manager research/strategy team at Morningstar.
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— Jason Kephart Oct 13, 2025. A Hall of Fame Manager Guides This Balanced Fund. David Giroux and team lead the way in delivering stellar results.He is responsible for Morningstar’s multi-asset ratings m…
https://www.morningstar.com/people/jason-kephart
https://www.morningstar.com/people/jason-kephart
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— Senior Principal on the multi-asset manager research team at Morningstar. Covering… · Experience: Morningstar · Education: Florida State University · Location: Chicago · 500+ connections on LinkedIn.
https://www.linkedin.com/in/jason-kephart-cfa-89b6989
https://www.linkedin.com/in/jason-kephart-cfa-89b6989
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— Jason Kephart. Senior Principal. More from Author. Jason Kephart, CFA, is a senior principal, multi-asset strategy ratings, for Morningstar.
https://dhms8q85tpugt.cloudfront.net/financial-advisors/is-n…
https://dhms8q85tpugt.cloudfront.net/financial-advisors/is-n…
“It's an approach that was adopted by the California Public Employees' Retirement System in November, when it became the first United States pension fund to do so.”
CORROBORATED
Two independent web sources explicitly state that CalPERS became the first U.S. pension fund to adopt the total portfolio approach (TPA) in November.
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— As other pensions shift from Strategic Asset Allocation (SAA) to TPA, trillions in investments will be re-evaluated. Here are the key considerations that asset managers need to consider with this shif…
https://www.linkedin.com/posts/getcolby_in-november-calpers-…
https://www.linkedin.com/posts/getcolby_in-november-calpers-…
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— The California Public Employees’ Retirement System officially became the first U.S. pension fund to adopt a total portfolio approach (TPA), after its board voted in favor of the measure.
https://www.marketsgroup.org/news/calpers-becomes-first-u-s-…
https://www.marketsgroup.org/news/calpers-becomes-first-u-s-…
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— Since 1932, CalPERS has built retirement security for these public servants. Roughly one-third of our members, about 825,000 people, are retired or a beneficiary. Today the average retiree receives al…
https://news.calpers.ca.gov/a-new-years-message-from-calpers…
https://news.calpers.ca.gov/a-new-years-message-from-calpers…
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Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.