Multi-Asset Investing in a Fragmented World

The traditional 60/40 portfolio is giving way to more flexible investment approaches as inflation volatility, geopolitical fragmentation, higher interest rates, and changing market correlations reshape institutional asset allocation. Investors are increasingly combining public and private markets, infrastructure, real assets, and alternative income strategies to improve diversification and long-term returns. As portfolio construction evolves, managers must balance liquidity, risk, and opportunity across multiple asset classes. How are institutional investors redefining diversification? Which asset classes offer the greatest resilience? And what will successful multi-asset investing look like in the next decade?