Portfolio construction is no longer a process of simply deciding how much to allocate to different asset classes. As new investment strategies have emerged, blurring the lines defining traditional asset classes, investors have recognized the need to look at their portfolio through different lenses. Today many have moved toward a more comprehensive risk allocation-based approach that considers the role investments play in portfolios, including a more comprehensive assessment of risk and return trade-offs. However, no two approaches are the same, and many different ways of thinking have emerged...