Investment Strategy
Global Market Portfolio
The broadest possible diversification — every investable asset class, every major geography, at true market-cap weights.
Strategy Profile
Universe
All Investable Assets
Weighting
Market Cap
Leverage
None
Cost
Low
Turnover
Very Low
Key Insight
The GMP is what every investor collectively owns. By owning it, you capture the full return of global capitalism with no manager risk, no style drift, and no active fee drag.
How It Works
The Global Market Portfolio ("GMP") tracks the entire investable global market — equities, bonds, real estate, and real assets — weighted by market capitalization. Rather than applying any active tilts or volatility adjustments, this strategy simply owns the world's markets in proportion to their total market value, capturing global economic growth in the most passive, low-cost structure possible.
Investment Thesis
The global market portfolio represents the aggregate holdings of all investors combined. Owning it means you are never wrong relative to the market — you are the market.
Market-cap weighting automatically rebalances toward the highest-performing assets over time, without requiring any active judgment or trading cost.
Spanning equities across developed and emerging markets, global government and corporate bonds, REITs, and commodities, the GMP offers the highest level of asset class diversification available in a single strategy.
For investors who believe in global economic growth but want to avoid the risk of concentrating in any single country, sector, or asset class, the GMP is the optimal starting point.
How It Differs from the Core Strategy
While the Core Strategy applies volatility-weighting to balance risk across asset classes and uses leverage to enhance returns, the Global Market Portfolio uses simple market-cap weights with no leverage and no tilts. It is a purer, more passive approach — lower cost, lower turnover, and completely benchmark-aligned. Investors who want market returns, nothing more and nothing less, will find the GMP the right fit.
Tax Efficiency
Implemented primarily through passive ETFs with minimal turnover, resulting in very low annual capital gains distributions. Suitable for both taxable and tax-advantaged accounts.
Who Is This Strategy For?
Ideal for long-term investors who want maximum diversification at minimum cost, who believe in global economic growth over time, and who prefer a fully passive approach with no active bets. An excellent core holding on its own or as a foundation to complement more active satellite strategies.
Own the World's Markets.
Learn how the Global Market Portfolio fits into your long-term investment plan.
