A preservation-first allocation built from bills, high-quality bonds and cash reserves.
Asset allocation
History
This type of portfolio appears wherever the objective is continuity rather than growth: treasury management, short-horizon reserves, retirement staging and defensive capital pools.
Philosophy
Split defense across liquidity and duration. Bills provide immediate optionality, intermediate bonds offer carry and diversification, and long bonds extend protection in deeper growth or disinflation shocks. The goal is not wealth maximization, but balance-sheet stability.
Performance
Annual rebalancing, local bond and cash proxies where relevant, and optional inflation adjustment through CPI.
CAGR
5.2%
1970-2024
Max drawdown
-7.6%
Volatility
4.8%
Worst year
-5.9%
2022
Implementation
Global · Bills & Bonds Preservation Portfolio implementation
Long-term individual investor
Use broad, low-cost funds or ETFs matching each asset class.
Account notes: Implementation depends on local account types and tax wrappers.
Costs: Prefer low-cost, liquid vehicles.
Rebalancing: Annual rebalancing or tolerance bands.
Tax: Country-specific tax treatment should be reviewed before implementation.
Product names are implementation examples for research. Availability, taxation, share classes and suitability should be checked with the investor's broker and tax situation.
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