Asset Allocation Purpose Provides frameworks for determining how to distribute capital across asset classes and strategies. Covers strategic and tactical allocation, mean-variance optimization, Black-Litterman, risk parity, glide paths, and practical implementation approaches. Asset allocation is the primary driver of long-term portfolio performance and risk. Layer 4 — Portfolio Construction Direction both When to Use - Setting long-term strategic asset allocation targets - Making tactical allocation decisions based on market views - Running mean-variance optimization with constraints - Imple…