<div id="readability-page-1"><div>NEVER-ENDING market disruption is upending investment blueprints everywhere in 2025, while hitting sentiment across US stocks. It’s a backdrop Wall Street’s diversification-minded pros are ready to celebrate.In the grip of the tariff war, epic rotations out of American equities have become a regular feature of markets. A Treasury index has climbed almost 3 per cent this year, while gold and corporate debt are among other assets that sit atop of the leader board. The reshaping of the trading landscape represents a long-awaited reversion to normalcy for purveyors of diversification strategies.Cross-asset products premised on spreading out risks have been pitched by some of the industry’s brightest minds – only to see them crushed almost nonstop since the financial crisis by the spirited advance in US shares.Now the S&amp;P 500 remains stuck in a correction, ending another nervous week 0.5 per cent higher. And all manner of long-dormant investment vehicles are shining again in the glare of President Donald Trump’s trade war, from leveraged quant portfolios to options-hedged products.An exchange-traded fund (ETF) – ticker RPAR – that spreads bets among asset classes, including commodities and bonds, has surged more than 5 per cent to start the year, roughly 9 percentage points better than the S&amp;P 500. It’s a much-anticipated break for the likes of Meb Faber and other advocates of time-honoured advice harking back to King Solomon during Biblical times: Diversify, or get hurt when trouble strikes. “It feels a long time coming,” Faber, the founder of Cambria Funds, said in an interview. “Does three months make a trend? We’ll see. But these sort of secular trends don’t necessarily last just a quarter.”Before 2025, one of Faber’s models, a portfolio that spreads money across major assets, had trailed the US large-cap index in 14 out of 16 years, a stretch without precedent over the last century, and one he had labelled the “bear market in diversification”. Now, his global asset-allocation ETF (GAA) is up 3 per cent this year, poised for the best return relative to the S&amp;P 500 since its inception.Whether this trend will stick is hard to tell. US stocks have trailed the global portfolio in Cambria’s model twice since the global financial crisis, in 2011 and 2022, only to rebound amid improving economic sentiment.Yet, years of stock gains have already pushed American households’ holdings in the asset class to a record high, relative to their overall financial exposures. That suggests Americans are generally all-in on stocks, lowering the bar for spreading their bets elsewhere. At the same time, the ETF revolution is offering alternative trades on the cheap, giving diversification proponents fresh avenues to sell products.Price action over the last few months has exemplified the dynamic, with once-forgotten assets rallying. After four years of losses, long-dated Treasuries are storming back on haven demand and signs of cooling US growth. The iShares 20+ Year Treasury Bond ETF (TLT) has crushed its equity counterpart for seven out of the past eight weeks, something that hasn’t happened since 2014.Thanks to the buoyancy in fixed income, a trade that allocates 60 per cent to stocks and 40 per cent to bonds is providing protection of late. A Bloomberg model of so-called 60/40 strategy has outperformed the S&amp;P 500 this year. Meanwhile, the most famous haven of them all – gold – reached a record, extending a stretch of advances that has lasted in all but one week this year, and just drove a commodity index to its largest weekly gain in two months.<h2>Big money is fleeing</h2>More complex trades are also working, such as quant strategies that pick stocks based on characteristics such as value or momentum.Alongside a swift correction in the S&amp;P 500, the Bloomberg GSAM US Equity Multi Factor Index has climbed in three of the last four weeks, extending its year-to-date return to 2.5 per cent. And those using options to generate income or provide protection are also faring better than a plain buy-and-hold trade in the S&amp;P 500 this year.“Diversification has delivered its promised benefit during this period of turmoil,” said Mayukh Poddar, senior portfolio manager at Altfest Personal Wealth Management. There are signs that big money is fleeing US equities in search of better returns elsewhere. Money managers slashed their allocation to American stocks at a record pace this month, while raising exposure to Europe and emerging markets, according to Bank of America’s latest survey.Yet for small-fry investors, buying the stock dip – especially in technology – is proving a habit hard to break, according to Wall Street data.“Many people, particularly in the last three or four years, buy it every time it goes down and immediately get gratification,” said John Flahive, head of fixed income at BNY Wealth. “You need to have a market environment or a landscape that you actually have equity prices that don’t bounce immediately back to change the psychology.”With US equity valuations stretched, tech concentration persisting and the growth outlook turning murky, it’s prudent to consider a wide range of strategies, including those that make both bullish and bearish equity wagers, according to Pete Hecht, co-head of the North America portfolio solutions group at AQR Capital Management.AQR is among a growing number of Wall Street firms that have been pushing for a leveraged investment approach called portable alpha to help investors diversify portfolios across assets. The strategy uses derivatives to track returns of long-only indexes and then invests the excess cash in trades championed by hedge funds, including trend following or market-neutral equity strategies.Among six ETFs deploying the strategy, half have delivered positive returns this year.“I would say investors need to lean on diversification even more than normal,” Hecht said. “I wish I had a crystal ball, because if I did, I wouldn’t hold a diversified portfolio. I would only hold the best performing market. But in reality it’s really hard to time markets.” BLOOMBERG</div></div>

风险平价 ETF - RPAR

在 2025 年，专注于多元化的华尔街投资者在持续的市场动荡中终于看到了成功。随着标准普尔 500 指数进入调整期，黄金和国债等多元化资产表现良好。像 RPAR 这样的 ETF 表现优于标准普尔 500 指数，标志着向多元化策略的转变。尽管历史趋势偏向美国股票，但最近的数据表明，投资者在寻求更好回报的过程中，减少了对美国股票的配置，创下了新低，转向欧洲和新兴市场。然而，许多小型投资者仍在科技股下跌时买入，反映出持续的看涨情绪

华尔街投资者通过多元化投资终于获胜