Well, in my opinion, before that one would look into answering such questions that you have, there are more important questions or information, if you will, required to be assumed.
I guess my point is that we might want to work and define the problem first, with maybe some similar questions as:
- How much resources would you be managing?
- What might be the risk tolerance?
- What limitations would you be having?
- Which markets are you focused on?
- Are you only focused on Private Equities or other assets such as commodities?
- How knowledgeable and or skilled your asset allocation team may be?
And this list would go on.
However, apart from your resources and limitations, there are usually a few sectors that given a 3-5 years period, would perform better.
One can design a system, which is rather difficult, to find those sectors, and then dive from there, and find much detailed ways to allocate assets, and that would be a strategy.
In US markets, in my opinion of-course, these waves of sectors would come and go every few years, and sometimes less.