With interest rates near historical lows and asset prices around all-time highs, practitioners are grappling with the defensive side of multi-asset portfolios. In team sports, offensive players typically get the glory, but it’s a robust defence that wins games. More than ever, practitioners need to ensure that the defensive side of multi-asset portfolios is match fit, if they are to meet the long-term investment objectives of clients. The best offence is a great defence!