Notes to the above slide
Now consider a typical model portfolio you might be giving to your advisers to use. It could contains 60% equities. You could try to tilt that yourself according to what you think markets are going to do. Or you could put, say, 10% of your model portfolio into a TAA product.  The effect would be that your equities exposure would be between 55 per cent and 65 per cent at any given time, so the TAA fund manager would in effect be responsible for deciding whether your model portfolio is underweight or overweight equities at any given time. By dialling up the allocation to the TAA product, you can increase the ranges between w...