RT Journal Article SR Electronic T1 Rebalancing Strategies for Multi-Period Asset Allocation JF The Journal of Wealth Management FD Institutional Investor Journals SP 51 OP 58 DO 10.3905/jwm.2001.320412 VO 4 IS 2 A1 John M. Mulvey A1 Nan Lu A1 Jon Sweemer YR 2001 UL https://pm-research.com/content/4/2/51.abstract AB Alternative investments, such as hedge funds, venture capital, and private equity, can improve portfolio performance, especially for long-term institutional and high net worth individual investors. Difficulties arise when rebalancing a portfolio that includes alternative investments due to the nature of the commitments. Transaction costs can be sizable and money flows are restricted by illiquid markets, covenants, and related restrictions. Following a review of the pros and cons of including alternative investments in a traditional portfolio, the authors show the intrinsic advantages of a multi-period asset allocation strategy and present an optimizing approach for addressing transaction costs.