BNY Wealth首席投资官Sinead Colton Grant指出，传统的60/40股债配置策略已不再适用于当前经济环境。她强调，为了全面了解经济，投资者需要将目光投向私募市场，包括私募股权、风险投资、对冲基金和私募信贷等。Grant根据风险偏好提供了具体的投资组合建议，例如中等风险偏好的投资者应配置50%股票、30%债券和18-20%的另类投资（主要是私募市场）。她解释说，美国上市公司数量的减少以及金融危机后私人信贷的增长，使得私募市场成为获取更广泛经济敞口的关键途径。

📈 **告别传统60/40组合：** BNY Wealth首席投资官Sinead Colton Grant认为，传统的60%股票、40%债券的投资组合已无法提供过去那样的全球经济敞口。市场结构的变化使得仅投资于公开市场已不足以全面反映当前的经济全貌，投资者需要更广泛的视角。

🔑 **私募市场的重要性：** Grant强调，要实现对经济的“全面敞口”，投资于私募市场至关重要。她指出，过去30年里，美国上市公司数量大幅减少，而私募信贷等领域增长迅速。因此，配置私募资产（如私募股权、风险投资）是捕捉经济增长机会的关键。

📊 **风险偏好驱动的投资配置：** Grant为不同风险偏好的投资者提供了具体的组合建议。例如，中等风险的投资者可以考虑50%股票、30%债券和18-20%的另类投资（包括私募市场和对冲基金）。对于更激进的投资者，可以适度增加另类投资的比例；而规避风险的投资者则应减少此类配置。

BNY Wealth's chief investment officer said a 60/40 portfolio split isn't right for today's economy.Sinead Colton Grant said an investor should have exposure to private markets.She laid out how to split your portfolio based on how much risk you were willing to take.

Forget 60/40. A chief investment officer shared how to split your portfolio to give you exposure to private markets, depending on your risk appetite.

Sinead Colton Grant, the chief investment officer at BNY's wealth division, said the traditional strategy of splitting your portfolio 60% on stocks and 40% on bonds no longer yields the same returns.

"What a 60/40 portfolio would have given you in the late 90s in terms of exposure to the broader global economy — that's giving you something a lot more narrow today," she said.

"If you look at the changes in market structure over the last 20-plus years, they have brought us to a place where to have full exposure to the economy, you need to have exposure to private assets," she added.

She said the number of public companies in the US has dramatically fallen in the last 30 years amid greater regulation and the growth of private credit since the financial crisis. The US had around 8,000 public companies in 1996, compared to about 4,000 in 2024, per the World Bank.

"Some of our clients will say, 'I only want public markets,' and that's fine, but if a client comes to us and says, 'What do you really recommend?' We include private markets," Colton Grant said.

An investor can gain exposure to private markets by accessing private equity, such as through a mutual fund or an ETF, or investing in venture capital, for example.

Golton Grant said an investor with a moderate risk appetite should look at investing 50% in stocks, 30% in bonds, and 18 to 20% in alternative investments.

"Alternatives, for us, is private markets and hedge funds," Colton Grant added.

For a more aggressive strategy, allocate "a little bit more" to alternatives, she said.

But the less risk you want, the more you should reduce that exposure, she said.

For the moderate risk portfolio, hedge funds would comprise about 3 to 5%, she said. Of the remaining 15%, 75% would be in private equity and venture capital, and the remaining 25% would be split between private credit and real estate, Colton Grant said.