Controlling what is controllable is essential; this reference to a test on 250 S&P 500 assets is, unfortunately, just a background noise for large-scale portfolio optimizations.
Such a statement does not have the discipline necessary to apply to multi-million security portfolios.
Our investment stance requires validation on thousands of assets, reflecting the complexity of our mandates.
For example, Japan's Government Pension Investment Fund, with its thousands of positions, could not consider such a test as significant.
Extrapolating a limited test in this way ignores the liquidity constraints and regulatory requirements of global markets.