Where does it fail? The weak link is the representativeness of the sample, because a universe of 250 S&P 500 assets does not capture the complexity of management mandates. We operate on thousands of instruments, including illiquid assets and derivatives, with constraints specific to Switzerland. The simulated performance on such a limited subset will not translate the same way in a fluctuating market environment. For example, managing liquidity risk on emerging debt securities, components of our diversified portfolios, is not at all tested by such a benchmark.