Finding the right balance

Before discussing the actual selection of managers for Joe Bloggs, I feel it is important to remember that anyone aged around 60 (I have assumed slightly under for the purpose of this article) should begin to see the asset allocation of their portfolio evolve over time to meet their needs at retirement. So, assuming Joe will retire at 65 and given his cautious nature (after all, real risk to Joe is actually losing money/capital and not necessarily chasing some obscure benchmark, whether it is positive or negative), I have put together a portfolio of managers that tend to be more benchmark-...