Make the trade-offs visible.
Move the three sleeves and watch the total. The model is illustrative. It does not recommend an allocation, forecast a return, or provide investment advice.
The three sleeves add up to 100 percent.
This is an illustrative model. It does not recommend an allocation, forecast a return, or provide investment advice.
Three sleeves, three jobs.
Public markets
Daily-priced assets that can be sold to meet spending or rebalance the portfolio. Liquidity is the point, not a side effect.
Private markets
Longer-held assets where the family accepts less liquidity in exchange for a different role in ownership and governance.
Real assets
Property, land, and infrastructure. They can carry inflation-linked income, but they also carry maintenance, tenants, and local decisions.
The chart is the last step.
An allocation only makes sense after three decisions: how long the capital can wait, how much is spent each year, and how much cash is held outside the long-term portfolio.
Change the time horizon and the private markets sleeve usually changes with it. Change the spending rule and the liquidity reserve has to answer.
That is why we write the policy first. The percentage is a consequence, not a starting point.
Read a note on liquidity.
Liquidity is not only a market question. It is an agreement about who can decide that the family needs money, and how quickly.