%0 Journal Article %A Mark Kritzman %A Gauri Goyal %T Practical Applications of Risk Disparity %D 2014 %R 10.3905/pa.2014.1.4.045 %J Practical Applications %P 1-3 %V 1 %N 4 %X Risk Disparity Mark Kritzman Most institutional investors today maintain a formal investment policy portfolio, which allocates among asset classes according to their risk and return objectives.But while the policy portfolio provides a yardstick on overall active management, it does not always meet the risk preferences that are implicit in the institution's policy portfolio. In Risk Disparity , which appeared in the Fall 2013 issue of The Journal of Portfolio Management , Mark Kritzman , President and CEO of Windham Capital Management , explores alternative approaches.In this Practical Applications report,Kritzman suggests a more flexible investment policy. One that does not adhere to fixed asset weights but instead opportunistically changes exposure to assets.The article is a winner of the 15th Annual Bernstein Fabozzi/Jacobs Levy Awards (Outstanding Article). %U https://pa.pm-research.com/content/iijpracapp/1/4/1.9.full.pdf