What question did this study set out to answer?

The aim is to highlight that the standard 60/40 stock-bond portfolio may not meet all investors' needs.

June 3, 2026

Snapshots of Optimal Stock–Bond Portfolios for Different Investor Objectives, Horizons, and Target Returns

Key Points

The aim is to highlight that the standard 60/40 stock-bond portfolio may not meet all investors' needs.
Developed insights from PMR-published papers to create digestible takeaways.
Analyzed the relationship between stock allocations, investment horizons, and target returns.
Optimal stock allocations generally rise with longer investment horizons.
Higher target returns are associated with increased stock allocations.
The findings support a tailored approach to portfolio construction based on investor objectives.

Abstract

Quickly apply original, key PMR-published papers with Snapshots—a short article companion that distills PMR research into compressed, digestible takeaways, so you can put the paper’s core ideas to work in your investment process—fast. This Snapshot article is based on research arguing that the common 60/40 stock–bond mix is not optimal for all investors; instead, optimal stock allocations generally increase with both investment horizon and target return across the investor objectives examined.

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Derived from original PMR research written by Eunpyo Hong, Jin-Gil Jeong, and Sandip Mukherji using AI and an editor

Snapshots of Optimal Stock–Bond Portfolios for Different Investor Objectives, Horizons, and Target Returns

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Abstract

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