2016 outcomes for our multi-asset Max Sharpe and Min Volatility did what they say on the tin. Dynamic risk-based strategies can provide low correlation differentiated returns to provide a low-cost, liquid alternative to traditional "Alternatives" A quant-based approach to alternative investing is likely to be cheaper and smarter than hedge funds which are vulnerable to manager's behavioural and emotional biases Smart beta strategies are “smart” because they take a scientific, quantitative and objective approach to investing by combining a range of index-tracking ETFs with different market risk or “beta” exposures. In contrast to the opacity of hedge funds, dynamic allocation “smart beta” investment strategies should do what they say on the tin. Elston runs a number of diversified multi-asset investment strategies, two of which have been offered as indices for asset owners and investment managers to benchmark against or track. Chart 1: Risk and R