The global efficient frontier has been fundamentally reshaped by significant shifts in the financial landscape. These changes stem from a substantial increase in global bond yields resulting from an aggressive monetary-policytightening cycle coupled with a robust resurgence in global equity prices (which had hit a low in 2022). As a result of these dynamics, the front end of the efficient frontier has risen sharply, while the back end has experienced a decline (Figure 1). This s
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