As interest in Total Portfolio Approach (TPA) continues to accelerate across the investment industry, the Chartered Alternative Investment Analyst (CAIA) Association is advancing the conversation today by releasing a new report that details how investors can transition their organizations from strategic asset allocation to TPA.

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Developed in collaboration with WTW’s Thinking Ahead Institute (TAI), the report is based upon new insights from leading asset owners around the world. “From Vision to Execution: How Investors are Operationalizing the Total Portfolio Approach” delivers the first grounded look at how TPA is and has been implemented in practice. The report shares candid insights, early challenges, and the behind-the-scenes breakthroughs from investors along different stages of adopting this more integrated and agile approach in practice.

This report reflects a collective effort shaped by the contributions of more than a dozen CIOs who generously shared their time, stories, and practical insights. It also marks a new chapter in CAIA’s relationship with the TAI, with the establishment of a recent partnership to bring together some of the most forward-thinking organizations in the world, united by a shared goal of shaping the future of investing through bold, actionable ideas.

Roger Urwin, FIA, FSIP, Co-founder of the TAI, and one of the pioneers of TPA thinking and practice, reflects on the paper’s core theme: “The Total Portfolio Approach isn’t just another investment method — it’s governance reimagined through a systems-lens. Strategic Asset Allocation (SAA) offers comfortable governance but clunky portfolio management. TPA flips that by bringing efficiency to portfolio design but requiring a stretch in governance,” he notes.

This new publication builds on the foundation laid by the CAIA Association’s influential 2024 paper, "Innovation Unleashed: The Rise of Total Portfolio Approach," which sparked global discourse by defining the core dimensions of TPA. Now, one year later, CAIA returns not just with more commentary, but with the first practical, case-based report on how TPA is being executed within real portfolios.

“The response to our first TPA report surprised even us,” said Aaron Filbeck, CAIA, CFA, CFP®, CIPM, FDP, Managing Director, Content and Community Strategy at CAIA Association. “What began as a conceptual framework quickly became a catalyst for global conversation. Investors are increasingly interested in milestones and learned frameworks for embarking on this journey. There’s not just interest in the idea, but a sense of urgency around putting it into practice and CAIA has been at the forefront of this conversation.”

As a valued collaborator, the TAI brought practical perspective and deep experience that helped inform the findings featured in the report.

“As with the first report, I’m thrilled to contribute to this important sequel, deepening the dialogue and drawing on our experience working directly with asset owners navigating the SAA to TPA transition,” said Jayne Bok, CAIA, CFA, Head of Investments, Asia, WTW and Chair of CAIA Association’s Board. “TPA is not a destination, it’s a spectrum. Even the most advanced funds see themselves as evolving.”

What Makes This Report Different?

• Lived Experience, Not Best Practices: Built from 18 months of candid conversations with CIOs, portfolio strategists, and board members across more than a dozen institutions, the report shares what has worked, what hasn’t, and what’s necessary to begin the journey towards TPA.
• A Practical Blueprint: Through three clear sections — mapping the transition, revealing portfolio impacts, and embedding the TPA mindset, the paper offers frameworks that apply to both large and small investors, especially those navigating resource constraints.
• Focus on Governance and Culture: While most papers focus on structure, this report surfaces a critical insight: the success of TPA hinges less on organizational design and more on the “invisible” drivers of transformation: cultural norms and governance processes. The paper discusses some of the practical ways these organizations conducted changed management.
• TPA Is for Everyone: It dismantles the myth that TPA is only achievable for large institutional investors. The stories inside reflect institutions of various sizes, proving that adaptability, not scale, is the true enabler for those willing to take the journey.

Why Now?

With private and public markets converging, geopolitical and inflationary pressures rising, and institutional investors facing the mandate to do more with less, TPA is no longer just an option to consider. The conversation has shifted from “What is TPA?” to “How do we begin?”

CAIA Association’s new report captures this inflection point, making it a must-read for asset allocators, managers, consultants, and boards seeking to understand what it really takes to transition from a traditional strategic asset allocation model to a dynamic, integrated TPA mindset.

Access Report Here: https://caia.org/vision-execution-how-investors-are-operationalizing-total-portfolio-approach

About CAIA Association

CAIA Association is a global network of forward-thinking investment professionals, redefining the future of capital allocation in a world where traditional and alternative converge. United by a commitment to improving investment outcomes, we lead with authority, educate to inspire, and connect people who turn insight into action. To learn more about the CAIA Association and how to become part of the most energized professional network shaping the future of investing, please visit us at https://caia.org/.

About the Thinking Ahead Institute at WTW

The Thinking Ahead Institute is a global not-for-profit investment research and innovation network dedicated to helping investors navigate the future. Bringing together leading asset owners, asset managers and strategic partners, the Institute drives innovation through collaborative research and practical solutions. Since its founding in 2015, the Institute has convened more than 100 organizations to collaboratively design fit-for-purpose investment strategies, improve organizational effectiveness, and strengthen stakeholder trust. Learn more about how the Thinking Ahead Institute can support your organization at https://www.thinkingaheadinstitute.org/.

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“TPA is not a destination, it’s a spectrum. Even the most advanced funds see themselves as evolving,” Jayne Bok, CAIA, CFA, Head of Investments, Asia, WTW and Chair of CAIA Association’s Board.