{"id":4687,"date":"2026-08-03T09:57:07","date_gmt":"2026-08-03T09:57:07","guid":{"rendered":"https:\/\/aap.umb.sk\/?page_id=4687"},"modified":"2026-08-06T05:17:51","modified_gmt":"2026-08-06T05:17:51","slug":"nikola-nejedlikova-michal-mestan","status":"publish","type":"page","link":"https:\/\/aap.umb.sk\/?page_id=4687","title":{"rendered":"Nikola Nejedl\u00edkov\u00e1, Michal Me\u0161\u0165an"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><strong>Robustness of Asset Allocation Strategies in Long-Term Investing: A Comparative Analysis of Selected Portfolio Approaches<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>ROBUSTNOS\u0164 STRAT\u00c9GI\u00cd ALOK\u00c1CIE AKT\u00cdV PRI DLHODOBOM INVESTOVAN\u00cd: KOMPAR\u00c1CIA VYBRAN\u00ddCH PORTF\u00d3LIOV\u00ddCH PR\u00cdSTUPOV<\/strong><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Published: 03.08.202<\/em>6<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-text-align-right\"><a href=\"https:\/\/doi.org\/10.24040\/aap.2026.23.1.101-118\">https:\/\/doi.org\/10.24040\/aap.2026.23.1.101-118<\/a><\/p>\n\n\n\n<pre class=\"wp-block-verse\"><strong>Abstract: <\/strong>This paper examines the robustness of selected asset allocation strategies in the context of long-term investing. The study compares the performance and risk characteristics of four portfolio construction approaches \u2013 the 1\/N portfolio, the 60\/40 portfolio, the annually rebalanced Markowitz portfolio (MW+R) and a portfolio with weights directly proportional to asset volatility (SD) \u2013 over 10- and 20-year investment horizons. The empirical analysis is based on weekly data for nine exchange-traded funds representing different asset classes over the period 2009\u20132025. Historical backtesting is complemented by Monte Carlo simulations employing a bootstrap approach to evaluate the stability and resilience of the strategies under alternative market scenarios. The results show that no single strategy dominated in all indicators: the SD portfolio achieved the highest returns, whereas the constrained Markowitz portfolio provided the most favourable risk-adjusted performance and ranked first in the composite robustness assessment in all simulation scenarios and at both horizons, while the 1\/N strategy remained a competitive simple alternative. The study thus contributes to the literature on long-term portfolio management by comparing simple allocation rules with optimization-based approaches and provides practical implications for strategic asset allocation in dynamically changing financial markets. <\/pre>\n\n\n\n<p><strong>Keywords:<\/strong> asset allocation, portfolio optimization, long-term investing, portfolio robustness, risk-adjusted performance, Monte Carlo simulation<\/p>\n\n\n\n<p><strong>Full text article:<\/strong><\/p>\n\n\n\n<div class=\"wp-block-file\"><object class=\"wp-block-file__embed\" data=\"https:\/\/aap.umb.sk\/wp-content\/uploads\/2026\/08\/final-version-3.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of final-version-3.\"><\/object><a id=\"wp-block-file--media-b91f3816-2d22-452f-9d6a-ba66d6ae8700\" href=\"https:\/\/aap.umb.sk\/wp-content\/uploads\/2026\/08\/final-version-3.pdf\">final-version-3<\/a><a href=\"https:\/\/aap.umb.sk\/wp-content\/uploads\/2026\/08\/final-version-3.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-b91f3816-2d22-452f-9d6a-ba66d6ae8700\">Download<\/a><\/div>\n\n\n\n<p><strong>How to cite:<\/strong><\/p>\n\n\n\n<p>NEJEDL\u00cdKOV\u00c1, N. and ME\u0160\u0164AN, M. <em>Robustness of Asset Allocation Strategies in Long-Term Investing: A Comparative Analysis of Selected Portfolio Approaches.<\/em> Acta aerarii publici. Online. vol. 23 (2026), no. 1, pp. 101 \u2013 118.\u00a0Available from: <a href=\"https:\/\/doi.org\/10.24040\/aap.2026.23.1.101-118\">https:\/\/doi.org\/10.24040\/aap.2026.23.1.101-118<\/a>. [accessed YYYY-MM-DD].<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Robustness of Asset Allocation Strategies in Long-Term Investing: A Comparative Analysis of Selected Portfolio Approaches ROBUSTNOS\u0164 STRAT\u00c9GI\u00cd ALOK\u00c1CIE AKT\u00cdV PRI DLHODOBOM INVESTOVAN\u00cd: KOMPAR\u00c1CIA VYBRAN\u00ddCH PORTF\u00d3LIOV\u00ddCH PR\u00cdSTUPOV Published: 03.08.2026 https:\/\/doi.org\/10.24040\/aap.2026.23.1.101-118 Abstract: This paper examines the robustness of selected asset allocation strategies in the context of long-term investing. The study compares the performance and risk characteristics of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/aap.umb.sk\/?page_id=4687\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Nikola Nejedl\u00edkov\u00e1, Michal Me\u0161\u0165an&#8221;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/pages\/4687"}],"collection":[{"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/aap.umb.sk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4687"}],"version-history":[{"count":7,"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/pages\/4687\/revisions"}],"predecessor-version":[{"id":4717,"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/pages\/4687\/revisions\/4717"}],"wp:attachment":[{"href":"https:\/\/aap.umb.sk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}