Human nature being what it is, investors are forever looking for a magic mix of investments that will soar in good times and offer a safe harbor amid turmoil. Nirvana doesn’t exist, of course. If it did, the world would figure out the secret and pile in, arbitraging away any future value in the process. Different asset allocations do generate different results over time, of course, and so we should spend time thinking how to design and manage our portfolios. But there are limits to even the best-laid plans of mice and men. The question, then, is figuring out a prudent framework for considering out options and evaluating the potential rewards. What follows is an example of how we might proceed by looking at one asset allocation fund that’s actively managed and boasts a handsome record.