Passive asset allocation will never win any awards or front-page profiles, but it’s a competitive strategy that quietly and consistently delivers average to above-average performance relative to a broad spectrum of multi-asset class funds. That’s been the message through the years, as noted in the periodic updates on this front (see last October’s review of the numbers, for instance). Has anything changed three months later? Not really. Owning a wide selection of the major asset classes continues to give the majority of higher-priced active strategies a run for their money.