Each QUEST portfolio has an established, long-term neutral asset allocation across a broader set of asset classes. Active asset allocation decisions are considered relative to these neutral positions, based on business cycle indicators, the outlook for growth and inflation, and the valuation of the respective asset classes. Within each asset class, the portfolio manager aims to identify a core allocation of active managers, ideally implemented using closed-ended funds. Passive instruments are used to reflect short-term tactical views, as these instruments are more liquid and can be traded at lower fees. QUEST portfolios are well diversified across asset classes and external capital advisors.