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William Bernstein Sheltered Sam10/90 Allocation
0.24%June 04 | MyPlanIQ portfolio symbol P_79067

  • Portfolio Overview
  • Asset Allocation and ETFs
  • Performance
  • Calculators
  • Rolling Returns
  • Drawdowns

Portfolio Overview


William Bernstein Sheltered 10/90 Allocation: Overview

1. Background and Philosophy

The William Bernstein Sheltered 10/90 Allocation is designed by Dr. William Bernstein, a renowned neurologist-turned-financial theorist and author of books like The Intelligent Asset Allocator and The Four Pillars of Investing. Bernstein advocates for low-cost, passive investing with a focus on diversification and risk management. This portfolio is part of his "Sheltered Sam" series, tailored for tax-advantaged accounts like 401(k)s and IRAs. The 10/90 refers to a conservative allocation: 10% bonds (implied but not listed here) and 90% equities, with heavy emphasis on value stocks and global diversification.

2. Asset Allocation Analysis

Diversification: The portfolio spans U.S. large-cap (VTV, VV), small-cap value (IJS), real estate (VNQ), international developed markets (EFV, VGK, VPL), emerging markets (EEM), and commodities (GLTR). This broad exposure aims to reduce concentration risk.

Risk Level: The portfolio is aggressive (90% equities) but mitigates risk through value tilts (historically less volatile than growth) and global diversification. The small allocation to precious metals (GLTR) acts as a hedge against inflation.

Pros:

  • Low-cost ETFs minimize expenses.
  • Value focus may outperform over long horizons.
  • Global diversification reduces U.S.-centric risk.

Cons:

  • High equity allocation may be too volatile for conservative investors.
  • Small-cap and international holdings can underperform in certain markets.
  • Commodities (GLTR) add complexity with limited historical returns.

3. Practical Application in Retirement Accounts

For 401(k) or IRA:

  • Step 1: Identify equivalent funds in your plan. For example:
    • VTV (U.S. large-cap value) → Look for a S&P 500 Value fund.
    • EFV (international value) → Use a developed markets fund.
  • Step 2: If a specific ETF (e.g., IJS) is unavailable, allocate to U.S. small-cap or broad international equity funds.
  • Step 3: For commodities (GLTR), which are rarely in 401(k)s, reallocate to stocks or omit entirely.

Rebalancing: Adjust annually to maintain target allocations, especially after market shifts.

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Asset Allocation


Symbol Category/Sector Target Weight
VTV
Vanguard Value ETF 		US Equity 2.5%
VV
Vanguard Large-Cap ETF 		US Equity 2%
IJS
iShares S&P Small-Cap 600 Value ETF 		US Equity 1.5%
VNQ
Vanguard Real Estate ETF 		Real Estate 1%
EFV
iShares MSCI EAFE Value ETF 		International Equity 0.7%
EEM
iShares MSCI Emerging Markets ETF 		International Equity 0.5%
IJR
iShares Core S&P Small Cap ETF 		US Equity 0.5%
VGK
Vanguard FTSE Europe ETF 		International Equity 0.5%
VPL
Vanguard FTSE Pacific ETF 		International Equity 0.5%
SHY
iShares 1-3 Year Treasury Bond ETF 		Fixed Income 54%
TIP
iShares TIPS Bond ETF 		Fixed Income 36%
GLTR
abrdn Physical Precious Metals Basket Shares ETF 		Commodities 0.3%


Historical Performance


William Bernstein Sheltered Sam10/90 Allocation Historical Returns

Name YTD Return 1Yr AR 3Yr AR 5Yr AR 10Yr AR 15Yr AR 20Yr AR Inception
William Bernstein Sheltered Sam10/90 Allocation 2.83% 5.77% 2.84% 2.47% 2.61% NA NA 2.62%
VFINX (VANGUARD 500 INDEX FUND INVESTOR SHARES) 2.03% 14.20% 14.72% 15.60% 12.92% 14.19% 10.37% 14.34%
VSMGX (VANGUARD LIFESTRATEGY MODERATE GROWTH FUND INVESTOR SHARES) 5.23% 10.75% 8.37% 7.42% 6.31% 7.36% 6.07% 7.12%
Data as of 06/04/2025, AR inception is 10/25/2010

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William Bernstein Sheltered Sam10/90 Allocation Historical Return Chart


Calculators


Dollar Cost Average Calculator for William Bernstein Sheltered Sam10/90 Allocation

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Rolling Returns


From 10/25/2010 to 06/04/2025, the worst annualized return of 3-year rolling returns for William Bernstein Sheltered Sam10/90 Allocation is -0.33%.
From 10/25/2010 to 06/04/2025, the worst annualized return of 5-year rolling returns for William Bernstein Sheltered Sam10/90 Allocation is 1.1%.
From 10/25/2010 to 06/04/2025, the worst annualized return of 10-year rolling returns for William Bernstein Sheltered Sam10/90 Allocation is 1.45%.

Maximum Drawdown

William Bernstein Sheltered Sam10/90 Allocation Maximum Drawdown