UK investors who put money into global tactical asset allocation strategies might be feeling a little disappointed, according to a survey by Hymans Robertson. They have paid hedge fund-style fees for a product that managers claimed offered diversification from mainstream market returns. It worked well from 2002 to 2006, but performance looked dire in 2007.

GTAA attempts to exploit short-term market anomalies, such as relative mispricing between geographical areas or asset classes, by actively managing exposure to those asset classes.