Today is T=0. A client is willing and able to take on any level of risk. You expect a stronger USD will cause developed markets to outpace emerging markets believe that stocks with a low valuation multiple (e.g. P/S, P/B, P/E) are priced attractively compared to stocks with a high valuation multiple. From a fund of funds perspective, your most prudent decision based on information about the client and Factors X & Y (at T=0) would be to allocate the majority of the capital to: