Top-down research: Economic data, trends, relative valuation, profit potential, and investor behavior

Asset allocation
                50% tactically allocated to stocks, bonds or cash depending on relative valuation and profit potential (based on tactical allocation research)

Strategy diversification

                Remaining 50% allocated into a combination of strategies
                                Short-term trading
                                Long/short stratgy
                                Focused core funds

Ongoing portfolio management
                Choose what the manager believes are the best open-end funds within each category to take advantage of market opportunities, seasonal factors, bond models, etc.