');padding-left:32px}label{color:#313439;margin-bottom:4px;font-size:15px}form{margin-bottom:2rem}.row{display:-webkit-box;display:-webkit-flex;display:-moz-flex;display:-ms-flexbox;display:flex;-webkit-box-flex:0;-webkit-flex:0 1 auto;-moz-box-flex:0;-moz-flex:0 1 auto;-ms-flex:0 1 auto;flex:0 1 auto;-webkit-box-direction:normal;-webkit-flex-direction:row;-moz-flex-direction:row;-ms-flex-direction:row;flex-direction:row;-webkit-flex-wrap:wrap;-moz-flex-wrap:wrap;-ms-flex-wrap:wrap;flex-wrap:wrap;margin-right:-15px;margin-left:-15px}.row.basis-auto{-webkit-flex-basis:auto;-moz-flex-basis:auto;-ms-flex-preferred-size:auto;flex-basis:auto;-webkit-box-align:center;-ms-flex-align:center;-webkit-align-items:center;-moz-align-items:center;align-items:center}.row>*{-webkit-flex-basis:100%;-moz-flex-basis:100%;-ms-flex-preferred-size:100%;flex-basis:100%;padding-right:15px;padding-left:15px}.row:after,.row:before{position:absolute}.col-xs{-webkit-flex-shrink:0;-moz-flex-shrink:0;-ms-flex-negative:0;flex-shrink:0;padding-right:15px;padding-left:15px}.col-xs-fit{box-sizing:border-box;-webkit-flex-shrink:0;-moz-flex-shrink:0;-ms-flex-negative:0;flex-shrink:0;padding-right:15px;padding-left:15px;-webkit-flex-basis:auto;-moz-flex-basis:auto;-ms-flex-preferred-size:auto;flex-basis:auto;-webkit-box-flex:0;-webkit-flex-grow:0;-moz-flex-grow:0;-ms-flex-positive:0;flex-grow:0;max-width:100%}.col-xs{-webkit-box-flex:1;-webkit-flex-grow:1;-moz-flex-grow:1;-ms-flex-positive:1;flex-grow:1;-webkit-flex-basis:0;-moz-flex-basis:0;-ms-flex-preferred-size:0;flex-basis:0;max-width:100%}.start-xs{-webkit-box-pack:start;-ms-flex-pack:start;-webkit-justify-content:flex-start;-moz-justify-content:flex-start;justify-content:flex-start}.middle-xs{-webkit-box-align:center;-ms-flex-align:center;-webkit-align-items:center;-moz-align-items:center;align-items:center}@media only screen and (min-width:768px){.col-sm-fit{box-sizing:border-box;padding-right:15px;padding-left:15px}.col-sm-fit{-webkit-flex-shrink:0;-moz-flex-shrink:0;-ms-flex-negative:0;flex-shrink:0;-webkit-flex-basis:auto;-moz-flex-basis:auto;-ms-flex-preferred-size:auto;flex-basis:auto;-webkit-box-flex:0;-webkit-flex-grow:0;-moz-flex-grow:0;-ms-flex-positive:0;flex-grow:0;max-width:100%}}.screen-reader-text{clip:rect(1px,1px,1px,1px);position:absolute!important;height:1px;width:1px;overflow:hidden;word-wrap:normal!important}.header-top-bar{background-color:#222;display:none;padding-left:5%;padding-right:5%}.header-top-bar-inner{height:40px}.header-top-bar-area{position:relative}.header-top-bar-area.area-right .top-bar-field:last-of-type{padding-right:0}.top-bar-field{float:left;font-size:12px;text-align:left;color:#fff;padding:11px 15px}.top-bar-field span{line-height:18px;font-size:.8rem;float:left}@media (min-width:768px){.header-top-bar{display:block}}#mainmenu_container{display:none}@media (min-width:768px){#mainmenu_container{display:flex}}ul.dropdown-menu{list-style:none;padding:0;margin:0;display:none;z-index:1;left:0;box-sizing:border-box;width:100%;position:absolute}ul.dropdown-menu li{display:block;position:relative;color:#fff;overflow:hidden;padding:.85rem}ul.dropdown-menu li a{display:block;text-decoration:none;white-space:nowrap;color:inherit;position:relative}ul.dropdown-menu li.menu-item-has-children>a:after{content:"\f0d7";font-family:FontAwesome;display:inline-block;color:inherit;font-size:.8em;box-sizing:border-box;width:20px;height:100%;text-align:center;position:absolute;right:1em;opacity:.9}ul.dropdown-menu ul{margin-left:0;left:0;padding-left:1em;min-width:100%;display:block;box-sizing:border-box;opacity:0;height:0;overflow:hidden;box-shadow:1px 1px 4px 2px rgba(0,0,0,.11);border-radius:2px;background-color:#fff}ul.dropdown-menu ul li{border-top:0;color:#6b7c93;line-height:120%;font-weight:600;position:relative;padding:.75rem 1.5rem;font-size:14px}ul.dropdown-menu ul li:after{display:block;content:' ';width:100%;height:1px;background-color:rgba(128,128,128,.2);position:absolute;left:0;bottom:0;mix-blend-mode:exclusion}ul.dropdown-menu ul li:last-of-type:after{display:none}ul.dropdown-menu:after,ul.dropdown-menu:before{content:" ";display:table}@media (min-width:768px){ul.dropdown-menu{display:-webkit-box;display:-webkit-flex;display:-moz-flex;display:-ms-flexbox;display:flex;-webkit-box-flex:1;-webkit-flex:1 0 auto;-moz-box-flex:1;-moz-flex:1 0 auto;-ms-flex:1 0 auto;flex:1 0 auto;-webkit-box-direction:normal;-webkit-box-orient:horizontal;-webkit-flex-direction:row;-moz-flex-direction:row;-ms-flex-direction:row;flex-direction:row;-webkit-flex-wrap:wrap;-moz-flex-wrap:wrap;-ms-flex-wrap:wrap;flex-wrap:wrap;position:static}ul.dropdown-menu>li>a{font-weight:600;font-style:normal;font-size:14px;line-height:160%;letter-spacing:1px;text-transform:uppercase}ul.dropdown-menu>li>ul{left:.85rem}ul.dropdown-menu li ul{position:absolute;padding-left:0;min-width:200px;z-index:10;top:100%}ul.main-menu>li.menu-item-has-children>a:after{vertical-align:middle;position:relative;right:0;margin-left:-.2em;margin-top:-.3em}}ul.dropdown-menu>li{color:#fff}.header-top{align-items:center;width:100%;position:absolute;z-index:100}.navigation-bar{display:block;width:100%;-webkit-backface-visibility:hidden;-moz-backface-visibility:hidden;-ms-backface-visibility:hidden;-o-backface-visibility:hidden;backface-visibility:hidden;padding-top:1rem;padding-bottom:1rem;position:relative}.navigation-wrapper:not(.gridContainer){padding-left:5%;padding-right:5%}.logo_col,.main_menu_col{text-align:left;display:-webkit-box;display:-webkit-flex;display:-moz-flex;display:-ms-flexbox;display:flex;-webkit-box-align:center;-ms-flex-align:center;-webkit-align-items:center;-moz-align-items:center;align-items:center}.main_menu_col{justify-content:flex-end}.logo_col{-webkit-flex-basis:auto;-moz-flex-basis:auto;-ms-flex-preferred-size:auto;flex-basis:auto;max-width:80%}a.text-logo,a.text-logo:visited{text-decoration:none;font-size:1.6rem;line-height:100%;color:#fff;font-weight:600;text-transform:uppercase}.header-wrapper{position:relative;-webkit-box-flex:0;-webkit-flex:0 0 auto;-moz-box-flex:0;-moz-flex:0 0 auto;-ms-flex:0 0 auto;flex:0 0 auto;flex-grow:0}.header-wrapper>div[class*=header]{flex-grow:1}.header{background-position:center center;background-repeat:no-repeat;background-size:cover;position:relative;z-index:0}@media (min-width:768px){.logo_col{max-width:30%}}.offcanvas-right{left:auto;right:0;border-left:1px solid rgba(0,0,0,.1)}#offcanvas-wrapper,.site{-webkit-box-direction:normal;-webkit-box-orient:vertical}.main_menu_col [data-component=offcanvas]{color:#fff;position:relative;text-align:center}.main_menu_col [data-component=offcanvas] .bubble{position:absolute;z-index:0;height:2.5rem;width:2.5rem;background-color:#000;opacity:.1;border-radius:100%}.main_menu_col [data-component=offcanvas] i.fa{font-size:1.1rem;line-height:2.5rem;height:2.5rem;width:2.5rem;text-align:center;position:relative;z-index:1}#offcanvas-wrapper{left:auto;right:0;background-color:#222b34;padding:0;overflow:auto;z-index:99999;display:-webkit-box;display:-webkit-flex;display:-moz-flex;display:-ms-flexbox;display:flex;-webkit-box-flex:0;-webkit-flex:0 1 auto;-moz-box-flex:0;-moz-flex:0 1 auto;-ms-flex:0 1 auto;flex:0 1 auto;-webkit-flex-direction:column;-moz-flex-direction:column;-ms-flex-direction:column;flex-direction:column}#offcanvas-wrapper.hide{display:none}#offcanvas-wrapper.force-hide{display:none!important;width:0!important;overflow:hidden}#offcanvas-wrapper .offcanvas-top{padding-top:2rem;padding-bottom:2rem}#offcanvas-wrapper .offcanvas-top .logo-holder a{color:#fff;text-decoration:none;font-size:1.5rem;text-align:center;display:block}#offcanvas-wrapper .social-icons{bottom:0;padding-bottom:1rem;z-index:1;text-align:center;width:100%}#offcanvas-wrapper #offcanvas-menu{-webkit-box-flex:1;-webkit-flex:1 1 auto;-moz-box-flex:1;-moz-flex:1 1 auto;-ms-flex:1 1 auto;flex:1 1 auto}.offcanvas_menu{margin-left:0;list-style:none;flex:1}.offcanvas_menu *{color:#fff}.offcanvas_menu ul{list-style:none}.offcanvas_menu li{color:#fff;border-bottom:1px solid rgba(128,128,128,.2);font-size:.8rem;text-align:left}.offcanvas_menu li a{text-decoration:none;color:inherit;position:relative;display:block;padding:.75rem 0 .75rem 2.5rem;font-size:.875rem;line-height:1}.offcanvas_menu li:first-of-type{border-bottom:1px solid rgba(128,128,128,.2)}.offcanvas_menu li>ul{display:none;margin-left:0;background-color:rgba(255,255,255,.2)}.offcanvas_menu li>ul>li>a{padding-left:3.75rem}@media (min-width:768px) and (max-width:1023px){[data-component=offcanvas]{display:none}}@media (min-width:1024px){[data-component=offcanvas]{display:none}}.site{display:-webkit-box;display:-webkit-flex;display:-moz-flex;display:-ms-flexbox;box-sizing:border-box}body{min-height:1px}.site{display:flex;-webkit-box-flex:0;-webkit-flex:0 1 auto;-moz-box-flex:0;-moz-flex:0 1 auto;-ms-flex:0 1 auto;flex:0 1 auto;-webkit-flex-direction:column;-moz-flex-direction:column;-ms-flex-direction:column;flex-direction:column;min-height:100vh}i.fa{color:#acb7c3}a i.fa{color:inherit}body{font-family:"Open Sans",Helvetica,Arial,sans-serif;color:#6b7c93}body h1{font-family:Muli,Helvetica,Arial,sans-serif;font-weight:400;font-style:normal;font-size:1rem;line-height:1.8rem;color:#d3d8e1}body h2{font-family:Muli,Helvetica,Arial,sans-serif;font-weight:600;font-style:normal;font-size:2.188rem;line-height:3rem;text-transform:none;color:#3c424f}.header-top-bar{background:#1e2429}.header-top-bar-inner{height:40px}.header-top-bar .header-top-bar-area.area-right span{color:#fff}.header-top-bar .header-top-bar-area.area-right span.top-bar-text{color:#03a9f4}.mesmerize-inner-page #main_menu>li>a{font-family:"Open Sans",Helvetica,Arial,sans-serif;font-weight:600;font-style:normal;font-size:14px;line-height:160%;letter-spacing:1px;text-transform:uppercase}[data-component=offcanvas] i.fa{color:#fff!important}[data-component=offcanvas] .bubble{background-color:#fff!important}#offcanvas-wrapper{background-color:#222B34!important}#offcanvas-wrapper *{color:#ffffff!important}#offcanvas_menu li>ul{background-color:#686b77}#offcanvas_menu li>a{font-family:"Open Sans",Helvetica,Arial,sans-serif;font-weight:400;font-size:.875rem;line-height:100%;letter-spacing:0px;text-transform:none}.navigation-bar:not(.homepage) a.text-logo,.navigation-bar:not(.homepage) a.text-logo{color:#fff;font-family:inherit;font-weight:600;font-size:1.6rem;line-height:100%;letter-spacing:0px;text-transform:uppercase}@media (max-width:1023px){body{font-size:calc(16px*0.875)}}@media (min-width:1024px){body{font-size:16px}}@media only screen and (min-width:768px){body h1{font-size:2rem}body h2{font-size:24px}}body .header-title{font-size:20px;line-height:1.5;margin-bottom:0;text-align:left;color:#fff}body .header-title h1{font-size:14px!important}.navigation-bar .header-top-bar__login{display:none}@media (max-width:768px){body .header-title{font-size:18px;margin-bottom:0;text-align:left}.navigation-bar .header-top-bar__login{display:block;margin-right:7px}}@media (max-width:576px){body .header-title{font-size:14px;margin-bottom:0;text-align:left}}.navigation-wrapper:not(.gridContainer),.header-top-bar{padding-left:2%;padding-right:2%}@media (min-width:768px){.header-top-bar{display:flex;justify-content:right}}@media (max-width:768px){.header-top-bar{display:none}}.header-top#page-top{position:relative!important}.header-top .navigation-bar{padding-top:0;padding-bottom:0;position:relative!important;background:#263855!important}.main_menu_col{position:relative}.header-top-bar-inner{display:-webkit-box;display:-webkit-flex;display:-moz-box;display:-ms-flexbox;display:flex;-webkit-box-orient:horizontal;-webkit-box-direction:normal;-webkit-flex-flow:row nowrap;-moz-box-orient:horizontal;-moz-box-direction:normal;-ms-flex-flow:row nowrap;flex-flow:row nowrap;-webkit-box-pack:end;-webkit-justify-content:flex-end;-moz-box-pack:end;-ms-flex-pack:end;justify-content:flex-end}.header-top-bar__login{-webkit-box-flex:0;-webkit-flex:none;-moz-box-flex:0;-ms-flex:none;flex:none;display:flex;align-items:center}.header-top-bar__login .login-link{display:inline-block;vertical-align:middle;margin-right:10px;font-size:14px;font-weight:700;text-decoration:none;color:#fff}.header-top-bar__login .login-link:last-child{margin-right:0}.header-top-bar__login .login-link--register{color:#03a9f4}.nsl-container{display:-webkit-box!important;display:-webkit-flex!important;display:-moz-box!important;display:-ms-flexbox!important;display:flex!important;-webkit-justify-content:space-around;-ms-flex-pack:distribute;justify-content:space-around;max-width:none!important;-webkit-flex-wrap:wrap;-ms-flex-wrap:wrap;flex-wrap:wrap}@media (max-width:768px){.login-link--register{display:none}}@media only screen and (max-width:767px){.nsl-container{-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column}.news-feed__social-registration>.nsl-container{align-items:center}.news-feed__social-registration>.nsl-container>a{max-width:none!important}.news-feed__social-registration>.nsl-container .nsl-button-label-container{margin:0 auto}.pum-container{padding:0!important}}.sign-up__popup{visibility:hidden;position:fixed;top:0;right:0;bottom:0;left:0;padding:1.5rem;display:-webkit-box;display:-webkit-flex;display:-moz-box;display:-ms-flexbox;display:flex;-webkit-box-pack:center;-webkit-justify-content:center;-moz-box-pack:center;-ms-flex-pack:center;justify-content:center;-webkit-box-align:center;-webkit-align-items:center;-moz-box-align:center;-ms-flex-align:center;align-items:center;z-index:200}.sign-up__popup-inner{position:relative;-webkit-border-radius:3px;border-radius:3px;background-color:#fff;padding:20px 30px;max-width:95%;width:500px;background-color:#fff;-webkit-box-shadow:0 3px 6px rgba(0,0,0,.16),0 3px 6px rgba(0,0,0,.23);box-shadow:0 3px 6px rgba(0,0,0,.16),0 3px 6px rgba(0,0,0,.23);opacity:0;-webkit-transform:scale(.8);-moz-transform:scale(.8);-ms-transform:scale(.8);-o-transform:scale(.8);transform:scale(.8)}.sign-up__popup-inner form{margin-bottom:0}.sign-up__popup p{margin:0 0 20px;color:#000}.sign-up__field{margin-bottom:10px;width:100%;height:60px;-webkit-border-radius:3px;border-radius:3px;border:1px solid #aaa;font-size:20px;text-align:center}.sign-up__close-button{position:absolute;top:-8px;right:-8px;display:-webkit-box;display:-webkit-flex;display:-moz-box;display:-ms-flexbox;display:flex;-webkit-box-align:center;-webkit-align-items:center;-moz-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:center;-webkit-justify-content:center;-moz-box-pack:center;-ms-flex-pack:center;justify-content:center;width:30px;height:30px;-webkit-border-radius:50%;border-radius:50%;background-color:#555;color:#fff;font-size:24px}.sign-up__button{width:100%;height:60px;-webkit-border-radius:3px;border-radius:3px;border:none;background-color:#253b68;color:#fff;font-size:18px}@media (max-width:578px){.sign-up__popup-inner{padding:15px}.sign-up__popup-header p{text-align:center}.sign-up__field{height:50px;font-size:16px}.sign-up__button{height:50px;font-size:16px}}.m-0{margin:0!important}.tml{margin:0 auto}.tml input[type=submit]{margin:0 auto;width:auto;min-width:auto;height:auto;min-height:auto;padding:10px 50px;-webkit-border-radius:3px;border-radius:3px;border:0;font-size:15px;line-height:1;font-weight:600;text-transform:uppercase;letter-spacing:1px;background:#0095ff;color:#fff;float:none}.tml>*{text-align:left}.tml{text-align:center}.tml-wrapper-aside .tml{max-width:none;margin:10px 0 0}.tml-wrapper-aside .tml .btn,.tml-wrapper-aside .tml input[type=submit]{width:100%;background-color:#263855}.tml-simple input{width:100%!important;margin-bottom:20px}.tml-simple{max-width:280px;margin:10px auto 20px auto}.navigation-bar .login-link{padding-left:10px!important;padding-right:10px!important}.login-link-search:after{display:inline-block;width:14px;vertical-align:middle}.login-link-search:after{content:url("/wp-content/themes/mesmerize-pro/img/icon-search-white.svg")}.login-link-search,.navigation-bar .login-link-search{margin-right:5px}.header-search-panel{position:absolute;background-color:#37517b;top:0;right:0;z-index:999;padding:10px;color:#fff;max-width:400px;width:100%;margin:5px 2% 0;display:none;-webkit-box-shadow:0px 0px 10px 2px #263855;-moz-box-shadow:0px 0px 10px 2px #263855;box-shadow:0px 0px 10px 2px #263855}.header-search-panel .search-form{margin:0}.header-search-panel .search-field{padding:0 12px;border-color:#818ea8}.header-search-panel #searchsubmit{display:none}@media (max-width:768px){.header-search-panel{top:100%;width:auto}.header-search-panel{left:0}}.navigation-bar .login-link{margin-right:5px}ul.dropdown-menu li.menu-item-highlight a{color:#add8e6}body h1{color:#454545}a{color:#385898}.news-feed__social-registration.style-1 div.nsl-container-block>a{flex-basis:100%;text-decoration:none}form[name=registerform] input[type=submit]{font-family:"Open Sans",Helvetica,Arial,sans-serif;height:40px}.ref-widget{padding:10px;background-color:#fff;text-align:center;margin-bottom:25px}#page.site{display:block}button,input[type=submit]{color:inherit;border:none;padding:0;font:inherit;outline:inherit;height:40px;width:100%}.fa{-moz-osx-font-smoothing:grayscale;-webkit-font-smoothing:antialiased;display:inline-block;font-style:normal;font-variant:normal;text-rendering:auto;line-height:1}.fa-bars:before{content:"\f0c9"}.fa{font-family:"Font Awesome 5 Free"}.fa{font-weight:900}.pum-container,.pum-content,.pum-content+.pum-close,.pum-overlay{background:0 0;border:none;bottom:auto;clear:none;float:none;font-family:inherit;font-size:medium;font-style:normal;font-weight:400;height:auto;left:auto;letter-spacing:normal;line-height:normal;max-height:none;max-width:none;min-height:0;min-width:0;overflow:visible;position:static;right:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;top:auto;visibility:visible;white-space:normal;width:auto;z-index:auto}.pum-content{position:relative;z-index:1}.pum-overlay{position:fixed}.pum-overlay{height:100%;width:100%;top:0;left:0;right:0;bottom:0;z-index:1999999999;overflow:initial;display:none}.pum-overlay,.pum-overlay *,.pum-overlay :after,.pum-overlay :before,.pum-overlay:after,.pum-overlay:before{box-sizing:border-box}.pum-container{top:100px;position:absolute;margin-bottom:3em;z-index:1999999999}.pum-container.pum-responsive{left:50%;margin-left:-47.5%;width:95%;height:auto;overflow:visible}@media only screen and (min-width:1024px){.pum-container.pum-responsive.pum-responsive-medium{margin-left:-30%;width:60%}}.pum-container .pum-content>:last-child{margin-bottom:0}.pum-container .pum-content>:first-child{margin-top:0}.pum-container .pum-content+.pum-close{text-decoration:none;text-align:center;line-height:1;position:absolute;min-width:1em;z-index:2;background-color:transparent}.pum-theme-5939,.pum-theme-enterprise-blue{background-color:rgba(0,0,0,.7)}.pum-theme-5939 .pum-container,.pum-theme-enterprise-blue .pum-container{padding:28px;border-radius:5px;border:1px none #000;box-shadow:0px 10px 25px 4px rgba(2,2,2,.5);background-color:rgba(255,255,255,1)}.pum-theme-5939 .pum-content,.pum-theme-enterprise-blue .pum-content{color:#2d2d2d;font-family:inherit}.pum-theme-5939 .pum-content+.pum-close,.pum-theme-enterprise-blue .pum-content+.pum-close{position:absolute;height:28px;width:28px;left:auto;right:8px;bottom:auto;top:8px;padding:4px;color:#fff;font-family:inherit;font-size:20px;line-height:20px;border:1px none #fff;border-radius:42px;box-shadow:0px 0px 0px 0px rgba(2,2,2,.23);text-shadow:0px 0px 0px rgba(0,0,0,.23);background-color:rgba(49,91,124,1)}.pum-theme-5937,.pum-theme-default-theme{background-color:rgba(255,255,255,1)}.pum-theme-5937 .pum-container,.pum-theme-default-theme .pum-container{padding:18px;border-radius:0;border:1px none #000;box-shadow:1px 1px 3px 0px rgba(2,2,2,.23);background-color:rgba(249,249,249,1)}.pum-theme-5937 .pum-content,.pum-theme-default-theme .pum-content{color:#8c8c8c;font-family:inherit;font-weight:inherit;font-style:normal}.pum-theme-5937 .pum-content+.pum-close,.pum-theme-default-theme .pum-content+.pum-close{position:absolute;height:auto;width:auto;left:auto;right:0;bottom:auto;top:0;padding:8px;color:#fff;font-family:inherit;font-weight:inherit;font-size:12px;font-style:normal;line-height:14px;border:1px none #fff;border-radius:0;box-shadow:0px 0px 0px 0px rgba(2,2,2,.23);text-shadow:0px 0px 0px rgba(0,0,0,.23);background-color:rgba(0,183,205,1)}#pum-7355{z-index:1999999999}#pum-24020{z-index:1999999999}.fa{display:inline-block}.fa{font:normal normal normal 14px/1 FontAwesome;font-size:inherit;text-rendering:auto;-webkit-font-smoothing:antialiased;-moz-osx-font-smoothing:grayscale}.fa-bars:before{content:"\f0c9"}[class*=" ep_font_"]{font-family:ep_icons!important;speak:never;font-style:normal;font-weight:400;font-variant:normal;text-transform:none;line-height:1;-webkit-font-smoothing:antialiased;-moz-osx-font-smoothing:grayscale}.ep_font_icon_arrow_carrot_right:before{content:""}.epkbfa{display:inline-block;font:normal normal normal 14px/1 FontAwesome;font-family:FontAwesome;font-size:inherit;text-rendering:auto;-webkit-font-smoothing:antialiased;-moz-osx-font-smoothing:grayscale}.epkbfa-user:before{content:""}.epkbfa-print:before{content:""}.epkbfa-pencil-square-o:before{content:""}.epkbfa-calendar:before{content:""}@keyframes spin{0%{transform:rotate(0)}100%{transform:rotate(360deg)}}.epkb-doc-search-container button,.epkb-doc-search-container div,.epkb-doc-search-container form,.epkb-doc-search-container input{margin:0;padding:0;border:0;outline:0;font-size:100%;vertical-align:baseline;font-weight:400;line-height:1;text-align:left;text-decoration:none;border:none;box-shadow:none;box-sizing:border-box;font-style:normal;list-style-type:none;list-style-image:none;float:none}#eckb-article-page-container-v2 .eckb-breadcrumb a,#eckb-article-page-container-v2 .eckb-breadcrumb li,#eckb-article-page-container-v2 .eckb-breadcrumb nav,#eckb-article-page-container-v2 .eckb-breadcrumb span,#eckb-article-page-container-v2 .eckb-breadcrumb ul,#eckb-article-page-container-v2 .eckb-navigation-back div{margin:0;padding:0;border:0;outline:0;vertical-align:baseline;font-weight:400;line-height:1;text-align:left;text-decoration:none;border:none;box-shadow:none;box-sizing:border-box;list-style-image:none}@keyframes spin{0%{transform:rotate(0)}100%{transform:rotate(360deg)}}#eckb-article-page-container-v2{position:relative;text-align:left;margin:auto;display:flex;flex-direction:column}#eckb-article-page-container-v2 .epkb-doc-search-container{position:relative;z-index:1;padding:50px 0;max-width:100%;text-align:center;width:100%}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-doc-search-container__title{text-align:center;font-size:30px;margin-bottom:23px}@media only screen and (min-width:769px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-doc-search-container__title{font-size:36px}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search{width:80%;margin:0 auto;position:relative}@media only screen and (max-width:768px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search{width:100%!important}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box{position:relative;text-align:center;display:block}@media only screen and (min-width:769px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box{display:flex}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box input[type=text]{width:80%!important;line-height:22px;font-size:18px;padding:10px 43px!important;height:50px;display:inline-block!important;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box}@media only screen and (min-width:769px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box input[type=text]{width:100%!important}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box .epkb-search-box_button-wrap{display:inline-block;width:80%;font-size:18px}@media only screen and (min-width:769px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box .epkb-search-box_button-wrap{display:block;width:initial}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box .epkb-search-box_button-wrap button{text-align:center;line-height:22px;font-size:18px;padding:10px 15px!important;height:50px;display:inline-block;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;word-break:normal;word-wrap:normal;width:100%;position:relative;margin-top:24px}@media only screen and (min-width:769px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box .epkb-search-box_button-wrap button{width:fit-content;margin-top:initial;position:initial}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search-form-1 .epkb-search-box{word-break:normal}@media only screen and (min-width:769px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search-form-1 .epkb-search-box{display:flex}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search-form-1 .epkb-search-box input[type=text]{margin-right:-3px}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search-form-1 .epkb-search-box .epkb-search-box_button-wrap button{display:inline-block!important;top:0;right:-1px;margin:0;margin-top:24px;position:relative;box-sizing:border-box;width:100%}@media only screen and (min-width:769px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search-form-1 .epkb-search-box .epkb-search-box_button-wrap button{width:fit-content;margin-top:0;position:initial}}#eckb-article-page-container-v2 #eckb-article-header{width:100%}#eckb-article-page-container-v2 #eckb-article-body{display:grid;grid-template-rows:auto;align-items:stretch;width:100%;max-width:100%;grid-template-areas:"left-sidebar content right-sidebar";margin:0 auto}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-left-sidebar{position:relative}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content{position:relative}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2{width:100%;display:flex;position:relative;flex-direction:column}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-header-row-left-group{display:flex;justify-content:flex-start;flex-wrap:wrap;margin-right:30px}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-header-row-right-group{display:flex;justify-content:flex-end;flex-wrap:wrap;flex:1}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-header-row-1,#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-header-row-2,#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-header-row-3{display:flex;flex-direction:column;justify-content:flex-start;position:relative}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-title-container{display:flex;justify-content:space-between;align-items:center}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-title-container .eckb-article-title{margin:0;padding:0}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-created-date-container{display:flex;justify-content:space-between;align-items:center;margin:0 10px 0 0}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-created-date-container .eckb-meta-data-feature-icon{margin-right:5px}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-created-date-container .eckb-meta-data-feature-text{margin-right:5px;white-space:nowrap}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-created-date-container .eckb-meta-data-feature-value time{white-space:nowrap}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-last-updated-date-container{display:flex;justify-content:space-between;align-items:center;margin:0 10px 0 0}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-last-updated-date-container .eckb-meta-data-feature-icon{margin-right:5px}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-last-updated-date-container .eckb-meta-data-feature-text{margin-right:5px;white-space:nowrap}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-last-updated-date-container .eckb-meta-data-feature-value time{white-space:nowrap}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-author-container{display:flex;justify-content:space-between;align-items:center;margin:0 10px 0 0}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-author-container .eckb-meta-data-feature-icon{margin-right:5px}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-author-container .eckb-meta-data-feature-text{margin-right:5px;white-space:nowrap}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-author-container .eckb-meta-data-feature-value{white-space:nowrap}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container{display:flex;justify-content:space-between;align-items:center}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-outline{display:inline-block}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-nav{padding:0;display:inline}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-nav li{display:inline;padding-right:10px}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-nav li a{text-decoration:none;font-weight:inherit;font-family:inherit}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-nav li a span{font-weight:inherit;font-family:inherit}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-link{font-weight:inherit;font-family:inherit}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-link span[aria-current=page]{font-weight:inherit!important;font-family:inherit!important}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-link-icon{font-size:.6em;line-height:2em;display:inline-block;vertical-align:middle;margin-left:6px}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-link{font-weight:inherit}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-navigation-back{float:left;width:100%}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-navigation-back .eckb-navigation-button{float:left;white-space:nowrap}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-toolbar-container .eckb-article-content-toolbar-button-container{display:flex;justify-content:flex-start;align-items:center}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-print-button-container{display:flex;justify-content:flex-start;align-items:center}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-print-button-container span:first-child{margin-right:5px}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-body{width:100%}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-right-sidebar{position:relative}@keyframes spin{0%{transform:rotate(0)}100%{transform:rotate(360deg)}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box input[type=text]{color:#000;border-style:solid!important}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box input[type=text]::-webkit-input-placeholder{color:#c9c7c7}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box input[type=text]::-moz-placeholder{color:#c9c7c7}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box input[type=text]:-ms-input-placeholder{color:#c9c7c7}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box input[type=text]:-moz-placeholder{color:#c9c7c7}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box .epkb-search-box_button-wrap button{color:#fff;text-shadow:0 -1px 1px rgba(0,0,0,.4);border-style:solid!important}#eckb-article-page-container-v2 .epkb-doc-search-container .loading-spinner{display:none;position:absolute;border:3px solid #f3f3f3;border-top:4px solid #3498db;border-radius:50%;width:23px;height:23px;animation:spin 1s linear infinite;top:13px;left:9px}@media only screen and (max-width:768px){#eckb-article-page-container-v2 .epkb-doc-search-container .loading-spinner{left:12%}}#eckb-article-page-container-v2 .epkb-doc-search-container #epkb_search_results{text-align:left;background-color:#fff;border:solid 1px #ddd;padding:10px;display:none}@media only screen and (max-width:768px){#eckb-article-page-container-v2 .epkb-doc-search-container #epkb_search_results{width:80%!important;margin:0 auto}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search-form-1 input[type=text]{border-radius:5px!important}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search-form-1 button{border-radius:0 5px 5px 0}@media only screen and (max-width:768px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search-form-1 button{border-radius:5px}}@keyframes spin{0%{transform:rotate(0)}100%{transform:rotate(360deg)}}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-body{width:100%}#eckb-article-page-container-v2 #eckb-article-widget-sidebar-container.eckb-article-widget-sidebar--default-styles .eckb-article-widget-sidebar-body__widget{margin-bottom:30px;width:100%;font-size:14px}.eckb-front-end-body{overflow:visible}.eckb-front-end-body #page{overflow:visible}.eckb-kb-template{width:100%}.mesmerize-inner-page ul.dropdown-menu>li{color:#fff}.mesmerize-inner-page ul.dropdown-menu.active-line-bottom>li>a,.mesmerize-inner-page ul.dropdown-menu.active-line-bottom>li>a{border-bottom:3px solid transparent}.mesmerize-inner-page ul.dropdown-menu ul{background-color:#fff}.mesmerize-inner-page ul.dropdown-menu ul li{color:#6b7c93}.mesmerize-inner-page .main-menu,.mesmerize-inner-page .main_menu_col{justify-content:flex-end}div.nsl-container .nsl-button{vertical-align:top;border-radius:4px}div.nsl-container .nsl-button-default{color:#fff;display:flex}div.nsl-container .nsl-button-svg-container{flex:0 0 auto;padding:8px;display:flex;align-items:center}div.nsl-container svg{height:24px;width:24px;vertical-align:top}div.nsl-container .nsl-button-default div.nsl-button-label-container{margin:0 24px 0 12px;padding:10px 0;font-family:Helvetica,Arial,sans-serif;font-size:16px;line-height:20px;letter-spacing:.25px;overflow:hidden;text-align:center;text-overflow:clip;white-space:nowrap;flex:1 1 auto;-webkit-font-smoothing:antialiased;-moz-osx-font-smoothing:grayscale;text-transform:none;display:inline-block}.nsl-container{clear:both}.menu-item-178939{left:-50px}.menu-item-178940{left:-50px}.sub-menu{left:-50px}#eckb-article-page-container-v2{width:100%}#eckb-article-page-container-v2 #eckb-article-body{width:1140px}#eckb-article-page-container-v2 #eckb-article-body{grid-template-columns:0 70% 30%}#eckb-article-page-container-v2 #eckb-article-left-sidebar{display:none}#eckb-article-page-container-v2 #eckb-article-content{grid-column-start:1;grid-column-end:3}@media only screen and (max-width:1025px){#eckb-article-page-container-v2{width:100%}#eckb-article-page-container-v2 #eckb-article-body{width:100%}#eckb-article-page-container-v2 #eckb-article-body{grid-template-columns:0 70% 30%}#eckb-article-page-container-v2 #eckb-article-left-sidebar{display:none}#eckb-article-page-container-v2 #eckb-article-content{grid-column-start:1;grid-column-end:3}}#eckb-article-page-container-v2 #eckb-article-left-sidebar{padding:10px;background-color:#fff;margin-top:0}#eckb-article-page-container-v2 #eckb-article-content{padding:20px;background-color:#fff}.eckb-article-content-created-date-container,.eckb-article-content-last-updated-date-container,.eckb-article-content-author-container{color:#b1d5e1;font-size:14px!important}#eckb-article-page-container-v2 #eckb-article-right-sidebar{padding:10px;background-color:#fff;margin-top:0}@media only screen and (max-width:768px){#eckb-article-page-container-v2{width:100%}#eckb-article-page-container-v2 #eckb-article-content{grid-column-start:1;grid-column-end:4}#eckb-article-page-container-v2 #eckb-article-left-sidebar{grid-column-start:1;grid-column-end:4}#eckb-article-page-container-v2 #eckb-article-right-sidebar{grid-column-start:1;grid-column-end:4}#eckb-article-page-container-v2 #eckb-article-body{display:flex;flex-direction:column}#eckb-article-page-container-v2 #eckb-article-left-sidebar{order:3;margin-top:0!important}#eckb-article-page-container-v2 #eckb-article-content{order:2}#eckb-article-page-container-v2 #eckb-article-right-sidebar{order:1;margin-top:0!important}}@media only screen and (min-width:768px){#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-header-row-1,#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-header-row-2,#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-header-row-3{flex-direction:row}}#eckb-article-content-header-row-1{margin-bottom:8px}#eckb-article-content-header-row-1 .eckb-article-content-header-row-left-group,#eckb-article-content-header-row-1 .eckb-article-content-header-row-right-group{align-items:center}.eckb-article-content-toolbar-button-container{background-color:#fff;padding:10px;margin:0;border-radius:0;border-width:0;border-color:#fff;border-style:solid}.eckb-article-content-toolbar-button-container .eckb-toolbar-button-text{color:#000;font-size:15px}.eckb-article-content-toolbar-button-container .eckb-toolbar-button-icon{color:#000;font-size:20px}#eckb-article-content-header-row-2{margin-bottom:0}#eckb-article-content-header-row-2 .eckb-article-content-header-row-left-group{align-items:flex-end}#eckb-article-content-header-row-3{margin-bottom:32px}#eckb-article-content-header-row-3 .eckb-article-content-header-row-left-group{align-items:flex-end}
Mastering Strategic Asset Allocation: The Key to Long-Term Investment Success | MacroVar
Main Investing Mastering Strategic Asset Allocation: The Key to Long-Term Investment Success
Mastering Strategic Asset Allocation: The Key to Long-Term Investment Success Posted September 12, 2023
Updated October 3, 2023
By macrovar
Strategic asset allocation is a buy-and-hold strategy. This method establishes a “base policy mix”, where a portfolio is structured based on a proportional combination of assets on expected rates of return for each asset class. A manager holds the policy portfolio in appropriate weights at all times without active deviation and rebalances back to prescribed weights on a regular basis.
The 60% equity 40% fixed income balance portfolio is a common policy portfolio for private investors.
Practitioners of SAA implicitly expect assets to respond in specific ways to different market environments. For example, they expect government bonds to do well when the economy is doing poorly and inflation is low, and they expect stocks to respond positively to economic growth. Also, they expect stocks to be more volatile than bonds, and they expect them to move to the beat of different drummers.
Traditional investors who employ Strategic Asset Allocation (SAA) are essentially basing their decisions on significant assumptions about the expected long-term returns, risks, and correlations among the assets within their portfolio. They are also making crucial choices regarding which assets to incorporate and which to exclude. When they limit their investment universe, such as focusing primarily on domestic stocks and bonds, as is common for many investors, they expose themselves to the potential cost of missing out on returns from alternative sources.
The trouble with SAA, as it is typically applied, is that investors utilize estimates based on long term average observations from history to create their optimal portfolios.
Volatility
Although assets typically demonstrate a long-term pattern of volatility, the actual volatility levels for all assets can significantly deviate from their average state periodically. For instance, while the average 60-day volatility for equity indices is approximately 16% on an annualized basis, there are instances where stock volatility can drop to less than 10% in stable, upward-trending markets, or spike to over 70% in turbulent bear markets.
This exerts a significant influence on the risk characteristics of a standard balanced portfolio, consequently affecting the overall experience of the typical balanced investor.
Correlations
“correlation” refers to the statistical measure of the degree to which the prices or returns of two or more financial assets move together or relate to each other.
Correlation is quantified via a statistic called the correlation coefficient, which varies between -1 (moves in opposite directions) and +1 (moves in the same direction). A coefficient of 0 indicates no relationship.
A common misconception is that US stocks and US treasuries are negatively correlated, and as a result an investment portfolio with both assets will have lower volatility.
However, while the long-term correlation between U.S. stocks and Treasuries are low or even negative over the long term, the actual realized correlation between these assets oscillates between strong and weak over time (-0.70 to +0.30)
Investment Strategies Explore MacroVar live systematic investment strategies with thorough, up to date backtests.
Get Free Access to MacroVar Analytics
Make the right financial and business decisions based on objective Financial & Economics data analytics to grow and protect wealth.
Welcome to MacroVar the financial analytics platform designed to help you identify trading and investment opportunities using data driven models. MacroVar uses statistical multi-factor models to analyze financial markets to generate automated signals for short-term trading and long-term investing. MacroVar models and the data analysed are transparent for anyone to explore .
×
Get Unlimited access to our database for Free by inviting your friends to MacroVar Help your friends make the right business & financial decisions using free MacroVar analytics. Click here to invite them and get upgraded for free .
×