A fixed allocation to a one-size-fits-all tail risk fund doesn't work. It won't have positive returns over the long run. And its diversification benefit will no

A fixed allocation to a one-size-fits-all tail risk fund doesn't work. It won't have positive returns over the long run. And its diversification benefit will not be enough to overcome the drag on performance. A tail risk strategy that is tailored to the portfolio, point in time, in an opportunistic way (e.g., when vol is cheap) can potentially work. But you need a strat like that to be part of the portfolio construction process. I dont believe that is what they are doing.