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“The average investor was really nailed last year with these balanced [stock-and-bond] portfolios, finally proving that they don’t work,” says Mr. MacNicol, founder and president of Toronto-based MacNicol & Associates Asset Management Inc., which oversees almost $1-billion in assets. His typical client portfolio in 2022 included 52 per cent equities, 29 per cent alternatives and 19 per cent cash. The portfolio was down 7 per cent for the year ended Dec. 31, 2022, and produced a compound annualized return of 11.5 per cent during the past five years. The performance is based on total returns and is net of fees.