An asset class that consists of traditional types of investments such as local public equity, foreign public equity, fixed-income investment-grade securities, fixed-income non-investment grade securities, in addition to cash and cash equivalents. Investing in local public equity represent liquid opportunities to capitalize on the income growth of local companies, while foreign public equity investment constitute liquid opportunities to to capitalize on the income growth of public companies in other markets (developed, developing, and emerging economies).

Fixed-income investment-grade securities such as intermediate to long-term investment-grade bonds provide more predictable cash flows that could help an investor survive economic downturns. Fixed-income non-investment grade securities are typically associated with higher default risk but at the same time provide holder with the opportunity to receive higher returns than their investment-grade counterparts. Cash and cash equivalents such as marketable, short-term securities provide both the lowest level of risk (in terms of liquidity and variability) and the lowest level of return.