If I am going to have a single allocation/balanced fund/portfolio, I would
prefer to let a seasoned manager do the allocation for me. The All Asset /
World Allocation category where managers determine the asset class mix at
any given time is one I think it's worth paying for pros.
One I like is PIMCO All Asset. I have learned quite a bit by following its
famed manager Robert Arnott.
but there are a couple of knocks.
1. It has quite a few share classes, some with load while others have pretty
high expenses. Overall, it's not an inexpensive fund, but I guess that's
understandable when he has to move in and out of asset classes fairly
frequently.
2. He makes bold / big moves. He moved out of US stocks too early, and
missed the recent rally, but he overweighed EM and Europe equity/bond in the
2nd half and more than made it up. I remember watching his interview by
Morningstar in August, and made a similar move, it worked out pretty well.