Morningstar fund analyst Kevin McDevitt doesn’t want to talk about it. "We could be on the phone all day talking about categorization," he says. Here are just a few names: Global Tactical Asset Allocation, All-Asset, Multi-Asset, Mixed-Asset, Alternative Multi-Strategy, Global Flexible Portfolio, Global Macro, Global Multi-Asset and so on.

"I think of them as 'World Allocation' funds," says McDevitt, who follows that category for Morningstar. "They can invest wherever they want. These funds tend to have the biggest canvas to paint on."

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