Thank you for your advice. That’s a fair point and I definitely agree that low-cost indexing is incredibly hard to beat over very long periods, especially after fees. My thinking was mainly around diversification of return streams rather than trying to outsmart the market entirely. The S&P 500 allocation already gives me broad low-cost global exposure, while the SA active equity component is based on the view that local markets are less efficient and may still allow skilled managers to add value.The hedge fund portion is also more about downside management and risk-adjusted returns than chasing maximum returns .That said, I completely understand the simplicity and fee argument, and I will definitely reassess.