Global Asset Allocation Strategy Evaluation

Global Asset Allocation decisions are pivotal for portfolio managers who aim to optimize their risk-adjusted returns across different markets. Consider an investor with a long-term investment horizon seeking to enhance their portfolio's performance through diversification across international markets. The investor is evaluating three distinct asset allocation strategies based on macroeconomic indicators, historical performance, and market correlations.

Which of the following asset allocation strategies is likely to provide the greatest benefit in terms of risk diversification for the investor?