Be careful; I believe the fund in the Delorme article was VBIAX, a U.S. 60/40 fund. The funds in the test pool were mostly global balanced funds, and the test was done at a time when U.S. securities outperformed foreign, so it wasn't an apples to apples comparison. Using a global 60/40 benchmark, there are at least 15 funds that outperform on a 5 and 10 year basis. This doesn't prove that TAA adds value, but it's a lot different that zero.