who does NOT use total return objective? insurance, objective, foundation, total

adehbone

it seems DB, foundation, endowment, all use total return obj; insurance and bank can partially use it -- maybe bank is the most inappropriate to apply total return obj.

who else does not then?

lcai

db uses asset liability approach, not total return approach

wake2000

look at CFAI book 2 page 447, answer 2.B., DB can be total return, especially when liability /liquidity need is not significant