Sandwich Portfolio

The Sandwich Portfolio is recommended by Bob Clyatt, an economics major and experienced business professional who chose to semi-retire at 42 and build a more fulfilling life through wise choices and good money management. You can read about the portfolio and learn the skills necessary to plan your own escape from the rat race in his book Work Less, Live More: The Way to Semi-Retirement.

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Asset Allocation

  • 20% Large Cap Blend
  • 8% Small Cap Blend
  • 6% International
  • 10% Int’l Small Cap Blend¹
  • 6% Emerging Markets
  • 41% Intermediate Bonds²
  • 4% Cash
  • 5% REITs


  1. Clyatt recommends a specific Vanguard international small cap growth fund that was the only international small option available at the time the book was published. Keeping with the spirit of his overall philosophy, I allocated this portion to World small cap blend.
  2. Clyatt specifically recommends 11% international bonds. I don’t have good data for this asset, but in an effort to maintain his design intent I added it to the intermediate term bond allocation.


Change the home country to translate the portfolio to local assets, currency, and inflation