A method of portfolio insurance in which the investor sets a floor in the dollar value of his or her portfolio, then structures asset allocation around that decision. The two asset classess used in CPPI are a risky asset (usually equities or mutual funds), and a riskless asset of either cash, equivalents or Treasury bonds. The percentage alocated to each depends on the "cushion" value, defined as (current portfolio value - floor value), and a multiplier coefficient, where a higher number denoted a more aggressive strategy.
Source: http://www.investopedia.com/terms/c/cppi.asp
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