From Morningstar:

Euro allocation funds have been underperforming benchmarks due to high fees, with a 60% underperformance driven by fees. Home bias towards European stocks has also detracted results compared to US stock allocations. Strategic asset allocation is key, with fewer multi-asset managers excelling in tactical allocation, especially amid 2022’s high volatility. Despite challenges, carefully chosen allocation funds still hold a role for investors, offering nuance beyond benchmark performance.



Read more at Morningstar: Choosing Allocation Funds? Choose Wisely…