The first, asset allocation, basically deals with which assets you have in your portfolio and in which proportion you hold each of those assets.

首先,资产配置主要是指,你的投资组合包括哪些资产,以及每种资产所占的比例

耶鲁公开课 - 金融市场课程节选

Portfolio management pools risks in a different way: by assembling a diversified portfolio or a portfolio that's negatively correlated with a risk that someone has.

而投资组合管理采用了不同的方式,多元化的资产配置,或者风险负相关性的,投资组合

耶鲁公开课 - 金融市场课程节选