NEW YORK -- Merrill Lynch introduced a new tactical asset allocation strategy for institutional investors. The strategy is based on a new model, the Merrill Lynch Investment Clock, which notes the current position of the business cycle. The clock is divided into four phases -- defensive growth, cyclical growth, cyclical value and defensive growth -- and weightings to each asset class in the model will vary depending on which phase the economy is in. The current allocation weights stocks 50%, bonds 30%, commodities 5% and cash 15%. The strategy was created and managed by David Bowers, chief global investment strategist, and his team.