Global minimum-variance portfolio

Sch book 2, LOS 19q, Pg 180

The text says

‘The global minimum-variance portfolio is by definition a corner portfolio and is the left-most point of the EF. All other “corner2 are set when the weight of an asset class changes from zero to positive or from positive to zero for a portfolio on the EF.”

Is my understanding correct that global minimum-variance portfolio will weight of 0% in all asset classes.

Kindly explain if my understanding is incorrect.

Thank you

With the exception of the GMVP, a corner portfolio will be one in which as you move along the efficient frontier the weight of one of the assets either changes from positive to zero, or from zero to positive. The GMVP is included as a corner portfolio as well, even though it may have all positive asset weights.

The GMVP is just the lowest standard deviation of any corner portfolio. It should always be a positive number if you don’t include short saling. It’s just the combination of portfolio with the lowest variance/stdev.

It has the lowest standard deviation of returns of _ all _ portfolios, not merely all corner portfolios.