The objective of this research was to identify efficient travel segment mixes that allow destination tourism policy-makers and marketers to efficiently plan, develop, and market their destinations, so that they can have greater and more stable tourism receipts. Factor-cluster analysis and quadratic programming were conducted to find the French outbound travel activity segments and the efficient travel segment mixes. A hierarchical cluster analysis, using activity factor scores as the basis for the clustering, produced five distinct segments with similar activity participation patterns. With the variance-covariance matrix of the tourism receipts across the five segments, quadratic programming identified the efficient segment mixes. In addition, based on financial portfolio theory, a Tourism Efficient Frontier was drawn from the set of efficient travel segment mixes. One of the most unique contributions of this research is that it suggested travel segment mixes associated with different tourism receipt-variance trade-offs and quantified the changes that were required to attain them.