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Best Real Assets and Alternatives Paper 2021

  • ,  Chief Executive |
  • 07 Dec 2021
  • Updated 21 Dec 2021

BNP Paribas AM/Liquefy/CAIA Association Wins Best Real Assets and Alternatives Paper 2021

Due in part to declining bond yields and the anticipation of low returns from mainstream assets, investment flows into real and alternative assets have surged in recent years and are likely to continue to remain strong. The winning paper from BNP Paribas AM/Liquefy/CAIA Association presents a strong case for the potential tokenisation of alternative assets, based on risk factors such as low liquidity, low transparency, and limited accessibility. They argue that implementation could be beneficial for both managers of, and investors in, alternative funds.


Best Real Assets and Alternatives Paper 2021


Tokenisation of Alternative Investments (BNP Paribas AM/Liquefy/CAIA Association, 2021)

BNP Paribas AM/Liquefy/CAIA Association's paper explains the basic tenets of blockchain technology and tokenisation before indicating how it might be applied to alternative investments. Investment flows into less liquid, less transparent, and less accessible alternative investments are anticipated to exceed $6 trillion over the next few years, so the scope and scale for tokenisation become apparent. The particular risks, challenges and constraints of tokenisation associated with each alternative asset class are investigated.


The Case for Investing in Broad Commodities (WisdomTree Investments, 2021)

For compliance reasons, this paper is only accessible in the UK & Europe

WisdomTree Investments’ looks at the potential investment case for allocating to commodities, highlighting the academic work suggesting that with a risk premium above inflation and portfolio diversification attributes, they possess some attractive attributes. Commodities tend to be less well understood by investors than other asset classes, and this paper looks at the potential opportunities that exist, while also attempting to dispel any misconceptions that remain.

Global Private Equity Report 2021 (Bain & Company)

In this year’s Global Private Equity Report, the authors look deeply into several other trends that are changing the PE landscape – the continued rise of ESG/sustainability, how firms are identifying the management and board talent required to successfully execute an investment thesis, the benefits and limits of virtual selling, and what to make of SPACs. Lastly, they peer into their crystal ball to look at evolutionary forces reshaping the PE industry itself and consider what the increasing specialisation of firms and products will mean for the future of alpha generation and the classic buyout fund.

Allocating to Real and Alternative Assets: Framework for investors (Amundi, 2021)

For compliance reasons, this paper is NOT accessible in the United States

A low yield, low return environment over the past decade has seen increasing allocation to real and alternative assets with the aim of boosting returns and diversifying portfolio risk. However alternative assets share few of the risks associated with mainstream assets. Amundi’s paper argues that investors should consider a non-standard financial framework and pragmatic investment approach when considering traditional and non-traditional asset mixes.

Global Real Estate Outlook: Navigating the road to recovery (M&G Investments, May 2021)

For compliance reasons, this paper is only accessible in certain geographies

In their interactive paper, M&G notes the pandemic-induced acceleration of structural trends already in place and unprecedented economic disruption has many real estate investors hunkered down for the long-term. They outline a road to recovery for real estate portfolios, noting that recovery is likely to be anything but smooth, while highlighting key structural changes and cyclical trends. One of these is in office space, where employees are demanding more digitally-advanced, amenity-rich workplaces that are also much more environmentally friendly.

Core infrastructure: Inflation hedging and the search for yield (Macquarie AM, 2021)

Core infrastructure has become more popular among investors in recent years, as low or negative bond yields and debt market returns have not met long-term liabilities, forcing some investors into considering higher-yielding alternatives. Macquarie AM argues that core infrastructure, with its combination of defensive attributes, appealing and often inflation-linked yields, is a play on real interest rates remaining low, and stands out as a potential ready-made solution for many investors.

Finding Higher Yielding Opportunities in Private Markets (PGIM, 2021)

This paper from PGIM argues that negative rates on some $16 trillion of debt is forcing investors into new places in the search for yield. Private markets, with a range of asset classes such as private credit, real estate debt infrastructure and, more recently, clean energy offer investors a wider range of opportunities to tap into higher yields. Structural issues, such as tighter bank regulation on lending, the drive to renew infrastructure and the fight against climate change seem to underpin the longevity of the private markets sector.

Cryptoassets: The guide to bitcoin, blockchain, and cryptocurrency (CFA Institute, 2021)

This briefing document from CFA Institute aims to provide an investor with a foundation and framework to make informed decisions, based on the understanding of what cryptoassets and blockchain are, how they function, and what the current cryptoasset landscape looks like. The piece explains the differences between the three largest cryptoassets Bitcoin, Ethereum and XRP, and considers whether crypto should be considered as a genuine investment opportunity. Key framework considerations, such as custody, taxation and regulation are also explored.


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