Real Assets Report: A Wide Range of Global Opportunities To Strengthen Portfolios

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Richard Westlund.

对现实资产的房地产，农业，木材，能源和基础设施的分配 - 可以帮助许多投资目标，同时为传统的股票和亚慱体育app怎么下载债券组合添加有价值的多样化。

“Investors have been increasing their allocations to this space for some time,” says Stephen Dunn, executive vice president and director of institutional marketing, Cohen & Steers. “But investors need to weigh their objectives and decide what they want to achieve with their real asset allocations.”

邓恩指出，在过去的五年中，上市的实际资产策略的数量增加了55％，据不利的非专业顾问数据库广泛使用。

That wide range of strategies is possible because each real asset class has different characteristics and responds to different market forces. Natural resource equities, for instance, are affected by financial markets, while agriculture and timber values respond to supply and consumption trends.

“一般来说，实际资产与投资者投资组合中的其他资产没有相关，”TIAA-CREF资产管理高级董事总经理Jose Minaya说。“例如，添加农业或木材，亚慱体育app怎么下载提高了投资组合的效率前沿和锐利比率[返回的无风险率]。此外，不同类型的真实资产彼此不相关，进一步增加了资产类别的多样化益处。“

私人或上市？

Investors can gain exposure to real assets through private ownership or listed strategies that may focus on a specific class, such as real estate, or a multi-asset package.

根据TIAA-CREF报告，在相对不利的真实资产类别的实际资产类别的实际资产类别的实际资产类别，Timberland和商业房地产 - 已经产生了比传统投资更高的回报。然而，较小的投资者可能难以在未经大型机构的支持和资源的情况下进入私人市场，Notes Minaya。

“Traditionally, many investors have turned to a private equity fund that invests in real assets,” he says. “However, those investments typically are driven by a short-term exit strategy rather than a long-term hold that generates continuing cash flows from an asset.”

由于私人实际资产不是投资者组合的一大部分，因此挑战是在阿伯丁替代品的真实资产负责人的吉姆·瓦格尼斯表示，挑战正在了解每个资产的细微差别。“我们相信专业经理最适合投资木材，农业，采矿和石油等地区，”他说。亚慱体育app怎么下载“在看起来像可再生能源这样的更新策略时，可以看待这些领域的经理以及像燃气植物这样的传统电力资产，这可能最适合了解这些策略的潜在经济学。”

虽然私人策略可能非常适合长期投资目标，但上市的实际资产策略提供了适应不断变化的市场条件或其他因素的灵活性。

“More institutional investors are adding liquidity to their real asset portfolios,” says Dunn. “When you invest in listed real assets, you have daily valuation and daily liquidity with no lockups. That makes it easier to build a global portfolio and allows you to make tactical adjustments more quickly. However, you need to be comfortable with the equity wrapper around the assets.”

Brad Case, senior vice president for research and industry information, National Association of Real Estate Investment Trusts (NAREIT), says REITs typically provide 11 to 12 percent long-term returns through a typical real estate cycle. “The best performance has been by self-storage REITs, which are often overlooked by institutional investors,” he says. “They have averaged 17.5 percent annual returns for the past 22 years.”

案例指出，公开交易的房地产和私人持有物业之间的价值可能存在差异。“投资者情绪的变化首先出现在市场的公共方面，因为其流动性较高，”他说。“在私人市场的交易价格上反映了这些估值变化，可以花费半年或更长时间，而另一两季度用于追赶。”

However, many investors are not seeking immediate returns in real estate, Case adds. “We are seeing a continuing inflow of capital from international investors looking for a safe place to park their money,” he says. “Rather than maximizing returns, they are very happy to purchase illiquid assets, regardless of valuation issues. Capital preservation is the big motivating factor, and real estate can help them meet that goal.”

案例补充说，美国房地产市场应该在2016年看到持续增长。“我们在循环中处于一个好阶段，”他说。“宏观经济指标指出增长缓慢稳定。施工几乎在各种商业物业中仍然低位，以及有限的新供应将支持占用率的改善和租金增长几年。“

在实际资产中发展的机会

Real estate continues to dominate the real asset sector, as investors feel comfortable with the ownership fundamentals of both private and listed properties.

例如，基于纽约的Tunbridge合作伙伴最近提高了5亿美元，投资于专注于房地产和实际资产的成熟经理。

But there are many opportunities to acquire other types of real assets that can generate income, protect against inflation and provide return opportunities. Dunn says master limited partnerships (MLPs) that invest in natural-resource infrastructure may be an undervalued asset at this time.

“直到去年，MLP是资产类别中增长最快的细分市场，”Dunn说。“但随着能源市场的错位，投资者一直在重新评估他们的立场。我们相信MLP的长期基本面仍然坚强，估值较低，使其具有吸引力，尽管增长较低。今天，他们有一个吸引风险返回的概况，其产量高于其他投资策略。“

Gasperoni also sees opportunities to take advantage of lower prices in the oil and gas sector. “With our focus on the private markets, we look for high-quality assets that can fare better in lower commodity price environments,” he says.

像其他真正Minaya指向农田和木材asset categories with long-term potential. “By owning real assets, an investor is growing or producing an essential need for society, such as food, shelter, clothing or energy,” he says. “That production can continue in perpetuity, potentially increasing in value while delivering ongoing income. One fact we can count on is that there will be more people on the planet needing more resources, so the long-term trend for real assets is favorable.”

Many investors are using multi-asset strategies to gain exposure to this class in a way that can reduce overall portfolio risk. For instance, Dunn says a mix of global and U.S. REITs and listed infrastructure, combined with commodities and natural-resource equities, can provide important diversification benefits to an investment portfolio, as well as offer an attractive risk-return profile.

“有许多投资资产溶解的方法tions, so you have to determine your priorities,” adds Dunn. An investor with a separate allocation to inflation-linked fixed income might prefer a more equity-oriented multi asset strategy. On the other hand, an investor without an allocation to TIPS might look for strategies that include such an allocation as a more significant part of a real asset solution.

DUNN认为，多资产策略将在明确的贡献（DC）市场中获得更多牵引力。“参与者更容易理解。”