%0 Journal Article %A L. Franklin Fant %A Edward S. O'Neal %T Which Alternative Asset Class? %D 2001 %R 10.3905/joi.2001.319485 %J The Journal of Investing %P 41-50 %V 10 %N 4 %X Which alternative asset class provides the greatest diversification benefit? The authors conduct a horse race among three alternative asset classes—emerging market equities, high-yield debt, and real estate. The intent is to provide some insight from a modern portfolio theory perspective into the relative diversification merits of these three asset classes. The analysis evaluates four reasonable base portfolios combined with each alternative asset for January 1986 through February 2000. %U https://joi.pm-research.com/content/iijinvest/10/4/41.full.pdf