PT - JOURNAL ARTICLE AU - L. Franklin Fant AU - Edward S. O'Neal TI - Which Alternative Asset Class? AID - 10.3905/joi.2001.319485 DP - 2001 Nov 30 TA - The Journal of Investing PG - 41--50 VI - 10 IP - 4 4099 - https://pm-research.com/content/10/4/41.short 4100 - https://pm-research.com/content/10/4/41.full AB - 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.