RT Journal Article SR Electronic T1 Which Alternative Asset Class? JF The Journal of Investing FD Institutional Investor Journals SP 41 OP 50 DO 10.3905/joi.2001.319485 VO 10 IS 4 A1 L. Franklin Fant A1 Edward S. O'Neal YR 2001 UL https://pm-research.com/content/10/4/41.abstract 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.