ASSET CLASSES
A structured guide to portfolio roles, trade-offs and the questions worth asking.
Ownership in listed businesses.
Company earnings, valuations and currencies can affect prices. Listed does not mean liquid in every market.
How concentrated are the holdings? Which regions and currencies are represented?
Debt issued by governments or companies.
Interest-rate changes, defaults and inflation affect value. Credit quality and duration describe different risks.
What is the duration? Who must repay? What liquidity is available?
Unlisted equity, credit and other negotiated investments.
Lockups, valuation uncertainty, leverage and capital calls can complicate portfolio planning. Eligibility and availability differ by jurisdiction.
When can capital be withdrawn? How are assets valued? Are future commitments funded?
Exposure to property, infrastructure and physical economic activity.
Returns can depend on tenants, regulation, financing, operating costs and geography. Listed and unlisted structures behave differently.
What drives cash flow? How much debt is involved? How is the exposure structured?
Deposits and short-term instruments with different access terms.
Inflation can reduce purchasing power. Bank deposits and money market funds have different protections and risks.
When is access needed? What limits, credit exposures and protections apply?
Sources: S05, S09. Reviewed 13 November 2026.
Educational summaries, not an exhaustive risk assessment or recommendation.